Level term life insurance

This type of life insurance policy is used to insure yourself for a fixed number of years, usually until your children are educated and old enough to look after themselves. The monthly or annual premium is agreed before the insurance policy starts and once you are insured does not increase. Level term life cover can take longer to arrange than annually renewable insurance because of the medical reporting requirements. Level term insurance policies only payout on death before the end of the policy or up to one year before death if the policy holder is diagnosed with an incurable illness and a short term to live. These policies are available on a single or joint life basis.

Whole of life insurance

This type of insurance policy is available on a single or joint life basis and is often arranged on a (joint life - second death basis) to leave beneficiaries enough money to pay inheritance tax. Whole of life insurance policies are investment based. The insured must select investment funds for their policy. If the value of the investment funds in the policy is not sufficient to provide the required payout the insurance premium you pay may be increased. The insurance terms are reviewed after five years and annually there after to ensure your cover meets your requirements.

Your insurance application will involve the following

When you ask us to arrange life insurance for you we will send you the application forms to complete and guide you through the application process. To comply with regulations the insurance company will need in addition to the application form proof of your identity and residential address. Therefore you must send the following documents to us with the completed application forms.

A photocopy of your passport, driving licence or official ID

An original or a photocopy of a utility bill or bank or Visa statement showing your name and residential address.

The photocopies must be readable and officially certified as a true copy of the original by a local notary, solicitor or consulate or embassy official.

Medical requirements

Annually renewable life insurance

If you are under the age of 46 and healthy the insurer may not require a medical and insure you immediately otherwise they may request you have a minor medical examination and blood test for HIV and Hepatitis B.

Level term life insurance

When the insurance company has read your application they will send your doctor a general questioner to complete in English and return to them. The insurer may also request you have a minor medical examination and blood test for HIV and Hepatitis B.

If you've had any recent medical concerns, tests or surgery the insurer may request a copy of the doctors report. If you do not have one the insurer may want to contact the doctor involved for further information.

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