Life Insurance FAQs

How much cover do I need?

That's different for everyone but we usually suggest you make sure you've covered all your debts, and then take into consideration any cover you may already have - from your employer for example. Then, as a guide, you should allow £150,000 per dependant - your partner, and each child.

As your circumstances change – a move of house, a growing family for example – you should remember to review the cover you have and increase the sum insured if necessary.

Can anything else affect how I arrange cover?

Yes. People in certain occupations and who have certain 'high risk' hobbies may be considered a greater risk and so this may affect premiums and some restrictions on cover may be imposed. 'High risk' occupations include working at heights, within the oil and gas industry (particularly working offshore), the Armed Forces, Pilots and Fishermen.

High risk hobbies include racing, hang gliding, mountaineering and diving.

We'll be happy to advise you of course, and make sure we find the right policy and insurance company to arrange the cover at the best possible price.

Why do I need Income Protection Cover?

Income Protection Cover is not a widely known product yet it should be top of most people's protection buying list. It replaces your income in the event that you cannot work due to illness or disability, potentially until you retire, which will take care not only of debts like a mortgage, but also enable you to maintain your standard of living. Unemployment Cover can also be added.

Why should I take advice?

It is always preferable to take advice. Make sure it is an advisor who is independent and can search the whole of the market. They can advise you on a range of different areas, like which policies are best and how much cover you should take, as well as find the best value for money policies too. Always shop around and make sure you speak to at least one independent financial advisor.

Any other tips?

The younger and healthier you are the cheaper premiums will be, so the sooner you take out cover the better off you should be. Non-smokers also pay less than smokers so giving up cigarettes is a good idea for financial reasons as well as health reasons.

How much cover do I need?

Think about what would happen to your salary if you were unable to work. Do you have debts and dependents that you need to find a way to provide for when you cannot work and, if so, how much would that be? Does your sick pay run for months, weeks or less? If you have extra work-related benefits you may not need to be insured for as much on your Critical Illness policy. These are all questions you need to answer to help you decide how much cover you need.

How can I keep the cost of the premiums down?

The more cover you take out and the term length you take it out for will determine how much you pay. This is why it's important to speak to an advisor if you are unsure about how much cover you need. They will make sure you are not over-insured, helping you to save money in the long run.