Life Insurance

You can link your life insurance policy to the cost of living, so it holds the same buying power over time.

For example, £100,000 represents significant buying power today … but due to inflation and rising living costs, it won’t have the same buying power in 10, 15 or 20 years. Indexation ensures your pay-out keeps the same value, or buying power, over time, but your monthly premiums will increase too.

A single policy is simple. It’s where you are the only policyholder and, when you die, the money goes to your beneficiaries.

Joint life insurance is different. It’s kind of like a two-in-one life insurance policy, so it’s usually more affordable than two singles.

A joint policy will only pay out once, however, so if Partner A dies the lump sum is paid and that’s the end of the policy. Partner B will have to take out another policy if they’re to protect themselves again.

In days past, having a medical condition could be a blocker to getting life cover. That’s much less the case now.

Whether your medical condition will increase your premium depends on what type of condition it is, how serious it is, and your general health otherwise.

At one end of the scale, if you’ve asthma but you control it well and haven’t had an attack in a specified period of time, it probably won’t raise your premiums much, if at all. At the other end, a serious heart condition could push your premiums up or could make landing cover more challenging.

But the important thing is to try. There are dozens of mechanisms in place to get cover for people who do have health issues. The life insurance industry is much friendlier now to conditions such as HIV, diabetes, heart and lung issues. Some specialist insurers’ base their whole business on covering people with health challenges.

So there are options. Speak with an expert adviser about it today.

In 2020, life insurance claims paid out in over 98% of cases, according to the association of British insurers. When claims aren’t paid, it’s usually because the policyholder gave inaccurate, or even dishonest information when describing their health or lifestyle.

To state the obvious, you won’t be around to see your life insurance claim. But when you die, LifeSearch can support your family in making a claim.

LifeSearch were one of the the first UK intermediaries to set up a dedicated claims team, and today it’s a well-oiled machine. We help you with the paperwork and speaking with the insurer so your loved ones don’t have to. After all, they’ve just suffered a massive loss so it’s a hassle with which they can do with some help.

We’ll keep the relevant people updated of any progress as we aim to resolve claims, and unlock pay outs as quickly as possible.

Speak with a LifeSearch adviser about putting your family life insurance into trust. Although family life insurance isn’t a lump sum – so it won’t be part of your financial estate when you die – putting it in trust should lock it outside of the probate process and your loved ones should start receiving payment quicker.

It can also help with reduced, or in some circumstances, no Inheritance Tax fees - up to a certain amount. See below for further information.

A LifeSearch expert can tell you more about putting your policy in trust and put you in touch with your insurer when you’re ready.

It’s basically a tax on a dead person’s estate (it’s the total of property + assets + cars minus debts and expenses). The magic number in the UK right now is £325,000. If assets combined are worth less than that, no tax. But every £1 above that £325,000 threshold is subject to 40% inheritance tax. The threshold is higher for couples.

Our business was started back in 1998 as our founder believed insurers put their own needs above the needs of the customer. We’ve grown our business on a mission of doing right by the customer since day one.

So we’re here to advise. You might take our advice, you might not. Our job is to know the market so we can advise you on the policies we think fit the bill.

But there’s no obligation, no sell. You’re in control.

With LifeSearch you can search online, or speak with an expert adviser today.