Life Cover

Fewer people know that life cover also pays on terminal illness, it’s true. About half of all claims are for terminal illness. I can hear you asking, what does terminal illness mean? Simply, terminal illness means that your specialist has given you the bad news that you have less than 12 months to live. Before other advisers decide to comment on this post, yes I know there are companies that have better conditions than that but we are talking generally here.

The claim doesn’t need to be paid in a lump sum either, if you don’t trust your loved ones not to spend the money on wild parties, extravagant holidays, fast cars and slow cruises you can opt to have it paid as a monthly amount by the insurer. Financial control from beyond the grave if that appeals to you.

Worry about the increasing premiums is a common complaint and if control over insurance budget is something that appeals to you then you should certainly consider speaking to me about a level product.

A few answers to questions I get regularly:

No, you can’t have things like heart attack excluded, it’s all or nothing. If you are a health risk then the insurer will ‘load’ your policy, which is a nice way of saying make it more expensive. When the loading gets too high or is incalculable then you will be left with accident insurance only or going to an online ‘guaranteed acceptance’ with ‘no underwriting’. It’s up to you whether you think that’s a good idea or not. An adviser will not sell this product

No, you can’t take life cover out on your young children as there are some sick minds out there so life policies should have the legal maximums for children included as a benefit but it isn’t much. You can get your kids other covers though, just ask.

Yes, you can claim on suicide but not for the first 13 months. This also goes for increases in cover. This means if you are covered for $1million and have been for 2 years and then increase it to $2million and commit suicide 6 weeks later the policy will only pay on the original $1million.

Any more questions then fire them through below.

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