Saving money on your existing Life Assurances Policies.
There are three main reasons why you may be paying too much for your current Insurance contracts.
• The most common reason is that the cost of your existing cover has reduced because of advances in medical science, reduction in administration costs and competition within the current market place .
• You may have bought your Insurance through an Advisor who could not offer Whole of Market access, or worked for a Bank or Estate Agents. They may have provided you with a policy that cost more than it should due to the premiums being inflated or just because they only represented one insurer or a small number of Insurers who were not competitive for your needs.
• We also find that far to many people we speak to do not have the most appropriate cover for their needs, leading to additional costs. The most common reason for this is their previous Advisor was limited to the products of one or a small number of Insurers who did not provide the most appropriate policy.
Types of Insurance
Term Assurance
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Whole of Life Policies
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Mortgage Protection Cover
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Critical Illness Policies
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Permanent Health Insurance
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Family Income Benefit
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Why you should get Professional Advice.
With so many options and variations available, which type of policy is best for you?
For example, would a Term Assurance or Whole of Life policy be the better option? The answer of course depends on numerous factors, such as.......
If you only need coverage until your children graduate from college, then you would probably be better off with a Term life Policy or a Family Income Benefit Policy.
If your needs have no fixed term and are likely to reach into retirement. A Whole of Life Insurance would probably be better suited for you. For example these tend to be best suited when planning estate taxes, or providing lifetime security for your spouse. Some term policies cannot be renewed past age 70 or 80 and can become costly to renew as you approach that age.
Would you want an Insurance contract that has premiums that are guaranteed for the term of the contract or would a contract where the premiums are reviewed at designated periods through out the policy term be more appropriate? There are also policies that have guaranteed increases built in so you know what will happen.
How would you answer the following questions?
Do you want a policy to repay your mortgage or other debts if you were to pass away?
Would you like your debts repaid or a lump sum paid to you if you were diagnosed with a qualifying critical illness? Who are the Association of British Insurers (ABI) and what is an ABI + Definition?
How much of your salary would you need to keep paying your monthly commitments if you were unable to work due to accident or sickness and your employer stopped paying you?
These are just some of the questions that you should have an informed opinion on before spending your money. With numerous Insurance Providers offering their own versions of:-
• Term Assurance » » More Information
• Whole of Life Policies » » More Information
• Mortgage Protection Cover » » More Information « «
• Critical Illness Policies » » More Information
• Permanent Health Insurance » » More Information
• Family Income Benefit » » More Information
It makes sense to talk to us before making your decision on the best options for you. We will help you understand what the different solutions to your needs are and then find the most cost effective insurers for those needs.
To discuss your requirements call us on 0800 3893796 or 01483 419288. Alternatively request a call from us by completing our contact form.