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Life Insurance and Your Family
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Life Insurance and Your Family
Like the ostrich, are you sticking your head in the sand when it comes to insuring yourself? According to recent statistics from the insurance industry, sales of the most basic personal protection insurance products, i.e. life insurance and income protection, have been falling, despite reductions in premiums.
Maybe people think if they ignore the need for such insurance, it may go away. It's never going to happen to them - it can't. But it can and it does. Lack of income protection may be a disaster for you and your family. Lack of life insurance would mean devastation for them and there would be nothing whatsoever that you could do about it.
The insurance industry are quite right to be concerned about the reasons for the decline and are clearly making a great effort to communicate the value of both health and income protection and life cover. As one critical illness provider stated, they have received a lot of negative media coverage regarding rejections of claims and payment delays. However, they also make the comment that "Providers are now publishing their claim statistics, and this transparency is helping to improve consumer trust."
The industry feels that some of the problem may lie in their application forms. These are not particularly user-friendly and people can be discouraged from filling in long and complicated-looking forms. Some of the definitions in the policies are very difficult to comprehend and frankly uninspiring. Maybe what is needed is a new look at the marketing of these products with a view to producing more simple and easy to understand literature.
Critical illness cover is designed to pay out an agreed sum should you be diagnosed with any of a list of serious illnesses, such as heart disease, cancer, strokes, diseases of the nervous system etc.,
It's a worrying fact that one in three people will suffer from some type of cancer in their lifetime. Improvements in diagnosis and treatment are encouraging, but taking some types of leukaemia as one example, the treatment can last as long as 18 months or more and return to full time work could be delayed for some time after that. The medical conditions covered will be clearly shown on the policy and this should be studied carefully. The cover is designed to give you and your dependants a cash sum at a critically important time, leaving you to get on with your treatment and recovery. It is extremely important that you disclose all previous illnesses, no matter how trivial. As soon as a claim is made, the first thing the insurer will do is to go through your medical history with a fine tooth comb. Tell them everything and you'll not have a problem.
The effect of critical illness can be far-reaching. You may need to change your career, your car or even your home. It's not a time to be worrying about where your next pay cheque will be coming from. Do consider this really important form of insurance.
A shocking fact is that almost 50% of the population of the UK have absolutely no form of life cover. If you are single, have no debts and absolutely no dependants in need of support in the event of your death, then you probably have no need of life insurance. How many people are in this position?
It's possible that you have some form of insurance through your employment. Check this with your employer. There may be an element of income protection or life assurance but almost certainly this will need topping up.
There are several types of life cover. Term insurance means that your life is covered for an agreed term. Commonly this fits in with the life of your mortgage, or maybe a loan. A whole of life policy is payable on your death.
As far as your family is concerned, would they be able to continue with their current lifestyle if the worst was to happen? Provision should be made for them. At the very minimum you need to cover the period until the youngest child can reasonably be expected to become fully independent.
Don't delay. Take advice on the amount of cover you need. Critical illness and life insurance are imperative if your family is to have financial security. Unless by any chance you happen to be a millionaire!
You'll find all the advice and help that you need if you go online. It's no use going to an individual insurer, it's better to find an experienced broker who'll compare the various companies and come up with some options for you. There'll only be one session of form filling and then you can relax and know that you've taken the first important steps to protect your family.
Good health and long life.
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Endowment Policy - What you must know
These complicated financial products combine life insurance and investment growth in one package. They were most commonly used as a way of repaying a mortgage and were most popular with homebuyers in the eighties and nineties.
The reason so many people bought them was because home loan firms and middlemen such as estate agents earned large commissions for selling. The charges tend to be 'front-loaded' meaning most of it is paid up front and therefore, for several years you will receive little if anything back if you have to stop paying the premiums.
In theory, these policies can grow to more than you need to repay your mortgage, giving you a bonus to spend on anything you like. In practice, this has rarely happened in recent years and of the 8.5 million endowments in 2004, 6.8 million were not expected to clear the mortgage they were originally intended to pay off.
With an endowment mortgage, you do not repay any of the capital you borrow during the term of the loan. Alternatively, the endowment policy should grow to produce a lump sum which is large enough to repay the loan in full at the end of the pre-agreed period of, normally, 25 years.
The monthly payments consist of interest on your mortgage loan and the premium for the endowment. Within the package you also pay for life insurance which will repay the loan should you die. However, there is no guarantee your endowment will pay off your mortgage.
When the time comes to making a decision on stopping an endowment and surrendering it, it is important to check your policy and make sure there is some value in doing so.
Early redemption can result in making less than you would have if it carried on for its full term. However, if you need the money, this could be our only solution.
Continuing to pay money into a poorly performing investment could be throwing away hard earned cash.
As well as surrendering it back to the company from whom it was bought from, policyholders also have the option of selling to a third party.
This can also have the added benefit of getting more for your policy than you would if it were sold back to the original issuer.
Different companies will have different requirements when it comes to them buying your endowment.
Usually they would require it to be with-profits or a with-profits whole life policy and have been running for a minimum number of years (the number of depending on the company).
Some will also require a surrender value of at least £1,500. If your policy does not meet the criteria, they will not be able to handle your sale. This would mean the only other option available is what the policy issuer will offer.
The Association of Policy Market Makers (APMM) is the industry body for firms specialising in the buying and selling of endowments. An independent financial advisor could also be helpful in comparing offers and helping you get the most for your policy.
There will be a fee for the work, but it could save you time and energy and also help you achieve the best possible price.
Don't forget how important your endowment policy is. Like with an investment, you should not suddenly cancel the policy without doing the appropriate research and taking the adequate financial advice.
If you stop payments on a policy, you may lose any life assurance cover that was offered to you. This is an important consideration for your dependents if you are then taken ill or were to die without having set up an alternative method of paying off the policy.
On average around half of the total payout on an endowment if you don't sell will come on the very last day. This is the so-called terminal bonus and it is not guaranteed. Stop paying in before then and you are likely to lose this. Instead, you will get the benefit of only the annual bonuses added to your policy.
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