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Life Insurance Explained
What deaths won’t life insurance cover?
There are a few exceptions where life insurance won’t pay out on death. You’re not likely to be covered if you didn’t disclose an illness or don’t give truthful, accurate or complete answers when you are completing the application. If you are unsure of an answer it is better to say so than give a wrong answer. The insurance provider can always ask your doctor for more information if needed.
You may also not be covered if your death results from some other situations, including:
- Committing suicide within 12 months of taking out a policy
- Drug and alcohol abuse
- Some dangerous sports (some policies may cover this if you pay a higher premium)
- Committing, attempting, or provoking an assault or criminal offense
Each provider has their own set of rules that need to be followed, and terms and conditions will apply for a claim to be successful.
It’s also worth knowing that life insurance only covers you for death. You will need to consider other types of cover for long-term illness, like critical illness insurance and income protection which can cover if you can no longer work because of an accident or ill health.
For quotes on either Life Insurance, Critical Illness Insurance or Income Protection please call us today!
Over-50’s life insurance
These plans tend to offer smaller pay-outs, to cover things like funeral expenses. The amount you pay for your premium is guaranteed, so it won’t go up or down.
Which type of life insurance is right for me?
This depends on your personal circumstances. There are many options, including whole of life, over-50’s cover, joint life policies, level term and decreasing term. It’s important to find the right cover for you.
You may also want to consider adding critical illness to your life insurance. This could pay out if you’re diagnosed with a critical illness that’s defined on the policy, instead of when you die.
If you’re not sure what type of life insurance is right for you, it could be worth having a chat with a member of staff at Cheaper Insurance Direct to see if we can help you.
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