You will die one day – the only unknown is when?



Life assurance or life insurance? The cost is the same whatever you call it and
you already know that it pays a tax free lump sum if you die during the term of the policy.
But there is more, much more…

Life assurance
Terminal Illness benefit
Serious Illness Cover
Critical Illness Cover
Waiver of Premium
Smoker rates     Do you know the definition of a smoker?
Single Life or Joint Life
Joint Life first death or second death
Decreasing Term Assurance
Mortgage Protection
Level Term Assurance
Increasing Term Assurance
Renewable Term Assurance
Family Income Benefit
Keyperson cover
Partnership Protection cover
Directors Share Protection cover
Relevant Life Assurance policies (with tax relief)
Whole of Life cover
Single Premium Whole of Life cover (an investment vehicle that is technically a life assurance policy)
Guaranteed Premiums
Reviewable Premiums
Types of Indexation
Discretionary Trusts
Absolute Trusts
Bare Trusts
Survivor Trusts
Split Trust
Pilot Trusts
Free Cover
Suicide clauses and other exclusions

Every proposal form (application form to you and me) contains this statement:

' Any omission or mis-statement of material facts could affect the payment of benefits. Material facts are those which an insurer would regard as likely to influence the assessment and acceptance of an application. If you have any doubt about whether a fact would be important to us in accepting your application before your cover starts, please include it'.

So, if you don't want a claim turned down by the insurer you have to tell them everything about your medical history. If it is not important they will disregard it but the onus is on you to answer their questions fully and honestly.

Now you have seen the list, do you still want to arrange your own life cover over the internet? Doesn't really make sense does it – especially when you realise that once again you probably won't receive any advice or support in the years to come.

Intermediaries receive a commission for arranging insurance and if the contract lapses they have to give it back (some of it anyway). That is the incentive to get the advice right and to offer you ongoing advice and assistance for as long as you want it. Not everybody does that for you.

You could spend an awful lot of money on various insurances to protect yourself and your family and still get it wrong.

Don't take chances – take advice…common sense?

Warning: The European Court of Justice has decided that new life policies for women will have to be more expensive! Buy now before it's too late.

Lloyds of London

The Gherkin London

Nikkei Index