The Harris Life Insurance Blog

Get paid quicker
It is frequently advantageous to draw up your insurance scheme in trust as it is then excluded from your assets and also, from inheritance tax. Also, your family will not have to wait for probate, enabling them to be supplied with their inheritance quicker, just at the most opportune time.

Two schemes are often better than 1
Premiums vary significantly, so search the market for the best option.

You can choose between buying a joint plan, which insures both of your lives, or you can each have a policy. Your selection will be subject to what the cheap life assurance cover is desired for.

A combined policy to cover your home loan
When insuring your home loan, your scheme will be realised financially on the death of the first individual covered by the scheme. Both persons need to be covered for the same value and there is no need to continue the scheme, as the house loan will have been settled.

A single life assurance policy for protection of loved ones
If you are weighing up a plan for protection of loved ones, people in wedlock are suggested to have an individual scheme, for varied reasons.
One person could be in better health and not as old than the other, or possibly one of them is doesn’t smoke and will therefore be eligible for lower rates. Each person will probably need a different level of insurance, as their wages will differ one from another.

A surviving partner, who could be left with dependent children, will continue to require life schemes until their youngsters are grown up. If there is just one policy between the two of you, then the surviving partner will be left without cover if their spouse expires.

Premiums are calculated on the fitness and age of the applicant at the time when the scheme is settled. If the surviving partner gets sick as their age increases, then new plans will attract increased premiums, and, in a few instances, not available.

If you agree to two separate plans, they can be on dissimilar terms and for unlike fees to reflect your personal needs. They will each pay out on the death of  your partner or yourself within a specific term, but a combined policy only pays on the death of the first or last spouse. It may astound you to find out that having 2 policies can often better value than having one.

Cashing in Life Schemes
There are individuals, who may choose to settle their life insurance specialists schemes because they have been detected with a terminal illness or need expensive health care, which they had not expected and don’t have the financial resources to cover. Faced with such problems, it is simple to contemplate why someone might choose to cash in bits of a life insurance plan to meet the costs of high cost and long term care. However you should acknowledge that penalty prices may be imposed.