Life Insurance

Life Insurance is a policy whereby the insurer pays a sum of money upon the policy owner's death. It could pay your family or beneficiary a lump sum in the event of your death during the term of the plan.

How much cover do I need?
The first thing to consider when buying Life Insurance is how much cover you will need, and for what purpose.

Reasons for arranging Life Cover include;

• Help repay the mortgage
• Help pay funeral expenses or outstanding medical costs

To calculate the level of cover required, it’s worthwhile speaking to a professional financial advisor who will analyse your circumstances and recommend the right amount for you.

The application process
For some, the application for Life Insurance could be as simple as filling out a few forms.  For others, the application will be more lengthy and assessments may be required to check their health and medical records.

Tell the truth
It’s important to tell the insurer the whole truth [and nothing but the truth!] about your health and any conditions you may suffer from.  Failure to disclose information could result in your Life Insurance policy being null and void upon your death.

How is a claim made?
On the death of the policyholder, the beneficiary of the Life Insurance policy will be asked to submit a claim, along with the death certificate and proof of policy.