Life Assurance

How would your family or partner cope if you were to die?

The good news is that over the past 20 years life expectancy has increased, however, around in 1 in 7 adult deaths occur before retirement age*. 

Life cover can help solve the financial crisis that could face your family if they had to continue without you.

If you don't have a solution to the following questions, life cover is something you should consider:

  • Would you still be able to afford to stay in your current home?
  • Would your family still enjoy their current standard of living?
  • Would your partner be forced to go back to work?
  • Who would look after your children whilst you are at work?
  • Could you afford the cost of quality child care?
  • How would private schools fee's be paid for?
  • Would you have to spend all of your savings to survive?

Level Term Assurance (also known as ‘life assurance', ‘life insurance' or ‘life cover') is a policy that pays out a lump sum in the event of the life assured's death. 

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Life assurance is available on a single life or joint life basis. The policy has a fixed term and will pay out the sum assured (cover) should you die at any point during the term. The policy only has a value on death during the specified term. Cover will cease at the end of the specified term or if you stop paying the premiums.

Life assurance premiums quoted by providers are based on your age, sex, smoker status and the assumption you are in average health for your age.

You will often hear the term "underwriting" when arranging life assurance. Underwriting refers to the checks the life assurance provider does to ensure that you are in average health for your age. In the case where a medical condition requires further investigation, the life assurance provider will write out to your GP and in some cases may ask you to attend a medical. This medical is at the provider's expense.

If the life assurance company feels your current health represents a higher than average risk, they can still provide cover. They may ask for an additional premium to cover the increased risk. Only in extreme cases will they decline to cover you.

The majority of clients are accepted by life assurance providers on the standard premiums they have quoted as average health is a pretty broad brush.

From our experience the three main causes of clients not being accepted on standard premiums are:

  • a family history of serious illness (cancer, heart disease),
  • their having high blood pressure
  • obesity

If you are considering Life Assurance, please feel free to contact us for Independent Life Assurance Advice. We are able to provide home appointments across the whole of West Sussex - Brighton, Hove, Haywards Heath & Crawley, East Sussex, Surrey - Croydon Sutton, Reigate, Redhill,  South London - Wimbledon, Fulham, Chelsea and Hammersmith and Central London.

* Source: Office of national statistics. Death registrations 2005

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