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 Life Assurance Checklist

Typically you will pay your premiums on a monthly or annual basis. Direct debit is the preferred payment mechanism by companies and is also the least time consuming for yourself.

Should you ever stop paying your premiums, your policy will lapse and no payment will be made.


After signing for your policy, you have 14 days to change your mind. Your insurer will usually send you a cancellation form which you need to return by the fourteenth day. Should you not return the form the company will assume acceptance by yourself.

The Quotation

Quotes vary due to a number of factors. Here are some examples of the type of information you may receive. Please note that these are not actual figures, they a purely used for demonstrative purpose.

Example 1

Single Mortgage Protection Policy for a male, age 26 and a non-smoker.

Sum Assured = 90,000 over 25 years

Insurer

Provider Premium

Premium Type

Initial Death Benefit

CGU Life

6.68

Guaranteed

90,000

Scottish Widows

7.18

Guaranteed

90,000

Standard Life

8.07

Guaranteed

90,000

Norwich Union

9.48

Guaranteed

90,000

Scottish Provident

10.00

Guaranteed

153,418

As you can see, some companies offer different death benefits. In this particular case premiums are guaranteed, meaning the company will not increase the premium you pay at a later stage,

Example 2

Joint Term Level Protection policy for a married couple, both aged 49, one smoker.

Sum Assured = 40,000 over 10 years

Insurer

Provider Premium

Premium Type

Initial Death Benefit

Scottish Provident 26.78 Reviewable 40,000
Scottish Provident 26.91 Guaranteed 40,000
Permanent Insurance 27.26 Guaranteed 40,000
Lutine Assurance Services Ltd 29.53 Guaranteed 40,000
Scottish Widows 29.58 Guaranteed 40,000

How Do I Save Money?

If you ever needed an incentive to not start up smoking again this is it. Typically smoker's premiums are 30 to 40% higher than non-smokers. If you did smoke, the Insurance company will need confirmation that you haven’t smoked in the last year. Some stricter companies may require a full two year period to have passed without you smoking.

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