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When Searching For UK Life Insurance, What Should I Consider?

June 10, 2013 By Peter Thomas

UK residents use life insurance to provide their loved ones with financial assistance. Since life insurance is a substantial financial investment, research and careful consideration are recommended. Whole life and term life policies are the two major types of life insurance available in the UK.

There are advantages to each one and there is no best policy for every personal situation.

Term Life Vs. Whole Life

The period covered by the policy is what distinguishes term life insurance from whole life insurance. Term life runs for a designated period that can be as short as one year to up to 40 years. Once this period is exceeded, the contract ends and the individual may either purchase a new policy or remain uninsured.

Age is one of the determining factors for life insurance premiums so a new policy could be more expensive due to the older age of the applicant. With age may come health conditions that also increase premiums.

Whole life insurance, on the other hand, covers the remaining lifetime of the individual insured. Since this may be several decades, premium for a whole life policy may be three or four times higher than what is charged for a term life policy with the same benefit.

With whole life, a new policy is not required later in life when premiums would be higher and medical conditions could be present that prevent approval. Though a whole life policy may be cancelled any time, premiums that have already been paid will not be refunded.

Term life and whole life policies have another major difference in that whole life provides protection and represents an investment while term life offers protection only. A term life policy beneficiary receives nothing more than the face value of this policy. A beneficiary of a whole life policy receives a minimum guaranteed benefit and proceeds from the investment.

A term and whole life policy may have the same initial death benefit and it may seem appealing to earn an additional amount through whole life investments but gains are not guaranteed. The type of investment is restricted as stated in the whole life policy. The policyholder must make payments into it throughout the time that the policy is in place. If this investment performs poorly, the benefit may be less than what an equivalent term life policy provides.

Premiums for Term Life and Whole Life

Term and whole life insurance premiums are established at the start of the contracts and are leveraged throughout the contract terms so they will not change while the policies are in force. The extended coverage period of a whole life policy reveals why the premium for whole life coverage is usually higher than a term life premium is. In addition, the investment aspect of whole life increases its premium.

Though this investment is subject to tax and never guaranteed to offer a return, it may be borrowed against by the policy owner.

The answer to which policy is best depends on the personal situation of the insured. A whole life policy is usually best for people who are wealthy. It can be written in trust and proceeds may be used for estate planning. People who are at least 60 years old may also benefit more from a whole life policy because term life coverage may not be available to them. Younger individuals may find term life more suitable due to its lower premiums.

Filed Under: your questions

Will My Move from the UK Invalidate My Life Insurance?

May 27, 2013 By Peter Thomas

Moving requires many considerations, whether it is for business or pleasure. While most people think about updating their addresses and telephone numbers with providers, they usually do not believe that their move can affect the validity of policies such as life insurance.

Even if the policy remains in force, it may not be sufficient to support the new lifestyle. When considering a move out of the UK, review life cover to identify whether changes are needed.

Life Insurance Policy Review

The time most people think about life insurance is when the annual premium is due. Someone without life insurance does not usually consider it when moving.

moving abroad photoExpats with financial obligations to the UK and those who have dependents are two groups of people who should give life insurance some thought when moving out of the UK.

Life insurance may not be necessary for someone without a financial commitment, but it is essential to consider the impact of your death if you are a parent or spouse. Surviving dependents may not be able to make ends meet.

One way to provide financial support to beneficiaries is to purchase life insurance in your name. During the comparison-shopping process, read the terms and conditions of this type of policy, particularly the details about residency status. The plan might not pay out a claim if the insured was not a UK resident.

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The act of relocating to another part of the world can render life insurance cover invalid. If there is no mention of residency requirements in the policy documents, request clarification from the insurance company.

Provide Notification When Moving

Each time residency status changes, the insurance company should be notified. If an insured person moves but fails to inform the life insurance provider of the new address, the policy may be invalidated.

This results when the insured moves to an area of higher risk from the standpoint of life insurance underwriting. If the insured dies without having supplied the new address to the insurance company and a claim is made by a beneficiary, benefits may be denied.

Lifestyle Changes Created by Moving Abroad

During a move, particularly one that involves relocating to another part of the world, people typically experience lifestyle changes. New jobs, hobbies, change in marital status, and becoming or giving up homeownership are some characteristic changes.

Each situation impacts how much life insurance cover is required to provide beneficiaries with financial security. An insurance provider should be notified of lifestyle changes due to a move so a representative can conduct a review of the premium and cover for adequacy.

Some insurance companies invalidate policies or deny claims due to such lifestyle changes. Taxes vary by country so a level of cover that was adequate in the UK may not be sufficient in another region. A policyholder should verify that cover will pay for inheritance taxes, meet existing and expected future financial obligations, and leave some money for beneficiaries to live comfortably.

Consumers can use an online life insurance calculator to determine how much life cover they need. The figure should be considered a baseline and a professional insurance agent can provide a detailed and personalised number. To find the best cover for the money, consumers should compare quotes offered by several providers.

After binding a policy, the insured should notify the provider of a move outside of the UK and other lifestyle changes.

Filed Under: your questions

Is There a UK Life Insurance Policy That Pays a Bonus In Lieu of a Claim?

May 13, 2013 By Peter Thomas

No one lives forever and when people die their loved ones are left to deal with the fallout. Aside from the emotional upheaval that death brings, there are things like finances to consider.

If family members were dependent upon the income of the deceased, making ends meet may become a struggle. Death is never a happy occasion but financial troubles only add to the anxiety.

Life insurance provides loved ones with financial security when the insured dies, making it easier for survivors to get back on their feet.

Though the concept of life insurance makes sense to many people, paying for it may be another story. Life insurance premiums can be expensive particularly if the insured is older or suffers from a medical condition.

Short Term Is Usually Cheaper

Whole life policies, which run for a lifetime, tend to be much more expensive than term life policies that are in effect for a designated period.

Many UK residents do not earn enough money to afford life insurance for the rest of their lives.

Some of them select a term life policy that provides protection for a limited time because that is all they can afford.

They would find this policy even more attractive if they received a financial reward for living past the policy termination date.

Bonuses In Lieu of Claims

There are policies that provide bonuses in lieu of claims, making premiums even more affordable. One of them is offered by Sun Life Insurance, provided by AXA Wealth Ltd. Premiums start at just £5 per month and five terms are available. Applicants must answer five eligibility questions, several of which pertain to their health.

If they can honestly answer “no” to each question and they are between ages 18 and 59, acceptance is guaranteed.

Depending on the term and premium amount selected, the insured may leave a cash sum of up to £150,000 to beneficiaries. When deciding on the cash sum, insureds should keep in mind that over time, inflation will reduce the value of the lump sum that is paid when a claim is filed.

A cash sum that is paid to an estate could be subject to inheritance tax, further reducing its value.

With this policy, the bonus comes into play when all premiums are paid as due and the insured lives to the end of the term and does not make a claim. The insurance company will then pay 15 percent of the premiums back to the insured. It is important to note that if premiums are not paid when due, the cover will terminate and the insured will not receive any money back.

In addition, the policy itself does not have a cash-in value at any time.

Additional Features

Two other features of this policy are worth noting. The premium for the first month is free and after that, will not increase from the amount stated in the contract. In addition, this policy features a terminal illness benefit that may pay out the cash sum early if the insured is diagnosed with a terminal illness.

Several conditions must be met so interested individuals should learn more before binding contracts.

The ability to receive some financial benefit from an insurance policy while living is a nice feature. For people with limited income, knowing that some of the premiums will be returned if they survive past the policy termination date makes the cost of life insurance easier to justify.

Others rest easier knowing they will receive a financial benefit if they are diagnosed with a terminal illness during the policy term. In both cases, the money will come in handy.

Filed Under: your questions

How Does Life Insurance Differ from Life Assurance?

May 1, 2013 By Peter Thomas

Life insurance and life assurance sound similar but they are actually not the same.

insurance couple photoLife assurance contains an investment value that life insurance does not have.

Learn more about the difference between these two types of cover designed to provide beneficiaries with a financial benefit when the insured dies. Educated consumers are less likely to purchase the wrong type of cover for their needs.

Life Insurance In Brief

Life insurance covers a specific period and if the insured individual dies while the policy is in effect, a claim is paid to designated beneficiaries. If the individual insured lives past the end of the cover period, the policy ends and does not have a residual value.

Even when it is in force, a life insurance policy does not have any value unless a claim is filed, similar to the way a home insurance policy operates.

Life Assurance In Summary

Life assurance features both a guaranteed insured amount and a non-guaranteed investment. The amount of the guaranteed sum, number of years the insurance policy has been in force, and performance of the investment determine the value of the investment.

If the insured dies during the term of an assurance policy, the larger of a guaranteed sum or the value of annual investment gains is paid to beneficiaries.

The longer a life assurance policy remains in effect, the higher the value of its gains tends to be. However, if the insured survives past the policy term, the investment value decreases and the individual receives a terminal payment plus the annual gains.

When a life assurance policy earns investment value through annual gains, it can be cashed in via the insurance company. However, many insureds receive higher prices by selling their policies to specialist investment brokers, some of whom do business online.

Since the financial crisis, investment returns for life assurance policies have declined significantly. In addition, many insurance companies impose penalties for early policy cash-in.

These factors have reduced resale values for UK life assurance policies. However, the market has recently begun to improve so life assurance is not necessarily a bad option.

Making a Decision

A life insurance policy tends to be much cheaper than a life assurance policy and may offer everything an individual needs. People who are interested in potentially providing a larger benefit to their loved ones through an investment component may want to explore life assurance.

An insurance professional will describe the different options and conduct a financial review to determine which type of policy is the most suitable for the current and desired future financial situations.

Filed Under: your questions

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