Insurance FAQ’s

FAQ’s – What you need to know…

Why buy Life Insurance?

If you’re single with no dependents then maybe life insurance isn’t something you need to look into just now but if you’re married with children Life Insurance can safe guard your loved ones financially should anything happen to you.
To give you an idea of the risks we face today please follow the link below.
Policies are activated instantly but we ask that if you have an existing policy in place already that you do not cancel that until the first Direct Debit payment has come out of your bank account on the new policy.
The amount of cover you need is solely dependent on your personal circumstances and what is important to you at that point in your life and going forward in the near future. For example if you have a large sum left on your mortgage and a large family you may need more cover than say someone who has a relatively small mortgage and one child.
In general policy premiums tend to increase the older you are which is why we encourage you to take them out sooner rather than later. People of a certain age may be asked to undergo a medical examination in order to get some cover but never the less most people can be covered.

The proceeds of any life insurance policy are free from income and capital gains tax, but they are potentially liable for inheritance tax (IHT). However, it’s easy to sidestep IHT by writing the life policy ‘in trust’. It will then go directly to the beneficiaries and will not form part of your estate when you die.