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Some helpful tips for taking out Life Insurance

Buying life insurance isn't generally something people like to talk or think about, but if you have someone who depends on you financially, it's worth considering.

Take out life insurance when you're young and healthy

Life insurance premiums are generally cheaper the younger you are, as younger people are usually healthier and fitter, and therefore lower risk applicants. So the amount you pay for your cover will be less, the younger and healthier you are.

Amount of cover

Once you’ve chosen a life insurance product that meets your needs, you’ll need to work out how much and what type of cover (decreasing or level) you want. It’s also important at this point to take into account inflation, as the real value of the amount of cover you choose will be reduced over time. Also, make sure the amount covers your main debts and outgoings, including mortgages, loans and credit card debts.

Be honest

Always be completely honest about your health, any medical conditions and your personal circumstances. Pretending you don’t smoke when you really do, or saying that you only drink one or two units of alcohol a week, when you’re actually a heavy drinker, is a pointless way to try reducing your insurance premium. This is because your insurer might not pay out for a claim and could even cancel your plan if they find out that you’ve been dishonest on your application.

Write your policy in trust

If you’re worried that your estate might be subject to inheritance tax when you die, you could consider putting your life insurance into a trust, which can help make sure that any payouts made go to the person or people you intended them to, rather than the taxman. However, you should consider speaking to a financial adviser or a solicitor before doing this.

Review your policy

Regularly review your policy and update it if your circumstances change. This will help you make sure that you and your family are covered as required. Examples include the birth of a child or a job change.

Take out separate policies

Although taking out two separate policies may cost more than a joint policy, they may be better value and more beneficial to couples with dependants, because it gives two payouts instead of only one.

Check existing policies

It’s worth checking if you already have any life insurance cover through either your work or with your mortgage. If you have life cover as part of your employment contract, make sure that the cover extends beyond your employment period with that employer. If not it might be worth taking out your own personal policy on top of that.

Call LifeSearch on:
0800 197 2266

Mon to Thu 8am - 8pm
Fri 8am - 6pm

Existing customer?
0800 678 1906

8.30am - 6.30pm Monday to Friday

Calls may be recorded and/or monitored for training and audit purposes.

LV= have chosen to partner with LifeSearch to offer customers independent advice for protection products.

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