Some things life insurance companies don’t tell you

Life insurance is not as straight forward as it might seem. Here are a few things some insurers don’t always tell you.

  1. They watch more than your waistline.
    We might ask a lot of questions, but that’s because we don’t want the claim not to be paid.
  2. Some hobbies and jobs can be dangerous and what about that small medical issue you had 10 years ago?
    If we don’t know about it and they find out later, they may not pay. But if they know, then it’s fine. So please answer all our questions truthfully.
  3. Don’t leave it too late.
    Taking out insurance when you are young and fit and healthy is loads cheaper than when you are older. And its possible with some policies to lock the premium at the same level so it never rises. This can save you many thousands in the long term.
  4. Don’t just insure the total of your debt.
    The most common way to work out what cover to have is to total your debts and that is your cover. This way if you were to die, your spouse can clear debt since you are not there to provide for the family anymore.But that’s only part of it. What about provision for them to be able to live for a while, to fund the kid’s future education and the funeral expenses.
  5. You may be paying too much or into the wrong types.
    If you took out life cover a few years ago, you circumstances have probably changes considerably since then. You may now be paying into cover you no longer need or lack cover for new risks that you face.

For this reason it pays to do a total review regularly to make sure you are only paying for what you need and to the value of what you need.     The policies are getting more complicated, the types of cover are more complex than before and your lifestyle has probably changed.

Call us for a review.