life insurance booklet

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Why you might need life insuranceThe decision to get life insurance is an important step in protecting your lovedones and securing their future, should you not be there to do so one day. There may be anumber of reasons why you might want to take out a life policy but whichever it is, choosing the right lifecover suitable to you is something we can help you with.

Life insurance could help sustain your dependants’ standard of living and take the burden of paying your mortgage off your family or your partner.Here are some hypothetical examples to help you:

Jean and David bought an over 50s policy (sometimes known as whole of life insurance) so that when they pass away, their family won't have the burden of thefuneral costs. They also wanted to leave a little something extra for their grandchildren

Alan took out a life policy to provide a lump sum for his wife if he dies, he wants her to be able to maintain her standard of living when he's not around

Mark and Jennifer have just had their first child. They wanted to make sure that if the worst happened, baby Sarah would have some financial security as she grows up

Stephen bought his first life policy to cover his mortgage. He's just bought his first home and wanted to make sure that his family would be able to pay the mortgage debt if he died

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A payout from a life insurance policy could help cover the following:

Paying off the mortgage after you pass away

Paying for funeral expenses

Leaving a nest egg for your loved ones when you're gone, helping them maintain their standard of living and pay for the cost of childcare & education

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A life insurance policy may also include terminal illness cover - this type of cover pays out if you are diagnosed with a terminal illness during the term of your policy. It's included as standard with many policies. To find out if it's included in your chosen policy, you should check the policy details.

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Why buy life insurance through Compare Warehouse ?When you apply for life insurance through us, your application will be processed by our IFA You’ll be assigned a dedicated and trusted case handler who'll liaise directly with your chosen insurer, keep you updated on the progress of your application and advise you on acceptance.

If you’re still doing your research, take a look at our guides and FAQ’s, which can helpyou understand how a life policy works – you can even check out our handy life insurance calculator for an idea of how much cover you need.

When you search for life cover with Compare Warehouse, we can help you:

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Jargon busterCritical illness coverProvides you with a lump sum if you are diagnosed with a defined critical illness such as some types of canceror a stroke, during the policy term.

Decreasing termWith these policies, the level of cover reduces over the length of the policy, similar to and often in linewith the way a repayment mortgagedecreases.

EstateThis is a collection of all your assets, so your house, car, savings & investments

TrustA legally acknowledged arrangement to pass on your assets when you die.

Guaranteed premiumThese premiums are fixed and guaranteed not to changeduring the policy term, unless you alter the cover.

Joint lifeThese policies can cover you and another person, paying out only once following a claim and then ending.

TermHow long the policy lasts for, i.e. 5-40 years.

Level term assuranceThe amount you are covered for is fixed when you start paying your premiums and it stays the same throughout the term. A guaranteed lump sum will be paid if you die during the policy term.

PremiumYour premium is the amount you agree to pay a life insurance provider on a regular basis, in returnfor cover.

Terminal illness coverPolicies that provide this type of cover may pay out upon diagnosis of a terminal illness.

Waiver of premiumIn the event that you are unable to work through ill health; payments will be made on your behalf until the end of your policy term, a specified age or until you are able to return to work. This is often offered as an additional extra.

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Just for you Life Insurance

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Q: Why do I need life insurance?

A: Life insurance is for your peace-of-mind, so youknow your family will be financially protectedwhen you're no longer around.

Q: What type of insurance can i get throughcomparewarehouse.co.uk ?

A: There are a few policies available to you:

Q: How much life insurance do I need?

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How long should I be covered for?A: The length of your policy will vary depending on you

Q: How much will it cost?

A: The cost of life insurance can be as little as £6 per month, but your premiums will depend onyour individual needs and circumstances.

Q: I have life insurance through my employer is that enough?

A: Even if you’re covered through your employer, it’s still worth checking that the pay-out will provideenough financial security for your family if they have to manage without your income.You should also bear in mind that if your employment ends, your life insurance cover will also stop.

Level term insurance gives you a fixed level of cover and pays out a lump sum if you die within the term of the policy.

A: The amount of cover you need is different for everyone, and you should tailor your policy to suit your circumstances

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personal circumstances - but you can use yourreason for taking out insurance as a guide.For instance, if you’re getting cover to protect yourfamily, you could think about making your policy last until your children become financially independent.

Mortgage life insurance (or decreasing term life insurance) is where your cover reduces over time, roughly in line with a standard repayment mortgage.

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FAQ

Q: What is critical illness cover?

A: Critical illness cover pays out to you or your familyif you die, become terminally ill, or are diagnosedwith a specific illness, whichever happens first.

Q: Do I get any money back if I don't die by the endof the policy term?

A: No. You don’t receive any money if you outlive the policy term. At the end of your term, you simply stop making payments and your cover ends.

Q: Can I change my life insurance cover if my circumstances change? A: This depends on your provider. Many offer a

guaranteed insurability option so you can increase your policy without more medical checks.

This usually tends to cover circumstances like:

✔Mortgage increase✔Salary increase✔Marriage or civil partnership✔Becoming a parent

Q: Is there anything that might stop the policy paying out?

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Your policy may come with some exclusions(circumstances in which it won’t pay out)which vary depending on your insurer.These can include alcohol or drug abuse,suicide, or deliberate exposure to danger.

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5 Star InsuranceOur Home Building and Contents policy has been awarded a maximum 5 Star Rating by independent expertsDefaqto so you have total reassurancethat you’re buying quality cover.


2015

Our policy has been awarded a maximum 5 Star Rating by independent experts Defaqto so you have total reassurance that you’re buying quality cover.

Why choose Compare Warehouse Home Insurance for your clients?

Our cover has been awarded a 5 Star Rating by independent experts Defaqto so you have the reassurance that you’re buying quality cover.

All of our insurers share a common policy wording and compete purely on price, signi�cantly simplifying your compliance.

Our 'Price Beater' puts you �rmly in control of both your clients premium and your own commission.

Be con�dent that our policy includes high cover limits and low policy excesses to ensure that your clients are well protected.

Uinsure Lite - a budget home insurance product designed to cover the essential risks only.

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