What is Life Insurance for?
Life Insurance is designed to pay a lump sum (or sometimes an income) in the event of your death. It's usually used to provide financial support to your loved ones, or to pay off a large debt such as a mortgage. When you take out Life Insurance, you cover yourself for a set amount (e.g. £100,000) over a set period of time (e.g. 25 years).
What's the difference between level and decreasing cover?
If you choose a level policy, the amount you are covered for will stay the same over the life of the policy. If you choose a decreasing policy, the amount you are covered for will decrease over the life of the policy. Decreasing policies are usually designed to cover a mortgage that you are gradually paying off. Premiums for decreasing policies are cheaper than they are for level policies.
Are Life Insurance premiums fixed?
In most cases yes, but you do need to be careful here. We will always recommend that you use "guaranteed" premiums. This means they are fixed, and do not increase over time. However some insurers also offer "reviewable" premiums which do tend to increase as you get older.
Does the money pay as a lump sum, or an income?
This depends on the type of policy you choose. Most Life Insurance policies are designed to pay out as a one-off lump. However you can also take out "Family Income Benefit" life insurance, which is designed to pay your family an ongoing income instead. Our team can help you decide what it right for you.
Will my insurer try to wriggle out of a claim?
It is a common misconception that insurers do their best to avoid paying claims. In fact, insurers have to publish their claims statistics each year and the vast majority can prove they pay well over 95% of their life insurance claims.
Can I get life insurance through my employer?
Some employers do offer a form of life insurance called "death in service". Whilst this is a brilliant benefit (if you are lucky enough to be offered it) you shouldn't necessarily rely on it entirely. Remember that if you leave your current employer, you'll leave your life insurance behind too, and life insurance gets more difficult and expensive to take out the older you get. Our recommendation is to always have some personal cover in place too!
How our voucher reward works: When you take out cover through My Advice you are eligible for the voucher reward offer. The amount of your voucher is calculated by the size of your first monthly insurance policy premium, rounded up to the nearest £5. For example, if your policy premium was £46.50 per month, you would get a voucher reward worth £50.00. The voucher reward is payable only when your policy goes active, and is paid 3 calendar months after your policy start date. Maximum voucher reward per postcode is £150.00. Where it is not possible to provide the voucher, the reward will be issued as a cash back sum paid by bank transfer. Offer does not apply to Private Medical Insurance or Hive Guaranteed Acceptance Insurance.
We like to reward our customers for doing the right thing...
When you take out Life Insurance, Critical Illness Cover or Income Protection you get up to £150 to spend at hundreds of well-known retailers. Terms & Conditions Apply
When you take out an insurance policy through us you're automatically eligible for a FREE Will Writing kit, because protecting your family is what we do. Terms & Conditions Apply
We apply a reduction to the commission we receive from the insurers, and pass that saving on to you in the form of cheaper premiums! Terms & Conditions Apply
How our voucher reward works:When you take out cover through My Advice (a trading name of Lifetime Financial Management Ltd) you are eligible for our voucher reward offer. The amount of your voucher is calculated by the size of your first monthly insurance policy premium, rounded up to the nearest £5. For example, if your policy premium was £46.50 per month, you would get a voucher reward worth £50.00. The voucher reward is payable only when your policy goes active and is issued 3 calendar months after your policy start date by email, using the same email address you used when you applied for cover with us. Maximum voucher reward per postcode is £150.00. If you allow your policy to lapse, or if the policy is in arrears prior to the intended voucher issuance date, then the voucher will be withheld until the policy is live and all payments are brought up to date. If for any other reason the insurer removes your policy from active status or your policy is in review, or further information is being assessed by underwriters before the intended voucher issuance date, the voucher will be withheld until the policy is “live” and premiums are paid and up to date again. Offer does not apply to Private Medical Insurance or Hive Guaranteed Acceptance Insurance.
How our free will kits work: In the event you purchase a policy through My Advice you will be eligible for a free will writing kit. Upon request we will send a will writing kit to you in the post no later than 14 working days following such request. Only one will kit per postcode. Will writing is not regulated by the Financial Conduct Authority
How our premium discounts work: We apply a 10% “commission sacrifice” to all Life Insurance, Critical Illness Cover and Income Protection quotes, thereby reducing the standard commission levels we receive from the insurers, which leads to a reduction in your monthly premium. The discount will apply for the lifetime of your policy. Please note a 10% commission sacrifice will not result in a 10% reduction in insurance premium as the commission we receive only makes up a proportion of your monthly premium. The actual reduction in premium will depend on several factors including, but not limited to, the size of premium, and the commission levels offered to us by the chosen insurer. Offer does not apply to Private Medical Insurance or Hive Guaranteed Acceptance Insurance.
We can offer advice on a large number of different insurance products
Protect your family with a lump sum or income in the event you pass away.Get Quotes
Provides a lump sum in the event you are diagnosed with a serious illness such as cancer.Get Quotes
Provides a lump sum to pay off your mortgage in the event you pass away or get seriously ill.Get Quotes
Covers the cost of getting treated in the private health system as and when you need it.Get Quotes
Wouldn't it be nice if your insurance did more than just cover the worst case scenario? Many of the policies we advise on include all sorts of extra benefits including:
24/7 Digital GP Services
Mental Health Support Services
Best Doctors® - Second Medical Opinion
Rewards for leading an active lifestyle
If you want to find out more about additional benefits and services, then just speak to one of our advisers - they'll be happy to help!Get Your Quotes
Let's be honest, nobody likes annoying phone calls and pushy sales people. Here at My Advice we do things a bit differently. We're a team of trained and qualified insurance advisers who are here to provide you with guidance and advice, as well as great quotes, and we don't harrass, cold call or try to pressurise you into buying something you don't want.
Our team of advisers are here to give you the most suitable advice for your circumstances. Each and every member of our team has one goal, to help you understand how to cover off your risks, but to do so in a cost effective way that fits your financial circumstances ...Simple really