Smoking & life insurance

This is a guest post from UK life insurance broker, Reassured.

The rise of the e-cigarette

In recent years, while there has been a reduction in the number of UK smokers, the nicotine replacement market has exploded.

Whether it be chewing gum, patches, nasal sprays and perhaps most significantly e-cigarettes, there are now loads of nicotine replacement products available.

These are seen by many as an important stepping stone on the road to quitting and can prove effective in weaning smokers off cigarettes.

Did you know, as an industry, e-cigarettes is on course to exceed a staggering £2bn in the UK by 2020.1

As our young adults move away from super expensive smoking, they are moving in their numbers towards alternative products.

The prevalence of vapers amongst 16 – 24-year-olds increased from 2% in 2015 to 6% in 20162, and is still rising.[Continue Reading…]

New UK Life Insurance Providers to Consider

Searching for life insurance can be a big hassle, unless you actually know where to go and who to go with. It’s going to be very much up to you to figure out what you honestly want to accomplish with your policy. Every insurance provider is going to be a little different, but they all can help you actually protect your family even when the time comes that you are no longer going to actually be there for them. It’s hard to talk about these things with your family but it’s definitely something worth talking about. You don’t want to avoid the conversation and then find yourself without the resources to actually take care of your family the way you want to.

Here are some of the most trusted life insurance providers within the UK. If you want to work with them, don’t just take our word for it — talk to them directly! Make sure that they know that you are truly getting the best information from them. Ask questions if you don’t understand something being said to you.

If you are indeed going to sign up for a policy, make sure that you read the fine print and look for any exclusions or waiting periods. The best policy in the world is the one that you actually understand!

Tesco Bank

You might already have a few accounts over at Tesco, so you can appreciate their customer service. Don’t worry, the life insurance side is just as helpful. They are focusing on making things as simple as possible to the product they’re offering, including having qualified agents at the ready to answer just about any and all questions that you honestly have about the process.

Every type of cover is explained in clear detail on the website, which means that you aren’t going to need to worry about not knowing where to even begin. If you need help calculating how much cover you should even think about, you will have calculators to assist you.

The application process is very fast, and can be done online or on the phone with no trouble at all.

But what about if you’re trying to find other trusted providers of life insurance? There are a few tips to keep in mind.

Make sure that you absolutely know how much coverage you’re going for. Every provider tends to ask you to list how much coverage you want. Look at both your current expenses as well as any future expenses that you need covered. The goal is to give your family a little cushion to get life back on track. You’re not trying to give your family a traditional “retirement” from any and all problems. You will need to make sure that you focus on giving your family the best experience you can, given the tragic situation they will face down the road if something happens to you.

Make sure that you actually try to take care of yourself instead of just hoping that everything is going to be okay in the long run. Your life insurance premiums are going to be based on the health that you already enjoy. So if you are someone that really struggles to take care of themselves, you will have a much higher premium than someone that is already in good health. If you give up smoking for a year, that’s going to reduce your life insurance premiums a great deal. Remember, the game of insurance is all about risk, and there’s really no way to get around that.

You may be able to save money by taking out a guaranteed policy when you’re a bit younger and in better health. Keep inflation in mind when you’re looking at your payout, because it can really take a bite out of your insurance policy payout for your family.

What about the taxman? Setting up a trust for your insurance policy payments is a good idea. It will be tax-free under those circumstances, but you will still want to make sure that you are focusing on the best policy from every direction.

Again, we know how difficult it is to really get into this topic when it’s so tragic and sad. However, this is something that every family will have to deal with eventually whether you talk about it or not, and whether you think about it ahead of time or not. Don’t you want your family to be as prepared as possible? Of course you do! Check out life insurance today and give your family the peace of mind that they deserve!

Life Insurance – Never too Late?

Life insurance is a policy that is taken out to compensate the insured person’s beneficiaries upon death. It is wise for anyone to purchase life insurance; not only for the peace of mind that loved ones will be financially stable once an individual passes away but also for guaranteed retirement income. Due to their age and the risks involved, those over fifty may find themselves paying much higher premiums for their cover.

Insurance companies are aware that people within this age group are much more likely to make a claim, however many companies provide over 50 life insurance cover at competitive prices. There are a large number of companies out there wanting to gain custom and so price their policies according to competitors. For this reason it is wise to shop around and gather a large amount of quotes before committing to a cover.

Those people who have poor medical history will be required to pay more on their cover, along with those who are prone to hereditary diseases and conditions. High blood pressure, weight problems and smoking will all be closely evaluated and taken into consideration when quoting for life insurance. As over 50’s are more prone to fatal illnesses, it is understandable that insurance companies are quoting more for their cover.

The types of cover can vary between companies and individuals. The three main policies are as follows:

Option 1 – Level Term

This type of cover is ideal for those who wish to financially support their family after death. A lump sum will be paid to the individual’s beneficiaries once the insured passes away or is diagnosed with a terminal illness.

Option 2 – Decreased Term

Slightly cheaper than the level term insurance, this policy will still pay out a sum of money to beneficiaries, however this amount will decrease over the term of the policy.

Option 3 – Critical Illness

This option covers people financially when they are diagnosed with a terminal illness. Individuals can choose whether they would like fixed or reviewable premium. Although fixed is substantially more money, it can be worth it in the long run. As time goes by, medical and health costs rise, making it harder for people to plan care and attention. Illnesses such as cancer, stoke and Alzheimer’s disease are all included in this policy.

Ensuring that family and friends are well taken care of after an individual dies is of great importance to all, if not most, people. Funeral costs can amount to a small fortune, so preparing in advance is highly advisable.