UK Life Insurance Advice

UK Life insurance is needed by anyone who is relied upon for financial support. This is a financial product which aims to solve the most possible personal and business financial situations.

Because you would have spent your life relying on your income, you would be advised to buy protection that is the equivalent of between 5 and 8 times your annual income. What you actually need will vary depending on your financial assets and your liabilities.

In the short term, your loved ones may need to adjust to a new lifestyle, covered by the benefit, as well as to pay for the costs mentioned above. In the long term it could pay for the care and maintenance of an elderly parent or a disabled child. It could also cover university expenses and generally keep your loved ones living to the standards they had become accustomed to before your death.

In the business, life insurance gives you the means to ensure that a key person could be replaced by covering the costs of recruiting and training a replacement. It could also provide collateral for business loans and fund buy/sales agreements, to keep the company’s equity in the right hands.

This site offers you consumer advice on all aspects of life insurance. Firstly we talk about the laws and regulations surrounding life insurance, looking at the Financial Services and Markets Act and the role of the Financial Services Authority. We also explain which types of policy are regulated and which aren’t.

We then run through the types of policy in detail, looking at term cover first, followed by describing whole of life policies before explaining the differences between the two. Then we describe critical illness policies and key person policies as well as mortgage protection policies.

We then look closely at what your dependents have to do should they need to claim. This is followed by looking at cover for expatriates living and working abroad, as well as the differences that have been reduced between England and Scotland and the EU in terms of cover.

After a look at financial advisors and why a joint policy between spouses can be helpful, we look at what you have to do should you want to make a complaint against a company, a financial advisor and any misleading advertising.

Finally, we look at how your premiums are affected by your health and your age before describing how premium loading works, where companies add expenses and margins for profits and contingencies onto the basic premium.

 

 

 

 

 

 

 

 

 

 

 

© AskFinancially.com 2008

Life Insurance

Ask About

> Life Insurance Advice
> What are the laws and regulations regarding life insurance in the United Kingdom?
> Who are the Financial Services Authority (FSA)
> Which life insurance products are not regulated?
> What are the types of life insurance policies available?
 > What is term insurance?
> What is Whole of Life insurance?
> What is the difference between term insurance and whole life assurance?
>What is critical illness insurance cover?
> What is Key Man or Key Person cover?
> What is Mortgage Protection Insurance?
> What do I do if I need to make a claim?
> Can I take out a UK life insurance policy if I am working abroad as an ex-patriate?
> Are the life insurance laws different in Scotland?
> Are the life insurance laws different in the EU?
 > What do I need to know about a Financial Advisor and whether they are qualified to give me professional advice?
> How do I find the cheapest life insurance for my requirements?
> Do some Insurance companies specialise in smokers?
> What are the advantages of taking out a joint life policy with ones spouse?
> How do I complain about a life insurance company?
> How do I complain about a Financial Advisor?
> How do I complain about Misleading advertising?
> How are my insurance premiums affected if I have medical problems?
> How does age effect my term assurance premiums?
> What does it mean when they say they are "loading" a policy?