Life Insurance is and has always been one of the most important elements of effective financial planning, not only to protect yourself but to protect your assets and families in the event of death; and will only pay out on the death of the life assured. Depending on your domicile status it is also a useful tool for Inheritance purposes and the mitigation of death taxes. At Seven Insurance Brokers we complete a contingency planning exercise with you, to make sure we are covering what is important for now and the future, based on the facts and figures that you deem appropriate.
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Please enter the amount of cover you would like. This has to be a number between $1,000 and $9,999,999.
A Critical Illness policy pays out a lump sum upon diagnosis of a critical illness that is specified in the policy.
There are two different types of Critical Illness Policy
Inclusive: This is where the amount of critical illness cover is the same as your life cover. If a claim is paid on the critical illness (or the life) cover during the policy term, the policy and its cover will immediately cease and no further claims for life or critical illness cover will be payable.
Stand-Alone: This is where you can specify an amount of critical illness cover which can be different from the amount of life cover you have selected. If a claim is made on the critical illness cover during the policy term the critical illness cover will cease. However, the life cover will remain in place in line with the chosen term of the policy. It will still be possible to make a further claim on the life cover.
The term of years is the number of years you wish the policy to run for. You pay your premium every month during the term, once the term finishes you are no longer protected.
When choosing your term you will need to consider the financial costs you wish to protect and how long it will be before those costs are no longer a burden to your loved ones.
Provides an amount of cover which remains the same throughout the term of the policy.
Provides an amount of cover which decreases in line with the outstanding balance on a repayment mortgage.
Policies can either cover one life (single life) or two lives (joint life).
In the case of joint policies the policy will cease following a claim on either life.
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To help you find the right policy, we've partnered with lifeSearch who offer free, no obligation advice. Providing your number is optional, but if you do provide it you'll be contacted by lifeSearch to discuss the cover that's right for you.
If you have smoked or used any tobacco products in the last 12 months including cigarettes,cigars,pipers or nicotine relacement products you are classed as a smoker.
Depending on the provider that you chose there are additional policy benefits available that include Family Income, Fixed Income, Terminal Illness, Waiver of Premium, Cancer Cover Only and the ability to have decreasing term that may be suitable for cover of mortgages or borrowing.
Term Assurance will cover the life insured for a specific period of time known as the term. The premiums are worked out from start to finish and then averaged over the period of the term to give the amount payable on a monthly, quarterly or annual basis. Once you reach the end of the term the policy will cease. A Term Assurance policy does not contain any investment and has no cash-in value at any time. Term Assurance works on a pay as you go basis, meaning it will remain in place as long as you continue to pay the monthly premiums. Seen as being cost effective you can get a higher amount of cover for a lower premium.
The idea of Whole of Life is to give the life assured cover for the whole of their life and a standard policy will end at age 95. The premium is worked out based on you paying in various ways that include Limited Pay Life/Vanishing premium (paying a larger amount over a shorter period of time), Indexation (where the premium and cover both increase by 5% each year) or Whole of Life (where you continue to pay until you decide to cancel or die). A whole of Life policy combines Insurance with a savings element and will use a range of funds to provide growth to the investment over the years as specified from the outset. Because the policy is unit linked the cover amounts and premiums can be altered to increase or decrease depending on the change in circumstances. With a Whole of Life policy having invested premiums there is a cash-in value available normally after a specific period giving additional options in later life.
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