Life assurance pays out a lump sum or a series of payments to your dependents in the event of your death.
You will pay a monthly premium or an annual sum to the life assurance company for either term assurance or the whole of life assurance. Life assurance can be combined with other forms of insurance such as critical illness insurance so that you receive a lump sum if diagnosed with a specified critical illness or upon death.
Life assurance companies do have the right to request your medical history, family medical history and to ask for a medical examination although in most cases this is not required. This does not necessarily mean you will be charged a higher rate however if you have had any health problems or have an unusual occupation or hobby it can be worth applying to particular providers.
In the majority of cases, if you cease to pay the premiums on your policy then cover will lapse after a given period of time.
Premiums for life assurance policies vary depending on the type of assurance and provider you choose, your personal circumstances such as age and medical history and whether the premiums are guaranteed or renewable.
The cost for providing assurance can be relatively inexpensive. Why not get in touch to discuss your options?
