Radio Crosby Finance
More Information on Life Assurance
If having read this more information section on Term Insurance you would like to proceed on a 'Limited or Full Advice' basis please indicate below.
Term Insurance which guarantees to pay out the policy benefits if the life assured dies within the selected term. If the life assured survives beyond that term, no benefit will be paid.
The term of the policy is chosen at outset. On the death of the life assured within the term, the benefits will be paid to the party(s) nominated, or if no beneficiary has been nominated, it would form part of the deceased estate.
Term Insurance can be written on the life of one person, or on the lives of two or more persons.
For any form of life insurance, insurable interest must exist at the time the policy is affected, although it need not exist at the time of the claim. Insurable interest is the legal right to insure.
Premiums can vary enormously and have recently, due to a number of factors, fallen considerably.
The table below is to illustrates the difference in cost and should not be taken as personal advice.
Mortgage Protection or Decreasing Term Insurance:
The policy is designed to cover the outstanding balance of a capital & repayment loan obtained for the purchase or improvement of a property intended for residential or commercial purposes.
The term of the policy should be equal to the term of the loan and the premiums are normally fixed at the outset. However if 'reviewable' premium is chosen these may increase in later years.
The policy has a guaranteed minimum sum assured payable on death whether, or not, there is a mortgage in force at that time.
This sum assured decreases in the same way that the capital in a capital & repayment mortgage would decrease. However, the sum assured should always be sufficient to repay the balance of the loan providing there are not any arrears of payment.
Policies may be taken out on a single life, joint life first death, or life of another basis.
With the exception of a husband and wife, there must be a financial interest when applying for insurance on a 'life of another policy', proof of this 'insurable interest' will required before an insurer will provide cover.
For 'joint' domestic, or business ventures, such as purchasing a property, or obtaining a loan together etc, insurable interest is simple enough to prove.
It is also perfectly acceptable for the 'life assured' to be the applicant and nominate, as the beneficiary of their policy, someone who would not necessarily lose financially in the event of life assured dying.
However, in all other cases the applicant must prove that they would lose financially if the life assured were to die.
Level Cover Mortgage Protection Cover
Legal & General L13.60pm L10.90pm
CGU Life L14.30pm L10.10pm
Standard Life L15.07pm L11.97pm
Zurich Life L15.10pm L10.80pm
Scottish Widows L15.50pm L10.70pm
* Figs based on male aged 35, non-smoker, L100,000 over 25 years (guaranteed premium)
** Most term insurance policies are not regulated by The Financial Services Authority.
These costs were correct at the time of going to press and are subject to change. Terms are available for all ages and levels of cover. A complete financial review is recommended.
Under both types of contracts the applicant(s) may apply for 'waiver of premium' benefit.
This ensures that the premiums are paid on their behalf, by the insurer, if they were unable to follow their 'normal' occupation due to long term illness or disability.
This benefit usually applies after they have been unable to work for 26 weeks and typically costs an additional 3-5% of the original premium.
Product Provider Selection:
Premiums and cover can vary from insurer to insurer, so it is imperative to make sure that you have a policy that meets your requirements.
However, in the absence of any 'special' requirements, the provider recommended will be selected purely on the basis of cost.
In order to minimise the charges in your plan; Radio Crosby will arrange with the provider that we place your plan with, to take our fees for arranging this product for you as a regular monthly payment rather than as 'indemnity' fees, i.e. a single one off payment.
We will also supply you with a personal illustration, brochure and key features document outlining the main features charges/costs and fees paid to us for arranging this policy.
* Most term insurances policies are not regulated by The Financial Services Authority.
** Term insurance policies are not investments, if payments are not maintained the policy lapses without value and all benefits are lost.
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