Life insurance
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Life Insurance Key Facts
Life insurance is a form of cover designed to protect your family in the event of your death.
There are various types of insurance such as term insurance, critical illness cover and family income benefit. Who needs it, what sort of policy you need and how much you need is all explained below.
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*Price based on a non-smoking 32 year old male insured over 10 years for £85,000 of cover on a level term policy, postcode CF10 1PZ. Prices correct on 14.01.11.
Medics Life Insurance
We have all heard of life insurance and you may well have a policy linked to a mortgage or pension scheme but is there more to it?
Life Insurance, also known as life assurance, will pay out a sum of money if the policy holder dies. Read our guide to life insurance to find out how to select the best policy for your needs.
What will happen to your loved ones after you die? Will they be able to support themselves? Can your spouse manage the mortgage payments and ensure your children are able to attend university?
Arranging life insrance cover is the best way to ensure your family is taken care of in the event of your death, giving both you and them peace of mind.
Why do doctors need life insurance?
Coming to terms with the loss of a loved one is never an easy thing to do and adding financial burden to the grief can make coping increasingly difficult. It can help to support your family after you die.
Among the many reasons to take out life insurance, these are examples of the most common:
- Mortgage repayment – do you wish to arrange for your mortgage to be paid off in the event of your death?
- Replacing the primary earner’s salary – ensuring the family does not fall on hard times after your death.
- Replacing childcare – the death of the primary childcare provider could lead to the need for childcare expenses.
- Education expenses – cover for the provision of school/university fees after the death of the primary earner.
Whether it’s about not leaving your debts behind or ensuring your family can maintain the standard of living to which they were accustomed, it’s clear there are plenty of reasons to look for the best life insurance policy for your personal circumstances. Getting the best quote is an important part of finding the right policy. If you have any questions about how life insurance policies work you may want to refer to our frequently asked questions about life insurance.
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Summary of Insurance Products
Life Insurance
Life insurance pays out a set amount of money upon the death of the insured. You can set a specific term for the cover to fit in with your requirements. For example, you may want an amount of life cover in place until your children have flown the nest.
Whole of Life Insurance
Whole life insurance or whole of life assurance is a life insurance policy that remains for the insurer’s whole life and in most cases requires premiums to be paid for the life of the policy. This type of cover is suitable for many situations from covering funeral expenses to ensuring any debts are repaid when you die.
Level Term Insurance
Level Term assurance also known as Level term life insurance is where the sum assured (the amount paid out on death) is guaranteed to be the same over a given period of years, the term. It is a specific life assurance policy that only pays out if the insured dies within the relevant term. This type of cover is typically used to protect an interest only mortgage or to provide peace of mind and a lump sum of cash for your loved ones.
Private Medical Insurance (Health Insurance)
Private medical insurance works in the same way as any other insurance – it’s based on managing the risk of unforeseen events. You pay your premium, either in instalments or in one lump sum, so that if you fall ill you’ll be able to receive any eligible medical treatment privately – avoiding any potential NHS waiting lists. Think of it as peace of mind.
Mortgage Protection Insurance
Mortgage protection insurance also known as decreasing term insurance pays out an amount of money in order to clear a repayment mortgage upon the death of the life insured. The level of cover is set at the outset as equal to the mortgage loan and then reduces each year in line with the reducing balance on the repayment mortgage. As the insurance cover decreases throughout the term, this type of insurance is cheaper than level term insurance.
Critical Illness Insurance
Critical illness insurance or critical illness cover is a very important type of insurance product. It is where an insurer is contracted to typically make a cash payment if the policy holder is diagnosed with one of the critical illness listed in the policy.
Critical illness insurance can be taken as a stand alone policy or added to a term life insurance policy, whole of life insurance policy or mortgage protection polocy to enhance the benefits.
Income Protection Insurance
Income protection, sometimes known as Permanent Health Insurance (PHI), pays a percentage of your salary if you are unable to work through sickness or accident. The regular tax free income provided by an income protection policy continues paying until your normal retirement date (or return to work, if sooner). As long as the premiums are maintained cover is guaranteed for the duration of the plan meaning you can claim as many times as required.
How to find the best insurance for You
To find the right Insurance for you ensure that you check as many insurance companies policies and shop around for the best price.
Each Life Insurance Company has different monthly premiums which will vary depending on your circumstances. You should always compare other insurers rather than just accept the initial insurance quote you receive, especially if it is in conjunction with a loan or mortgage and the quotation is being provided by the lender.
Our insurance price comparison will ensure you get the best plan at the most competitive price as we discount the premium by reducing the amount of commission normally payable by the insurance company. The easiest way to compare cheap insurance quotes is to use our online comparison system.
Not quite what you are looking for? Try these links
Mortgage protection quote
Income protection quote
Critical illness Quote
Locum insurance quote
Surgery insurance quote
Home insurance quote
Health insurance quote
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