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20Jul2020

Best Life Insurance Policy for your Loved Ones

Looking out for your family and taking care of those that you love is what matters most. Did you know that you can custom-tailor the best life insurance policy for families? Your family is valuable, and it follows that your family life insurance should reflect exactly how you feel about those you care for most.  

Let’s talk about why getting an online life insurance quote is incredibly easy. Using our online life insurance quote form will help you to sort out all your family finance problems in the unfortunate event of your passing away.  

It has never been easier to get online life insurance advice

In fact, using our online life insurance quote form will ensure you receive only the best advice about life insurance. Through us you get access to multiple respected life insurance companies, ensuring your life insurance quote is bespoke for you and your family.  

We have said it before, and we will repeat it here, the financial strain on a family when one income provider dies is devastating. Signing up for a life insurance policy today will ease some the burden of paying the mortgage, outstanding loans or HP agreements, household bills and general living allowances. All the necessary financial commitments that a life insurance policy can deal with in one sweep. There will be other aspects to take into consideration such as savings, college funds, helping children with starting up a business or buying their first home. The financial safety net of a life insurance policy will help immensely.

Our team of friendly expert life insurance consultants can talk you through the intricacies of life insurance policies. We have advice on all the different types on offer, the budget required, and the all-important small print that worries many policyholders. For example, if you are a smoker, if you have pre-existing medical issues or, the hot topic, how COVID-19 is affecting new policies. All of this advice and more is available when you complete our online life insurance enquiry form.

Of course, the peace of mind that comes with a life insurance policy is worth those monthly premiums. You have the certainty of knowing that your designated beneficiaries, usually your partner and your children, can cope in a time of grief and a future full of financial uncertainty.

Different types of life insurance cover

We have gone over the various types of life insurance in our previous blog here, but as a quick refresher, here are some of the most common:

Term life insurance – probably the most popular and cost-effective. Term life insurance provides coverage for a fixed amount of time, for example, the length of a mortgage. It is essential to take into consideration the expiry date, at which time the life insurance ceases. If the event of no claim made, it is important to re-think the options for the future.

When the mortgage is paid, do I still need life insurance?

The mortgage might not be a factor as it is now paid off, but expensive bills such as funeral costs can worry many people. In this respect, an over 50s life insurance policy might be an attractive option.

What if we both work to pay the bills?

If you and your partner contribute equally to the household finances, or if one partner is a stay at home parent, then a joint insurance policy is an attractive solution, as extra costs such as child care might suddenly be a consideration if one partner dies. 

In the event of a claim, a joint policy ends naturally, and the surviving partner will need to think about a new life insurance policy to protect any dependants.  

Joint policies work well for many couples, as it is a generally cheaper solution than two individual plans.  If the couple split at any time, then the life insurance policy can continue if mutually agreed, or may need re-establishing or the taking over of one by the other. Find out more about joint life insurance here.

Whole of life insurance – does exactly what it says on the tin! The premiums fall due every month for the whole of your life, until you die (or reach maximum age depending on the type of whole of life policy.) The benefit is fixed, and this sum remains a guaranteed payout when you die (subject to terms and conditions).

Pros and cons of a whole of life insurance policy

Monthly premiums for a whole of life option are often more expensive and less attractive as general fixed term life insurance. People with large estates and a looming inheritance tax bill find whole of life insurance attractive. Important factors to take into consideration include ensuring the payout is sufficient in line with inflation, taking into account retirement and checking the small print for any exclusions. We can advise you on a range of whole of life insurance policies, the different types on offer and the benefits of this type of insurance policy.

Planning a life insurance policy

Pen and paper time! Take into account every aspect of income and outgoings, including any saving plans, car loans, debts and of course, the crucial living expenses such as a mortgage, utilities and everyday living costs. People often forget that growing children have expensive embellishments, including shoes, school uniforms, hobbies, gadgets and fundamental necessities! A death of one parent might necessitate a tightening of belts in times of financial difficulties. Still, with sufficient life insurance, a surviving parent can ensure the children never go without.

The team at Life Insurance Cover work with only the best life insurance companies. We take the time to compare all options available, working within your budget and lifestyle, ensuring enhanced customer satisfaction. 

The most essential elements of life insurance are:

  • Invest when you are young and healthy – (premiums are cheaper)
  • Be open and honest in your application – (especially regarding pre-existing conditions, lifestyle and hobbies)
  • Ensure you take out the correct amount of insurance cover

Need more information? Contact our friendly team today via our online life insurance form below:

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11Jun2020

Insuretech and Best Life Insurance

We discussed the use of biometrics in a previous post, and it received some interesting reactions from our readers. As insuretech continues to disrupt and innovate the insurance industry, we thought we would put together a concise view of how a best life insurance company might utilise Artificial Intelligence to improve best life insurance company products and services.

The future of insurance is changing in ways never previously imagined. Take Sprout.ai a new company based in the UK, who utilise “contextual artificial intelligence” to process insurance claims, in particular health insurance claims, faster than ever, in fact within 24 hours.  This innovative software company have recently raised in excess of $2.5 million for its “natural language processing and “optical character recognition” that allows an insurance claim to be settled within two days. An amazing feat.

For the insurance industry, one steeped in history and tradition, these insuretech startups are utilising data to bring about a game-changing new model.

Understanding Artificial Intelligence is fundamental

Artificial Intelligence includes a range of technologies from Machine Learning to Robotic Automation. It can help with every aspect of the insurance market, including claims management, compliance, chatbots and risk analysis, taking into consideration a range of factors including geography, typical end-users and various types of applications utilised by customers.

Artificial Intelligence is available 27/7, allowing customers to interact with on-demand insurance products and services whenever they want. For example, a micro event such as needing to drive a friend’s car can be handled by a robot. These Chatbots can deal with any aspect of an enquiry, from existing policy enquiries, new product purchasing and fraud issues, for both service provider and end-user AI offers unlimited possibilities.

The disruptive nature of Artificial Intelligence within the life insurance market allows the industry to become more efficient, driving competition and ensuring operational excellence. Within the current climate of Coronavirus, insurance companies are feeling the strain and these new disruptive technologies are welcome to boost sales and growth.

COVID-19 has brought about a new atmosphere of how we work, and many companies have had to rethink their operational processes and how they deal with clients including how to provide a personalised service from customer engagement to claims handling. It is challenging within a climate of social distance and staying at home. Perhaps this is the reason these tech wizards are achieving massive success, attracting staggering levels of crowdfunding to enable them to provide these personalised insurance services.

COVID-19 could not have come at a more significant time in this Artificial Intelligence revolution. Companies who were previously slow to pick up on the necessity for technical advancement and excellence have now had to alter their approach to Artificial Intelligence algorithms to enable them to advance, and quickly.

How is artificial intelligence disrupting the life insurance market?

Artificial Intelligence transforms how a life insurance company can offer its services by enabling valuable insight into client behaviour, thus allowing the best life insurance company to customise the service provided.

Artificial Intelligence technologies such as machine learning, machine vision, natural language processing (NLP), and robotic automation all have amazing capabilities to reimagine the entire insurance lifecycle process from customer acquisition to the handling of a claim. The adoption of artificial intelligence in life insurance helps insurance companies to perform mundane tasks more efficiently and rapidly, thus reaching operational excellence, increasing competitiveness in a saturated market, and boosting growth.

The role Artificial Intelligence plays in the life insurance industry allows for improved engagement with customers by allowing for a deeper understanding of the individual client. Some aspects of Artificial Intelligence intelligence can inject problem-solving techniques and automate crucial data to identify precisely unique risks during the underwriting process.

Artificial Intelligence in Life Insurance will lead to cheaper premiums

Artificial Intelligence incorporates virtual functions of understanding, reasoning and planning, providing a revolutionary reshaping of this industry, especially when it comes to premiums. For example, AI can provide extremely accurate results for risk assessment by using biometrics through fitness apps. Thus, a person who regularly works out will benefit from good health and expect to pay lower life insurance premiums.

The Internet of Things (IoT) provides insurance companies with access to broader information than ever before. With a customer’s consent, life insurance companies can access crucial data that makes up an integral part of a person’s life, thereby offering intuitive and customised products and services, including life insurance.

When we share our data, we collaborate with service providers

At the same time, many welcome the collaborating with service providers. When we provide our private data online, we share our birthdays, key moments in our lives, such as buying a house, a car or starting a family. Many customers recognise the importance of reminders about insurance or new products available on the market, especially financial products that protect our loved ones.

Artificial Intelligence is here to stay and, provided a company follows good practices for using data in ways that are acceptable and safe it can harness new possibilities with tech-driven solutions to help secure the market with consistently improved products and services.

We understand the importance of Artificial Intelligence in life insurance. But we also know that sometimes it is better to talk to a real human! Click the button below to get a friendly call from a trusted life insurance advisor. Get covered today and protect your loved ones.

 

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6May2020

Reasons to buy the best life insurance policy

When considering the financial options of life insurance, it may appear to be a step too far. For many people, having the best life insurance cover is a foregone conclusion. If you are a security-conscious breadwinner, you will know that a life insurance policy is an essential financial safeguard for your dependants, immediate family and loved ones. 

What sort of life insurance do I need?

The range of life insurance policies on offer may appear baffling, and obtaining good advice is essential. If you are ready to discuss what is the best life insurance policy, scroll down and click the button to speak to a friendly, non-pushy advisor and discover your options.

However, we can look briefly at common preferences and levels of cover available to you to ensure you obtain crucial financial protection for dependants in the worst-case scenario.

From single to joint policies, cheap life insurance to whole of life policies, the range of protection plans is vast enough to suit every individual or couple.  

Consider a term life insurance fixed to cover a specific period, for example, the duration of a mortgage. Alternatively, the most popular life insurance policies include cover for critical illness with flexible plans offered by well-respected life insurance companies. Their aim is protecting individuals when devastating illnesses prevent them from earning a salary. 

Common conditions including cancer, heart attacks, strokes and multiple sclerosis form the basis of most claims. Therefore it is easy to envisage why individuals want to cover yourself for critical illness, having a policy ready if you need to make a claim for one of these life-changing situations.

Our trusted advisors can advise on how much cover you should take out, whether it is whole of life, fixed-term life insurance, critical illness or a combination of policies. It is often surprising, going through monthly outgoings, totalling up the mortgage payments, loans, savings, utilities, shopping and the little extras that add up without us realising. Things like piano lessons, football kits, school shoes and the like.

Equal-earning couples are both breadwinners

Most fundamental is keeping a roof over their heads. In the unfortunate event of the main breadwinner or, increasingly widespread, the equal-income couple whose joint income is necessary to financially sustain the family. One will ultimately suffer in the event of halving that monthly income due to premature death. Striking the right balance is crucial, as the higher the benefit of the life insurance policy, the higher the monthly premiums. Hence, while it is tempting to over-insure, doing so may put a strain on the family finances.   

Life Insurance Cover calculations

Take the time to sit down with pencil and paper and make a note of the vital elements of the family’s finances. Calculate as follows:

  • How much of your mortgage is outstanding?
  • How much is outstanding on debts, including personal loans, credit cards, and car loans?
  • How much is necessary to help with the children, for example, childcare costs, college funds, clothing and activities? You may wish to help them until such time they are financially independent.

Totting up the figures will give you an approximation of the basis of total life insurance cover required, ensuring your loved ones can wipe the slate clean.

If your family were to lose you, the grief would be one thing to deal with. With the additional possibility of losing the family home is one heartache, you can help them avoid. 

Ensuring you have enough life insurance to clear the outstanding sum owed on the mortgage will help ease the strain.

Another element to consider is funeral expenses – the average cost of a funeral in the UK is £4,000, and this figure is rising annually.

The team at Life Insurance Cover is dedicated to supporting and guiding you with life insurance policies and advising on quotes. We can tackle just about any question you throw at us!

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22Apr2020

Life insurance industry during COVID-19 pandemic

https://twitter.com/hashtag/lightitblue

We continue to monitor and absorb the shockwaves reverberating around the world. As the pinnacle of this pandemic spikes, we remain shocked at the number of deaths caused directly by the coronavirus.  The team at Life Insurance Cover UK, in line with the rest of the globe, stay incredibly grateful for everything key and frontline workers are doing for us, from treating patients and vulnerable people under stressful conditions to collecting the refuge and keeping areas clean and protected from the coronavirus.

Game-changing pandemic for even the best life insurance policy companies

Regarding life insurance, the future is cautiously optimistic, with heavy reliance on updated technology, using existing medical evidence to process claims quickly, admitting third party medical evidence and specialist reports for setting up new life insurance policies.

Going far to provide life insurance quotes during  pandemic outbreak

The best life insurance company and organisation will go the extra mile to pilot new schemes to make services easily accessible with virtual medical checks and screenings. The current crisis is paving the way for the future of further life insurance policy processing and life insurance claim handling.  We witness support centres offering virtual access to specialist advisors. Here you can receive practical advice provided by preferred platform communication channels including telephone, video consultation, life insurance mobile apps or secure email.

Is the coronavirus a catalyst for change in best life insurance policy practice?

Everyday life will never be the same again.  Many people continue to do their bit to halt the spread of the virus by staying at home. With the recent figures prompting the Government to extend the quarantine, working from home is an essential component to financial stability and survival.  Many of us are lucky to have embraced remote working, and digital meetings are the norm.  Provided we have the necessary tech tools working from home is straightforward and possibly become long-lasting for many industries with a rapid transition from office-based to remote working from management to clerical.  Coronavirus has been a catalyst for change.  The effect of the virus had forced us to adapt and think outside the box, stretching technological boundaries for every age.  However, there are benefits to be felt, whether it is financial, circumventing the need for expensive office space, business rates, insurance etc., to improved climate and environment due to less rush hour traffic.  The convenience of working from home is happening right now, and people will embrace this in a way they could never have imagined.

Virtual enterprise for life insurance policy industries

The switch to virtual enterprise has some negative downsides for industries where manual processing is the core of a particular sector and not easily transferred to remote working scenarios. Conversely, a preference for meeting clients face-to-face is the norm, where building rapport, gaining trust and creating new relationships are essential elements. A handshake over an expensive business lunch, clinching a deal over a bottle of wine is at the heart of many businesses.

One inevitable outcome from the pandemic is the glaring evidence of how we can adapt to change and take up the flexibility baton and run with it. When these testing times abate, the impact of COVID-19 upon the globe will continue. These are tough times, but we remain optimistic that innovation and growth will provide the tools for survival.

We continue to support you and provide best life insurance policy advice

At Life Insurance Cover UK, we continue to review the situation, and we remain at your disposal, available to continue to provide life insurance cover quotes and advice, ensuring you stay protected beyond the COVID-19 crisis.  Sir Winston Churchill once stated that Life Insurance is a foundation of British society, and this portrayal is one that will continue for the future. Ensure you speak to a reputable life insurance agent today.

 

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8Apr2020

Saving money during tough times

Who needs life insurance cover in a pandemic?

The team at Life Insurance Cover want to keep you up to date with the latest information, advice and offer our support during this worrying lockdown situation.

The coronavirus pandemic sweeping the globe has everyone worried about finances. Saving money on life insurance and other household outgoings for now and the unforeseeable future will help people through these worrying and challenging times. Rather than talk about the importance of life insurance, we thought we would concentrate today’s blog on how we are all in this crisis together.

More importantly, how we can control our finances to ensure we get through to the other side.

Did you know that the UK Government is doing a great deal to help people impacted, by paying 80% of the salary of employees affected by the coronavirus? The measures apply equally to those who are self-employed, with 80% of average profits over the past years paid by the Government up to a maximum of £2500 per month.

As far as paying the mortgage, a worry for most people regardless of pandemics, the Government has put in place measures to assist those affected by applying a three-month “holiday”. For renters, if you fall behind in rental payments, your landlord is not permitted to evict a tenant. Government legislation specifically prevents evictions due to non-payment of rent during the crisis.

When it comes to car insurance, even if you are not driving, you still need to have insurance for your vehicle. If this is financially difficult, there is the option to declare it as off the road with a SORN, (statutory off road notice.) For the best advice look at the DVLA website.   For vehicles with an MOT due from 31st March, the Government has extended all MOTs due from this date for six months to prevent any possible exposure to the virus.

For those in certain types of business, the coronavirus has significantly had a negative effect with bars and restaurants, cinemas and leisure centres forced to close.

Government help businesses during coronavirus pandemic

Hence, the Government has put in place measures to ease the financial burden while not trading with business rates suspended for 12 months. This measure applies across the board to all businesses involved in retail, leisure and hospitality in England and similar concessions for Scotland and Wales.

The Government is proving themselves incredibly supportive with business interruption schemes and the HMRC providing extensions on tax payments. See the link below for full details:

https://www.gov.uk/government/news/chancellor-strengthens-support-on-offer-for-business-as-first-government-backed-loans-reach-firms-in-need

Make changes to household bills and budget to save money during coronavirus outbreak

With the country on lockdown, people are mindful of energy costs and increased usage. Speak to your supplier to find out what they are doing to help people during the pandemic. If you are not satisfied, there are certain matters you can take to save money. For example, looking around for alternative money-saving energy tariffs by looking at comparison sites for the best offers available.

The process is incredibly easy and the savings can be considerable. Continually check to ensure you are on the cheapest tariff. Make use of money-saving tips such as using your dishwasher/washing machine/tumble dryer late at night.

Check your current insurances to find out what they are offering in these difficult times. Reputable insurance companies have clear guidelines to cover change of situations such as working from home. If you are using office equipment supplied by your employer, make sure it is your employer’s responsibility for this equipment.

Keep on top of day-to-day finances. If you are struggling with your mortgage, loan repayments, direct debits, utility bills then speak to the provider to organise a payment plan. Most lenders and utility companies understand that this situation is difficult for everyone, and will provide assistance as much as possible. Financial assistance includes schemes such as repayment breaks, term extensions or temporary reductions in line with your income.

Banks and building societies requested to offer solutions to help people

As we previously mentioned, the UK Government has stepped up and instructed lending institutions such as banks and building societies to offer a three-month break on repayments, waiver of interest payments, and other emergency measures. Check your bank’s website for details on what they are providing customers during the crisis. If you have not heard about what your bank or building society is offering in the way of a financial buffer, then call them immediately.

For businesses, the Government has several helpful new Coronavirus policies in place, including:

  • statutory sick pay relief package for SMEs
  • 12-month business rates holiday for retail, leisure and hospitality businesses in England with similar concessions for Wales, Scotland and Northern Ireland.
  • small business grant funding of £10,000
  • grant funding up to £25,000 for retail, leisure and hospitality business properties at a rateable value between £15,000 and £51,000
  • a Coronavirus Business Interruption Loan Scheme to support businesses with cash-flow pressures needing additional finance
  • help with tax payments via the HMRC Time To Pay Scheme

For general households, now is the time to review income and outgoings. Discover where to make savings. For example, cancel unnecessary subscriptions or regular monthly outgoings, e.g. gym or club memberships, at least until this crisis is over and we can resume normality. Check comparison sites for cheaper deals on utilities, credit cards, mortgages and speak to your bank to find out about difficulties with meeting necessary repayments.

Remember that you are not the only one concerned about finances, everyone is in the same boat, from Richard Branson to your next-door neighbour. There is no shame in admitting financial worries during a pandemic! Businesses and lenders are subject to close Government scrutiny to help their customers and to ensure sympathy.

Life insurance is still important – speak to a life insurance advisor

People without life insurance are realising the importance of cover during the pandemic and we welcome any enquiries. Our team of specialist advisors are on hand to guide you through the process of obtaining a competitive life insurance quote.

Heed the guidelines and stay safe during coronavirus outbreak

In the meantime, heed the advice by Government regarding hand washing, social distancing and staying home, measures all necessary to get us through this absurd standstill.  Most importantly, stay safe.

 

 

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19Mar2020

Best Insurance for Coronavirus?

What is the best life insurance for these uncertain times?

Unprecedented events have the ability to bring into scrutiny what is actually important in our lives. The coronavirus is certainly pushing people to revaluate everyday situations, whether it is health, finances, family, work and socialising, we find ourselves plummeted from normal to surreal in a matter of weeks.

We are not quite three months into 2020 and this year will go down in the archives as one of the most uncertain since the end of the wise elders’ era.

Currently, Europe remains the epicentre of the virus and insurance will be one of the first instances for many people to turn to.

What is happening right now in Italy fills us with dread has us questioning those fragile threads to health and life; no doubt, we are all worried about the future.

Some might take a positive outlook and see this as an opportunity, a challenge for our communities to join forces, whereby we can build an improved future with a healthy environment, one that reflects on the positives of this viral outbreak.

Unprecedented virus calls for specific financial thinking

For the most part, our children and we as adults have never witnessed or suffered strife, and this wartime effort to combine efforts to kill the virus show the true nature and colours of our friends and neighbours.

For the savers and financial planners amongst us, we might rely on our well-earned savings or insurance payouts to help us through these difficult times, whether it is life insurance, health insurance or income protection insurance.

The concept of insurance in these hard times allow many of us to emerge from catastrophe and avoid financial ruin, for example, savvy business owners may find it easier to make a comeback especially those with business interruption insurance.

Understanding exactly how your policy protects you is always important, but even more so in a time of this global pandemic.

Best life insurance cover for future financial planning

For the unfortunate few who do not have insurance or savings as a fall back in these tough times, this will serve as a wakeup call to take a look at specific insurance to protect from similar events in the future, whether it is for business owners, families or individuals.

Protecting our families, our businesses, our outgoings, and ourselves is a lesson we are learning. We hope that the UK government will step in with financial handouts, tax breaks, and loans to help those that are suffering the most, but now is the time to confront the uncertainties that will come in future years, long after this virus epidemic has ceased to exist.

Planning for the future has never been so pertinent

It looks as though the coronavirus crisis is here to stay for the immediate future, but it will serve as a bitter reminder of how important it is to have adequate insurance to cover losses brought on by such a grim disaster. Life Insurance remains a crucial financial product, providing protection for loved ones over the unknown.

Keep safe and keep washing those hands!

It is important to bear in mind that for most people who contract coronavirus go on to make a full recovery and the outlook is looking positive with the stringent measures in place to combat the virus. Keep safe and follow Government guidelines to help win this battle

In case you need advice on life insurance…

Don’t forget, you can complete our online form, and an adviser will call to discuss life insurance, find out what is relevant to your personal circumstances.

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13Mar2020

Life Insurance Cover Questions

When looking for the best life insurance cover or best life insurance policy it pays to speak to a professional advisor.  We get many calls daily with a myriad of different questions, all of which we manage to answer fully.  After all, when looking for an affordable life insurance cover it pays to speak to someone who knows the market fully and can give you impartial, no-obligation life insurance quotes plus great advice at the same time! One question we do get asked, a lot, is about tax payable on life insurance payouts, so we put together a quick blog to describe the process of finding the best life insurance and how to avoid the fearsome taxman!

UK Budget 2020 Will Not Affect Great Life Insurance Cover

Chancellor Rishi Sunak’s first budget of 2020 is likely to look closely at the dreaded issue of Inheritance Tax, possibly one of the most contentious and unpopular taxes demanded by HMRC and totalled £5.4bn during the 2018/19 tax year.

When it comes to Life Insurance, the questions that most often raises its ugly head are “is Life Insurance benefit taxable?” and “is life insurance benefit subject to inheritance tax on death?”  Before answering those questions, let us take a look at why life insurance is so important for families.

Why do I need Life Insurance and Where to Find the Best Life Insurance?

We all need to realise the considerable importance and advantage of protecting loved ones financially should the worst-case scenario happen. Not only will those beloved family members have the heartache of losing a loved one, but also those additional pressures, those previously you dealt with together, that may prove overwhelming without you.

Helping them with the gift of life insurance protection provides financial peace of mind. Thus, easing the household finance responsibilities of paying the mortgage, everyday household bills and living expenses, debts and savings, school fees and college funds.  A life insurance policy will go a long way to making life a little easier for those left desolated and struggling to cope.

Speak to the Best Life Insurance Cover Advisors for the Best Advice

The team at Life Insurance Cover are firm advocates in planning for the unexpected and fully believe in the advantages of a life insurance policy.  One of the many queries clients ask when requiring advice is this question of the possibility of a tax bill when a loved one dies.  Our role is to help families plan for unseen eventualities and provide guidance on these complicated issues.  Rest assured that, in the vast majority of instances, when a person passes away and the beneficiary of their life insurance policy receives the benefit, this financial asset reflects as non-taxable income. Therefore, no tax falls due.

Nevertheless, a good advisor will let you know about any situations whereby the life insurance benefit may become the subject of taxable proceeds of which there are only a couple.  If for some reason the sums paid out by the life insurance company remain held by the insurance company for an extended period, then any interest earned is usually subject to tax.  This taxable income will only be on the interest, for example, a £200,000 benefit, held for say, six months, may accumulate £1,000 in interest. The taxman will scrutinise only this aspect of the figure. The original £200,000 of course still pays out to the beneficiary once released.

Pay No Inheritance Tax on Life Insurance Policy Payouts

Another, albeit rare, situation where HMRC might scrutinise the proceeds of a life insurance policy is where the payment is tied up within a beneficiary’s estate, for example, when a policyholder survives an intended recipient, and there is no one to pay.

Whosoever ultimately inherits the estate will benefit from the life insurance proceeds via the estate. The sum proportion of the estate reflecting the life insurance benefit may fall under the watchful eye of the taxman through inheritance tax and estate law.

Overall, there is no need to fear the taxman as life insurance payments generally falls into the right hands. However, it is worth making a note as to how to ensure your loved ones preserve the integrity of a life insurance policy payout, especially for valuable real estate and significant inheritance figures.

These rare scenarios can be avoided, and it is a good idea to examine the advantages of placing your life insurance policy in a trust.

The best life insurance policies placed in trust will ensure:

  • Clarity over any disputes about your wishes for your life insurance benefit, thus avoiding disputes or unworthy claims over your assets.
  • Circumvent any claim for inheritance tax by the taxman.
  • Speed up probate and payout quickly the benefit of your life insurance policy to those that need it.

Call us today to get friendly, up to date, accurate advice on Best Life Insurance Policies

Speak to an advisor today regarding the possibility of trusting your life insurance benefit into a legal agreement, known as a trust.  In this way, no matter what the outcome, the benefit of the life insurance policy remains fully protected from any other claim by the taxman or other body.

 

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5Mar2020

Best Life Insurance Made Easy

Where to go if you are looking for the best life insurance?

Life insurance has come a long way since its inception way back in 1583 when a person by the name of William Gibbons became the first-ever recorded person to receive a life insurance policy. Without a doubt, London is still regarded as the most prominent location for best life insurance policies, ever since its high profile as an insurance hub during the 1700s. The following decades witnessed the life insurance market developing rapidly and globally to meet an ever-growing demand.

Initially, a luxury for the very rich, especially amongst professional circles of doctors, lawyers, clergymen and teachers. By 1850 in London alone there existed 180 life insurance companies. surely a testament to the recognised importance of life insurance within the UK.

A few terms that have kept their significance over the hundreds of years of life insurance:

Policyholder – The person who ultimately owns the life insurance policy. The policy is to insure himself and possibly someone else under the terms of his or her policy. For example, a husband may take out a life insurance policy to protect both himself and his wife, but he remains the policyholder.

Insured – The person whose life remains protected under the terms of the life insurance policy. Again, this can be more than one person, but usually, the insured and the policyholder are one person.

Beneficiary – the ultimate recipient of the benefit of the insurance policy as named by the policyholder. Most often, this is the wife or husband of the deceased, but often it can be a charity, an organisation or a child. It is possible to have more than one beneficiary of a life insurance policy.

Premiums – the payments that fall due to ensure the life insurance policy remains active and in force. More often, premiums fall due each month, but some policies allow the insured to make annual payments. It is essential to ensure prompt payment of premiums, to keep the policy in force.

What is the best life insurance policy today?

Today life insurance has grown to meet the demands of a nation of fit and healthy individuals, living for more extended periods, which is excellent news for premium affordability. Life insurance is no longer the domain of the rich. Premiums are easily affordable by everyone provided they meet the required criteria for age, lifestyle and fitness. In other words, the younger you are, the healthier you are, do not smoke, drink excessively or take part in dangerous activities, you can expect premiums to be very low!

The only question remains for many is, “what type of life insurance do I need?”

With a myriad of life insurance policy categories, providers, terms and options, it can be worrying and confusing when trawling the internet. However, this need not be the case if you use trusted and professional advisors specially trained to navigate the market on your behalf.

We have already discussed in detail the best life insurance policies available on the market, from the cheaper option of fixed-term life insurance to cover a mortgage or other debt, and a whole of life insurance policy, a less popular and more expensive option. However, today we thought we would highlight a particular aspect of life insurance that many find incomprehensible:

Increasing Term Life Insurance

Increasing term life insurance policies increase alongside inflation and rising living costs in line with the Retail Price Index. It comes with a variety of options depending on personal circumstances. It is essential to bear in mind that, even though this is an excellent type of life insurance, it may be expensive in the long term, as premiums will also increase in line with inflation. Increasing term life insurance is attractive to those who own vast estates, where future running costs and maintenance require thoughtful attention.

For most people with families, a mortgage and normal day-to-day living expenses, the popular and affordable option is the fixed-term life insurance policy.  This type of fixed-period policy set, for example for 25 years, provides maximum peace of mind for those years that the children are growing and the mortgage payments fall due each month.  A fixed-term life insurance policy can also be tailor-made to budget in other factors including for example debts, savings, college funds, and the usual day-to-day household expenses.

Whatever type of life insurance you eventually plump for, you know you are helping your loved ones cope in the devastating possibility of you passing away; whether through illness or an accident.

Life insurance brings peace of mind, knowing that dependents can take some comfort from the trauma of losing someone they love by avoiding the additional loss of the financial security that the loved one brought to the family.

Complete our fast and straightforward form to receive some expert and friendly advice today on what type of life insurance is the best for you.

 

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25Feb2020

Protect finances – combine best insurance policies

Need help to find the best life insurance policy?

Are you worried about life insurance and wondering “what is the best life insurance policy?” Perhaps circumstances in your life have changed, a loved one is suffering from serious illness or injury, and it has made you think about the future. What would happen if you lost a member of your family or, more importantly, your family might one day lose you? It does not bear thinking about, but protecting dependants with the best life insurance policy, ensuring they can move on in the event of losing a parent or partner is a topic worthy of a discussion.

Our focus is to help find the best life insurance to suit you

Our team of qualified and experienced advisors can talk you through, and tailor-make a policy to suit your budget and personal circumstances. The small cost for peace of mind will help you and your family in situations where additional financial support will help cover difficult times.  So let’s discuss what are the best life insurance policies out there and which one should you pick.

A life insurance payout in the event of death goes a long way to provide financial and also emotional support.  A surviving partner need not worry about the financial aspect of losing a loved one; a payout can help alleviate a range of difficulties including expensive funeral arrangements, ongoing mortgage payments, debts, and day to day living expenses including household bills, savings and food shopping.  When dealing with the grief of losing a husband, wife, partner, mother, father, worrying about finances can add an untold amount of stress.

Different types of life insurance to suit your budget

With a multitude of quality life insurance policies to choose from depending on your needs and budget, the options are unlimited and flexible from fixed-term life insurance – an affordable extra investment to fit neatly in conjunction with other financial obligations – through to more expensive options such as a whole of life insurance. Budgeting for affordable monthly premiums will provide the security of a life insurance policy without putting you under financial strain.

We advocate looking into other financial protection measures and carrying out a full costing of outgoings to ensure loved ones are fully protected in the sad event of you passing away or, more commonly, falling ill or suffering an injury.

For the best insurance consider combining life insurance with critical illness cover

Critical illness cover and income protection combine very neatly with a life insurance policy to ensure that you have full coverage. In the event you fall ill with one of the listed critical illnesses, including heart attacks, strokes and many types of cancer, you can cope financially. We have discussed previously the notion of “sickness denial syndrome” where many people feel that they will never fall seriously ill. Imagine being forced to take a prolonged work break due to an injury or sickness. It is essential to consider what will happen to incoming and outgoing finances in the event you fall to one on the list of serious illnesses. Losing the ability to work for a while may seriously affect mortgage payments and day to day living.

Such a financial headache will result in extra stress and anxiety at a time when you should be concentrating on fighting to beat sickness and recuperating. Statistics show that hundreds of thousands of people find themselves unable to work due to critical illness or injury and worrying about the financial consequences. It need not be the case. With a range of policies to protect people, you can combine health insurance, critical illness and income protection with your life insurance policy.  With cover, you are keeping your finances healthy until you too can get fit and back to work again.

Get in touch to discuss the best life insurance advice and quotes

Speak to one of our financial advisors to find out what type of policies you can combine to protect your finances in any scenario. We will talk you through the various insurance cover options, discuss the costs of these and help you decide the best choice for you.

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12Feb2020

When is the best time to get life insurance?

Many people put off what is perhaps one of the most essential financial investments in their lives.

Life Insurance!

For most, it is merely a case of:

  • Not knowing what the best life insurance policy is
  • What age to take out life insurance
  • How to find the best life insurance policy online

However, the excuses take over and, before they know it, the time has passed by, and that essential life insurance policy has slipped through their fingers.  Because the best time to get life insurance is when you are young and healthy.  When you are young is the best time as policies are generally cheaper and offer great value for money.

Our clients often ask us “why do I need life insurance” when I am young and healthy?

Our answer is usually the same – you need life insurance if you have a family, a mortgage, and bills to pay. You also need it if your family relies on you for the majority of the family outgoings.

Think about it; if you pass away when your partner and children depend on you, how will they cope when you are not around?

Even the most straightforward and cheapest life insurance will ensure paying off the remaining mortgage term.  Additional add-ons to your policy at competitive prices will provide a lump sum to help with:

  • Day-to-day living costs
  • Childcare
  • Funeral expenses
  • Savings and university funds
  • Other outgoings

The financial benefit of life insurance can ease that awful impact when a loved one dies.

Not having the burden of worrying about immediate financial commitments goes a long way to lessen the anxieties of moving on from grief.  Surviving family members will appreciate a maintained standard of living that life insurance brings when the primary breadwinner passes away.

Statistics are not clear, but one thing is certain:

“ in 2015, 23,600 parents died in the UK, leaving dependent children (23,200 in 2014). That’s one parent every 22 minutes.” (Source: http://www.childhoodbereavementnetwork.org.uk/research/key-statistics.aspx)

With so many options and add on features and our comprehensive team of advisers can help you chose the exact life insurance products.  We take into account your budget and family needs or circumstances when providing competitive life insurance quotes.

We have covered the major life insurance policies in our series “Types of Life Insurance” but rest assured our team can advise you which is the best life insurance policy for you.

Protecting loved ones need not be a complicated process; we are here to help navigate the life insurance market, compare quotes for you and make choosing life insurance a simple exercise. Simply complete our online form to receive a call from one of our friendly team of advisors, and learn about the different options available.   We have a specialist team, helping you to make appropriate and affordable life insurance choices.

What you need to tell us when looking for life insurance. 

Honesty is essential.

If you are a smoker, have a risky job or hobby, have a pre-existing condition.

Such issues will not always result in refusal but may affect your premiums. Even if something seems trivial to you, it may become an issue at the point of a claim, so make sure you divulge everything when asked. For most cases, we can provide specialist cover to ensure you and your family receive full protection.

When planning life insurance, both parents need to sit down and discuss the impact should one of them die.  Although it may appear evident that the breadwinner is the most important, a stay at home parent has equal value.  Take into account the escalating costs of childcare, and ensure this aspect is covered.

Our team of advisors will talk through the various options to ensure you are fully covered.   Simply click the button below, fill in the quick and easy form, and a member of the team will be in touch.

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