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Life Insurance Q & A

Who is eligible to apply for life insurance?

All UK residents aged 18 to typically 66 are eligible to apply. The applicant needs to be a permanent resident in the United Kingdom of Great Britain and Northern Ireland (excluding the Channel Islands and the Isle of Man).

Do I get any of my paid premiums back if I survive the term of my policy?

No, your Term Life Insurance plans do not have any cash value.

How much coverage do I need?

Life Insurance coverage depends on your personal goals and needs. Here are some factors to consider:

  • How much financial support will your family require without your contribution

  • The balance and the term of your mortgage

  • University and school fees

  • Any large outstanding debts

You can also use our calculator tool to estimate how much coverage you might require.

What term should I be considering when choosing life insurance?

In most cases you want to consider certain milestones. For example your term can be determined by your retirement date or when your mortgage is paid off or when your children are financially independent.

Can a life insurance plan cover two people?

Yes, joint life cover is available for most life insurance plans. With joint coverage the benefit is paid out once, when the first person dies.

How do I make a claim?

If you are diagnosed with a Terminal Illness contact your insurance provider to start the claim process as soon as possible.

If you pass away, your family or representative should contact the insurance provider phone or e-mail to start the claim process.

Is there a tax on the death benefit?

The benefit paid out for terminal illness and life claims are typically free of income and capital gains tax. However, in some instances an inheritance tax may be applied. By putting your life insurance plan in trust it is possible to avoid the inheritance tax. Please see the next question for more information.

What does it mean to put a life insurance plan in trust?

By putting your life insurance plan in trust ensures that the benefit will be received by the people you choose. When you place a plan in trust you will choose who is going to be the beneficiary and who will control the plan (the trustees).

An additional benefit of putting your life insurance plan in trust is the protection from inheritance tax.

Can I cancel my plan?

Typically you have 30 days from the start of you plan to cancel it. In this case your premiums will be refunded.

If you cancel you plan after 30 days you cover will stop and you will not receive any money back.

Am I able to make changes to my policy?

This depends on your particular life insurance plan. However, some plans allow for:

  • change of term

  • change the amount of the death benefit

  • removal of a policy holder from a joint plan

  • change the frequency of premium payments

  • split of joint policy in case of separation of other circumstances

What is a Waiver of Premium?

This is an optional add-on to your life insurance plan. Waiver of Premium will cover the cost of your plan if you are no longer able to afford your premiums.

Is my policy still in force if I move abroad?

For most life insurance plans if you move abroad during the term of you policy you are still protected as long as you pay your premiums.

Exclusion can occur if you have a Waiver of Premium option, in which case your claim can be denied and your policy may be cancelled.

There are some restrictions for life insurance plans that include Critical Illness Cover. Please follow up with your provider for more information.

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