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Life Assurance

Hope for the best, but plan for the worst, as the old adage goes. Unfortunately, many shy away from thinking about the future, unaware of the huge impact this can have on their nearest and dearest. The main breadwinner passing away suddenly can mean disaster. In addition, losing a stay at home parent can also be financially devastating. Recent research shows that replacing a father and mother at home could cost around £21,601 and £29,535 a year respectively. And that’s without considering mortgages or secured debt. At Top Quote, our team guides you through the process, letting you pick policies to match your individual needs, budget and circumstances.

What options are available?

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    Level Term Life Insurance – The amount you’re insured for remains the same throughout the term of the policy, unless you choose Indexation or exercise your guaranteed insurability option.

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    Decreasing Term Life Insurance – The amount decreases over the term of the policy and is usually chosen to protect a repayment mortgage.

What are the benefits of Life Insurance?

If you die during the term of your policy, your family will receive a lump sum of money to help pay the bills and provide for them. The lump sum amount is chosen by you and is based on a variety of factors, such as your partner’s employment status, the number of dependents you have, your outstanding loans and your standard of living.

How will the premium be worked out?

Premiums are influenced by a number of factors:

  • Age

  • Occupation

  • Health

  • Smoker status

  • Sum Assured

For example, the older you are, the higher your premium will be. Individual’s height, weight, medical history and lifestyle will also be assessed. Your TopQuote account manager can provide information about your premium and terms of cover over the phone instantly.

There are no hidden extras, as premium payments include all expenses and you will pay the same throughout the term of the plan. However, if you decide to include Critical Illness Cover in your plan, you can choose between guaranteed and reviewable premiums. You can also choose to increase the amount of future cover in your policy with a corresponding premium increase.

There are terms and conditions for increasing your cover, as outlined in your policy booklet

How long does it last?

Depending on how old you are when you take out the policy, there are various options for determining the term, or length, of the plan.

  • 1 - 40yrs

    for Level Term Assurance

  • 5 - 40yrs

    for Decreasing Term Assurance

Risk factors

As life insurance is an important financial safety net, it’s essential that you answer all of the questions accurately. We’ll guide you through each step to make sure you are adequately covered, but if you fail to mention something like a medical condition, your policy may not pay out in the event of a claim.

Level Term Life Insurance – as these plans are not investment products, they have no cash-in value at any time. Also, if you stop paying the premiums before the end of your policy, your cover will end after 30 days. Terminal Illness Cover is not applicable for the last 12 months of a policy term.

Our insurance company partner clearly detail the circumstances under which the policy would not pay out, as well as other terms and conditions. It’s important to read both the appropriate Key Features document and the Policy Conditions document carefully before buying life assurance.

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Terminal illness cover

Included at no extra charge for policies with a term of two years or more, Terminal Illness Cover ensures that the life insurance policy will pay out the full amount if you are diagnosed with a terminal illness, rather than in the event of your death.

You need to be eligible to claim. For example, if you stop paying premiums, or fail to tell us about a medical condition, your policy may not pay out.

By ‘terminal’ we mean suffering from an advanced or rapidly progressing incurable illness where, in the opinion of the Chief Medical Officer of the policy provider, life expectancy is less than 12 months.

Terminal Illness Cover is not available during the last 12 months of the life insurance policy term and is only available on plans with a term of at least two years. Once a terminal illness claim has been accepted, the life assurance plan will end and further pay outs cannot be claimed. No premiums will be payable either and the policy will cease.

If, after a terminal illness claim has been accepted, the policyholder survives to the end of the term, they won’t be expected to pay back the terminal illness payment received. However, no further payouts can be claimed on the policy and the policy will cease.

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How much does Life Insurance cost?

How much you pay is up to you, although it’s always better to pay as much as possible within a monthly budget. This will allow your family to be able to cope financially.

What else is covered?

The life insurance policies we provide all include Terminal Illness Cover at no extra cost. This means the policy will pay out if a policyholder is diagnosed with a terminal illness for which they are eligible to claim (although not in the last 12 months of the plan, or if the ‘term’ of policy is less than 2 years).

What else is covered?

Waiver of payment

If a policyholder is aged under 55 and accepted on standard terms and normal rates, they will be eligible to take out a Waiver of Payment option on their life assurance. This means that providing that the policy payments have been kept up to date until the point of claim, they won’t have to pay premiums if they suffer an illness or accident that stops them working for more than six months.

Policyholders must continue to pay their premiums for the first 26 weeks if they are incapacitated. However, your premiums are waived after 26 weeks if customers are unable to work because of incapacity.

If a policyholder is not in work, then their premiums are waived if they are unable to perform three or more functional assessment tests.

Premiums will continue to be waived until you either:

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    Reach the end of their your policy term

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    Return to work or fitness, so you no longer qualify for the waiver

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