I want life insurance what options should I consider adding ?
When taking out a life insurance plan there are a number of different
options you could decide to add should you think they would be
appropriate to your circumstances. These need to be added at the
start of the life insurance policy from the outset.
Waiver of Payment Benefit
Waiver of payment benefit can be added to most life insurance
polices, this benefit if added means that you do not have to pay your
life insurance premiums if you cannot work for six months or more as
a result of illness or injury. Most of the insurers will expect the
premiums to be paid on the life insurance policy for normally at first,
however after normally about 26 weeks of incapacity the premiums
will be waived.
The incapacity or waiver on a life insurance policy is normally assesed
by something called Functional Assessment Tests and these are to be
done without the help of another person.
Walking - the ability to walk 200 metres on the flat ground with or
without the aid of a walking stick without stopping or experiencing
discomfort.
Bending - the ability to get into and out of a standard saloon car and
the ability to bend or kneel to pick an object up off the floor and
straighten up again.
Communicating - the ability to answer the telephone and to take a
message.
Reading - having the required eyesight(corrected if necessary) to be
able to read a daily newspaper
Writing - having the physical ability to write legibly using a pen or
pencil without aid.
Climbing - having the ability to climb a flight of 12 stairs without
stopping or suffering severe discomfort.
These are only guides and should not be relied upon totally your life
insurance broker, will be able to advise in individual circumstances
Conversion of Life Insurance Policies
Some life insurance brokers/assurance companies will offer the
flexiblity to convert your life insurance policy to a Whole of Life Plan
without providing further medical evidence. When taking this option
there are some restrictions that need to be explored fully when adding
it. Your life insurance financial advisor/ broker needs to advise you on
this option carefully.
Indexation of Life Insurance Policies
This option is added to keep your life insurance policy up with
inflation. Both the premiums and the amount of life insurance
increase with the RPI (Retail Price Index) this can be up to 10% in any
one year. Normally if the indexation option is added to the life
insurance policy the opportunity to increase the cover will be given
regularly but if it is declined it wont be offered again.
If you are ever in any doubt about what options to add to your life
insurance policy then you should consult your life insurance broker
and request the technical guides and key facts for the products being
cosidered. Life insurance is not complicated but it is important to
pick the right policy with the right options from the outset.
For more information about Life Insurance Cover feel free to visit
href="http://www.unbeatablelifeandcriticalinsurance.co.uk">http://w
ww.unbeatablelifeandcriticalinsurance.co.uk.
