Life Insurance FAQs
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I have Life Insurance as part of my employee benefits package so why would I pay for more?
Employer-provided life insurance is a valuable benefit, but it’s essential to evaluate your individual needs, assess the limitations of the group policy, and consider purchasing additional coverage through an individual life insurance policy to ensure comprehensive financial protection for yourself and your loved ones.
If you leave your job for any reason, such as changing employers or retiring, you may lose access to your employee life insurance benefits. If these benefits are not offered by your new employer, you will find that purchasing your own policy will be more expensive now because you are older.
In the worst-case scenario if your employment is terminated through ill health, you would be unlikely to find any insurer willing to cover your pre-existing medical issues.
Purchasing your own life insurance policy ensures that you have continuous coverage regardless of changes in employment status
Why should I use a Life Insurance broker like Clark and Poole rather than arranging my Life Insurance directly with a bank or Life Insurance provider?
Why should I use Clark and Poole to arrange my Life Insurance?
Obviously, we’re going to say you should use us to arrange your life insurance, but we do have good reasons – we have been helping people arrange their policies for years, we act solely in your interest and give totally impartial advice, and we can work with you to get the right product to suit your unique personal circumstances. Our advisers explain things in plain and simple language to help you understand your options and to make an informed decision. We also complete the application process on your behalf.
We have an experienced and friendly team who are always available by phone or email to answer any questions. If you would like to find out more about our team, please take a look here
Why would I use a Life Insurance broker like Clark and Poole rather than a comparison site to find the best Life Insurance deal?
An ‘off-the-shelf’ policy will not be tailored to your unique circumstances and sadly we find that the cheaper policies contain hidden exclusions which can mean that the policy won’t be valid upon a claim.
We work directly with you to understand your financial goals and needs and can tailor our recommendations to your specific situation. We work with a variety of providers, which gives you access to a wider range of policies than you might find on your own.
What is the difference between Life Insurance and Critical Illness Cover?
Life insurance covers the risk of death and pays out upon the death of the policyholder, whereas critical illness cover covers specific serious illnesses or medical conditions, as defined in the policy, and pays out upon diagnosis of a covered critical illness during the policy term.
What is Life Insurance?
What is Critical Illness Cover?
What is Children’s Critical Illness Cover?
What is Income Protection?
If you are employed, the deferment period can usually tie in with your employee benefits so that it kicks in when they stop. It’s important to review your income protection if you change jobs.
What is Terminal Illness Cover?
What is Redundancy/Unemployment Cover?
Due to the cost and restrictive nature of the plans, they are generally only suitable for people in niche occupations who would find it difficult to find a new job quickly if they were to be made redundant. For most people, we would instead recommend that you try to have sufficient savings for emergencies that could cover your living costs for a period of time in case you were to lose your job.
Are there specific policies for Business Owners?
Do I have to have Life Insurance?
If you have dependents who rely on your income to maintain their standard of living, such as a spouse, children, or aging parents, life insurance can provide financial support to them in the event of your death. It can help replace lost income, cover daily expenses, pay off debts, and fund future financial needs like education or mortgage payments.
If you have outstanding debts such as a mortgage, car loan, student loans, or credit card debt, life insurance can ensure that your debts are covered and do not become a burden on your loved ones if you pass away unexpectedly.
Do I have to arrange Life Insurance when I take out a mortgage?
If you purchased the house jointly with another person (e.g., spouse, partner) who is also listed on the mortgage that person becomes responsible for the mortgage payments. Life insurance can help ensure that your family can continue making mortgage payments and stay in their home.
If you pass away with outstanding mortgage debt and do not have a surviving co-borrower, the mortgage lender will typically look to your estate to settle the debt and if there are not enough assets in your estate to cover the mortgage debt, the lender may initiate foreclosure proceedings to recover the outstanding balance.
Should I review my Life Insurance if I remortgage?
Can I have Life Insurance if I don’t have a mortgage?
If you have dependents who rely on your income to maintain their standard of living, such as a spouse, children, or aging parents, life insurance can provide financial support to them in the event of your death. It can help replace lost income, cover daily expenses, pay off debts, and fund future financial needs like education.
It’s essential to assess your individual financial situation, consider your long-term financial goals, and evaluate your need for life insurance based on your unique circumstances. Consulting with a life insurance broker like Clark and Poole can also help you determine the appropriate type and amount of life insurance coverage that aligns with your financial objectives.
When should I take out Life Insurance?
This depends on your individual circumstances, financial responsibilities, and goals. There are common life events or situations when it’s often advisable to consider purchasing life insurance such as:
- Purchasing a home, which often involves taking on a significant mortgage debt. Life insurance can help ensure that your family can continue making mortgage payments and stay in their home if you pass away unexpectedly.
- When you marry or enter into a domestic partnership, as your financial responsibilities may increase, especially if you and your partner share joint financial obligations like a mortgage, car loans, or other debts. Life insurance can help provide financial protection for your spouse or partner in the event of your death.
- If you’re planning to have children or have already started a family, life insurance becomes particularly important. The death benefit from a life insurance policy can help ensure that your children and partner have financial support to cover such things as living expenses, childcare costs, and education expenses.
What is the best age to take out Life Insurance?
Are there different types of Life Insurance?
I’ve had medical problems in the past – will this prevent me getting Life Insurance?
How easy is it to apply for Life Insurance?
Do I need to meet with you in person?
Are you ‘Whole of Market’ and independent advisors?
How are you paid? Why don’t you charge a fee?
Are you regulated by the Financial Conduct Authority?
Happy Customers
We have been helping people arrange their life insurance for years; we are very lucky to receive many lovely cards and reviews, and we are thrilled that many of our customers recommend us to their friends and family.
Read our reviews
Get in touch
If you have any questions or would like to have a chat then please get in touch with us. There is no obligation to act on our advice and we will be delighted to help, even if you won’t need our services for another year or two.
Please give us a call on 0118 4028971