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Life Insurance

Life Insurance generally provides a tax-free lump sum in the event of death or diagnosis of a terminal illness during the policy term. The cost of life insurance is determined by certain factors such as your age, health, occupation and lifestyle.  You can select an amount you want to be insured for and the length of time you want to be insured. However, policies are generally not available beyond the age of 90 and should cover be required beyond this age a Whole of Life Insurance policy should be considered.

What does it cover?

Life Insurance is commonly put in place to pay out if you die or are diagnosed with a terminal illness and is used to pay off financial liabilities that you have and that your family may inherit such as mortgages, loans, credit cards and debts. It can provide lump sums to assist with the costs of bringing up children or paying for your funeral. However its not always the most appropriate or cost-effective solution for these purposes.

How do you apply?

Application for cover involves a health questionnaire which in the majority of cases is sufficient. However if you have current or historical health issues then further evidence may be required from your GP.

Cover is often instantaneous with no qualification period. Therefore potentially a policy could be taken out and a claim made the very next day. So even though no payment for the policy has been made you could still be eligible for a pay-out in full.

Common Misconceptions

A common misconception about life insurance is that it is in place for “life”. More often than not this is not the case. If you outlive the expiry date of your policy then the cover ceases. This not only leaves you uninsured but as you are likely to be considerably older than when it was first set up it can significantly increase the cost of setting up new cover. In addition to this any changes in your health must be disclosed which could result in further additional cost or worse still having the application declined.

Considering your own death and the subsequent impact it would have on family is not pleasant and for this reason many people shy away from the subject.

 

Make sure you always have appropriate protection in place so your loved ones are not at risk.

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Periscope Wealth Ltd is an appointed representative of Sterling Wealth Ltd which is authorised and regulated by Financial Conduct Authority FCA Number 653104.  Registered in England, Registered No. 09020864, Registered Address Greystone House, Moss Lane, Altrincham, WA15 8HW

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