Life insurance FAQs
Click on the FAQ to jump to the answer.
Who owns my policy?
You can choose the “policy owner” (this is the person that the insured amount is paid to if a claim is made). The policy owner could be you, or if you′re setting up cover with a partner you can choose to have a “joint” policy, which means that you both own the insurance. Or if you′re setting up cover to protect a different person (for example a business partner), you might choose to make them the policy owner.
Can I change the owner of my policy at a later date?
Yes. You may change the policy owner at any time - just contact us and we′ll send you a “Transfer of Ownership” form.
How much will life insurance cost me?
Premiums are based on your age, gender, smoking status, and the amount of insurance you wish to purchase. All companies provide quotes based on ′standard rates′ which are a preliminary guide only. Your quoted premiums can change after you have submitted your application (due to your health, occupation and lifestyle).
Will my premiums increase?
Every year your cover and premiums will increase with your age and indexation/inflation (based on the Consumer Price Index). The illustration supplied by your selected insurer will show the estimated increases over a period of years.
What is indexation?
Indexation is a way of keeping the amount of cover relevant to the cost of living (i.e. keeping up with inflation). It is linked to the Consumer Price Index (CPI). Most insurers give you the opportunity to decline each year if you choose.
What are my payment options?
The most common payment options are Direct Debit or Credit Card, and these are the two options available through our website. However, with some insurers there are other methods available (e.g. annual cheque), so just give us a call if you would like to discuss options.
When will I make my first premium payment?
Not until after your application has been assessed and accepted. If you choose to pay monthly (by Direct Debit or Credit Card) then you can usually select the day of the month that you′d like you premiums to come out. If you′re not happy with the outcome of your application then you won′t have to pay any premiums.
What happens if I stop paying my premiums?
You need to maintain your premium payments in order for your insurance cover to remain in place. If you stop paying premiums your cover will cease and no money will be refunded to you. If you ever need to change your payment details (e.g. you change bank accounts) just contact us and we′ll get it sorted.
Does my policy have a cash value?
No. Modern life insurance plans don′t have any savings component to them, so your policy won′t have any cash value. You will only receive payment in the event of a claim.
Do I need to provide evidence of health?
Yes. The “underwriting” (medical assessment) will be based on the answers you give on our online application form. It is important that you disclose all relevant medical information that you are aware of. In some cases (but not all) the insurer may ask for further information or contact your doctor for medical notes.
Do I need to see my doctor?
Under most circumstances the “underwriter” (the person who assesses your application) is able to make an assessment from the answers you give on our online application form. However, in some cases the underwriter may request further information from your Doctor, send a nurse to complete an assessment, or ask you to attend a full medical with your Doctor (the insurer pays for this in almost all cases).
Are my health assessments free?
Yes. If an underwriter requires further information (i.e. writes directly to your Doctor, sends a nurse for a consultation or asks you to have a full medical) these visits are usually paid for by the insurer.
Does smoking affect my premium?
Yes, smoker premiums are higher than those of non-smokers. It is possible to change your premium in the future should you stop smoking (although you need to have stopped for a period of at least 12 months). You can contact us to send you the appropriate declaration form to make this change.
What happens if I change my mind?
Not a problem. If you decide you do not want the policy you can cancel it within 14 days of receiving your policy document (known as the free-look period). A signed cancellation is all that is required. Any premiums paid during the free-look period will be fully refunded to you.
What information do I receive?
Once your policy has been set up the insurer will send you your official policy document (which you should keep in a safe place).
What is my future service?
Each year on the anniversary of your policy we will be in contact with you to review of your policy. You will also receive a policy update from your insurer. We will also keep in contact with you via our email newsletter. We may also contact you from time to time with updates and special offers.
What if my circumstances change?
It is important that you keep us up to date with any changes in your circumstances. Please keep us informed of any bank account or credit card changes as well as updating contact phone numbers, physical, postal and email addresses.
What happens at claim time?
If you think you might need to make a claim please contact us straight away. We will then contact your insurer and get the claims process underway.
When does my cover end?
Your cover will cease when you inform the insurer in writing, you cease paying premiums, or the policy expires (see our product comparison to check the length of renewability - as this differs for each insurer).