Family Life insurance

The cost of life insurance premiums is determined by assessing the risk to the insurer. This personalised evaluation, known as the underwriting process, takes into account various aspects of your personal circumstances.

When applying for life insurance, you will need to provide the following details:

– Age
– Health condition
– Smoking status
– Lifestyle factors (including hobbies and alcohol consumption)
– BMI
– Type of policy
– Coverage amount
– Policy duration

Your level of risk will be analysed during the underwriting process, and your premiums will be calculated based on this assessment.

You can hold multiple Family Life Insurance policies to safeguard your loved ones effectively.

Different types of policies cater to various aspects of your life, allowing you to secure multiple policies concurrently. For instance, you can opt for a decreasing term policy to cover a repayment mortgage, in addition to a level term life insurance policy for family living expenses.

Our team of experts is ready to equip you with comprehensive information to help you make well-informed decisions on the best ways to protect your family.

You can indeed place your family life insurance in a trust. By setting up a trust for your life insurance policy, you can transfer ownership to a trustee, who acts similar to an executor of a will, managing the payout when you pass away.

There are several advantages to doing this for your loved ones, including:

• Ensuring a quicker pay-out by bypassing the probate process.
• Exerting more control over how and when the proceeds are distributed.

Setting up a trust for your family life insurance can be a smart and proactive financial decision.

Other types of life insurance include:

Joint life insurance covers two people under one policy. It pays out once if either partner passes away during the policy term, and it can be cheaper than having two single policies.

Over-50s life insurance covers you for the rest of your life and guarantees you will be paid out. It is available to applicants aged 50 – 85. No medical information is required during the application process.

Family income benefit (FIB). It offers a monthly cover amount (up to £5,000 a month) for your loved ones and can help to replace your income if you pass away during a specified term.

Income protection helps to replace your income if you’re unable to work due to illness or injury. It can cover up to 70% of your normal earnings. Short-term and long-term options are available.

Yes, joint level term life insurance can indeed be acquired as a combined policy. This type of policy covers two individuals under one plan, streamlining the process with a single application form and premium payment for both parties. However, in the event of one person’s passing during the policy term, there will be a fixed lump sum payment issued (typically upon the first death).

Following this pay-out, the policy will terminate, necessitating the surviving policyholder to seek new coverage. While opting for two separate level term life insurance policies may be costlier, it offers the advantage of dual payouts, thereby providing a more comprehensive solution.

Indeed, level-term life insurance can be placed in a trust. Establishing a trust for your life insurance can effectively separate the policy’s value from your estate.
Upon your passing, a designated trustee will manage the funds from your life insurance policy, ensuring they are distributed according to your wishes.

There are several key advantages to placing your level-term life insurance policy in trust:

• Mitigate or eliminate a 40% inheritance tax, guaranteeing loved ones receive the full payout.
• Expedite the pay-ut process by sidestepping lengthy probate procedures, providing loved ones with a quicker settlement.
• Exercise greater control over the payout, determining who receives what and when.

Critical illness cover is an optional addition to a Joint-term Life Insurance policy, incurring an extra cost. In the event of a serious, non-life-threatening illness diagnosis, you are eligible to file a claim and receive an advance payout.

This sum can be utilised for medical expenses, home modifications, or caregiver costs. Like a joint life insurance arrangement, if either party claims, the payout will be issued, and the coverage will cease.

No. Although life insurance is not a legal requirement for purchasing a property with a mortgage, it is generally recommended.

Without life insurance, your passing could mean that your family would be left to repay the mortgage.

Failure to meet this cost could result in the home being sold and your family having to relocate at a difficult time.

Occasionally, some lenders will request that you have life cover before agreeing to release funds.

Life insurance arranged through Reassured starts from just 20p a day.

However, the exact cost of life insurance is dependent on each applicant.

Premiums are dependent on the individual applicant and will be influenced by:

• Age, health & lifestyle
• Smoking status & alcohol consumption
• Occupation & dangerous hobbies
• Type of policy, cover amount & policy length

The underwriting process will determine the level of risk you pose to the insurer, and your premiums will be priced accordingly.