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Life insurance

Life insurance is a vital part of financial planning for anyone who has dependents. By ‘dependents’, we’re referring to those whose circumstances and material well being would be affected by your death. So that means your partner, your children or anyone else who is financially reliant on you.

We'd love to hear from you whether it is to look at a new policy or discuss insurance options. Complete the form and a member of our team will be in touch. You can also call us or e-mail us.

Why get life insurance?

Life insurance can pay your dependents money as a lump sum or as regular payments if you die.

It’s designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide.

The amount of money paid out depends on the level of cover you buy.You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.

You may need to think about whether receiving a payout will affect any means tested benefits your dependents might otherwise be eligible for.

There are two main types of life insurance:

Term life insurance policies: run for a fixed period of time (known as the ‘term’ of your policy) – such as 5, 10 or 25 years.
These kinds of policies only pay out if you die during the policy. There’s no lump sum payable at the end of the policy term.
A whole-of-life policy: will pay out no matter when you die, as long as you keep up with your premium payments.

What isn’t covered?
Life insurance usually only covers death – if you can’t provide for your family because of illness or disability, you won’t be covered.

Some life insurance policies provide a terminal benefit, although these are not automatically granted.

A terminal benefit will pay out on diagnosis of a terminal illness. Check the terms and conditions of your policy to see if you’re covered.

Most policies have some exclusions (things they don’t cover). For example, they might not pay out if you die due to drug or alcohol abuse, and you normally have to pay extra to be covered when you take part in risky sports.

If you have a serious health problem when you take out the policy, your insurance might exclude any cause of death related to that illness.

You can buy other insurance products for these issues, which cover:

long-term illness
critical illness cover, or
total and permanent disability

Changes for 8 Factors That Can Affect Premium

According to one survey, more than half of the people living in the UK viewed purchasing life insurance

Women tend to live longer than men. In the United Kingdom,

Cost Factor 1: Age
Your date of birth is the No. 1 factor in determining your life insurance rate. Younger policyholders pay lower premiums. As you age, the likelihood an insurer will have to pay out on your policy increases, and therefore premiums increase.

Cost Factor 2: Gender
Women tend to live longer than men. In the United States, the average life expectancy for women is 86.7 and 84.3 for men. The disparity means that women generally pay less for life insurance than men do.

Cost Factor 3: Health History
Insurers may require a medical exam and access to your health records before issuing a policy. A history of health conditions, especially serious illnesses such as heart disease or cancer, will increase your premiums. Insurers will also look at your weight, cholesterol levels, blood pressure and other metrics that could indicate future health issues.

Cost Factor 4: Family Health History
Even if you have no current health issues, a family history of illness, especially hereditary diseases, could factor into your life insurance premium and increase the cost of your coverage.

Cost Factor 5: Smoking
The health risks associated with smoking, including potentially fatal diseases like cancer, mean increased premiums. If you’ve quit smoking since purchasing life insurance (congrats, by the way!), call your provider to see if your nonsmoker status will lower your rate.

Cost Factor 6: Hobbies
Do you spend weekends skydiving? Have a passion for racing cars? High-risk hobbies could lead to higher premiums, but exactly which activities fall into this category varies by insurer. It may pay to shop around for quotes.

Cost Factor 7: Occupation
Loggers and pilots are among the many professions often considered riskier than others. When you apply for life insurance, insurers will ask about your work. Your premiums could be higher if you have an occupation that exposes you to toxic chemicals or requires you to perform dangerous duties.

Cost Factor 8: The Policy
The specifics of the life insurance policy you choose will also play a role in determining your premium. Policies issued for larger benefit amounts over longer terms generally cost more than policies with smaller benefit amounts over shorter periods. Whole or permanent life insurance policies tend to be more expensive than term life insurance policies.

Understanding the cost factors that go into life insurance premiums — and making changes such as losing weight, quitting smoking or adopting a healthy lifestyle to lower your blood pressure and cholesterol — can help you make smart decisions for picking the right policy at the right price.

Who doesn’t need it?

You may not need life insurance if:
you’re single
your partner earns enough for your family to live on
you’re on a low income and could be eligible for state benefits.
If you’re not sure get financial advice.

You might want to think about setting aside enough money to cover funeral expenses.
you’re single
your partner earns enough for your family to live on
you’re on a low income and could be eligible for state benefits.
If you’re not sure get financial advice.

You might want to think about setting aside enough money to cover funeral expenses.

You may not need life insurance if:
you’re single
your partner earns enough for your family to live on
you’re on a low income and could be eligible for state benefits.
If you’re not sure get financial advice.

How much does life insurance cost?

Life insurance can be very good value.

Often just a few pence a day is all you need to provide your loved ones with plenty of financial protection (depending on your age and health status).

But monthly payments (also known as premiums) do vary, so it’s a good idea to shop around.

Check exactly what is covered for the level of the monthly payment.

The price you pay for a life insurance policy depends on a number of things.

These include:

your age
your health
your lifestyle
whether you smoke
the length of the policy
the amount of money you want to cover.
For example, the younger you are and the less likely you’re to die from a medical condition, the cheaper your policy is likely to be.

What else should I consider?

Once you’ve decided on the policy you need, there are a few types to consider, depending on your circumstances:

Critical illness cover
Pays a tax-free sum of money to cover the costs of certain serious illnesses eg: to help with things like a mortgage payment if you’re unable to work. All critical illness policies cover cancer, heart attacks and strokes.

Joint life policies
Made for couples who share financial commitments. They can sometimes be cheaper than two separate policies, but it is worth knowing these policies end once one partner passes away. So if you wanted to continue the policy after it’s paid out, you would need to consider buying a new policy.

Over 50s plans
Often known as Guaranteed Whole of Life plans, these tend to cover a smaller payout for things such as funeral expenses or debt. But the amount of the premium will be guaranteed for the life of the policy.

Met Life Insurance

We care about your child's future

Not everyone needs life insurance (also known as life cover and death cover). But if your children, partner or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is yes – you probably do want life insurance, since it will help provide for your family in the event of your death.

A What Is Life Insurance policy can ensure your loved ones financial security, it is the ultimate gift you can give.

Don’t leave the future of your family to chance.

The best way to find a competitive rate is to compare policies, so you get the right cover at the right price.

References

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