Every circumstance needs to be considered when you receive advice on insurance. It is not enough to find the latest site offering the ‘cheapest life cover’ quotes, as your own circumstances would not be considered – you will only be given what you ask for.
Every circumstance needs to be considered when you receive advice on insurance.
It is not enough to find the latest site offering the ‘cheapest life cover’ quotes, as your own circumstances would not be considered – you will only be given what you ask for. In the long term, the cheapest insurance plans will prove to be otherwise, as they will not make clear that their premiums are reviewable and can rise later.
At Visionary Finance, when giving you advice on insurance, we’ll consider the following questions:
- Who needs to be protected financially if you die?
- How much cover do you need? What debts do you have? What is your income? What other life cover do you already have? How long does it last? How long do you need the new benefits to last for and why?
- Who will actually receive the plan benefits if you die? Should they own the plan that you are insured under (they will need to have an ‘insurable interest’ in your life)? If the benefits are to go to young children should they be placed in a flexible Trust arrangement until they are old enough to manage the money themselves? If so, who do you appoint as Trustees?
- What if you do not die but you are too ill to work? Life cover will not pay out unless you are dead or, in some cases with a ‘terminal illness benefit’, you are about to die. Income protection may therefore be needed
- Do you need flexible cover that can adapt as your life changes? Some plans offer the addition and removal of covers plus flexibility to change sums insured
- Does cover need to be inflation proofed by index linking?
- Have you already been ill? Some illnesses will cause cover to be declined, or the premium increased (‘loaded’) to cover the additional risk of a claim
- What is your lifestyle? Do you have potentially dangerous hobbies? Do you do a lot of overseas travelling as part of your job? Do you drive a lot? Are you the perfect weight but just not tall enough – or put another way, a rather large body mass index?
- What is your budget? It is no use being advised to take a range of cover if you simply cannot afford it.
As part of our service at Visionary Finance, we take the time to understand our client’s unique needs and circumstances, so that we can provide them with the most suitable protection solutions in the most cost-effective way.