Life Insurance

FAQ'S

• Question:

  I’m healthy now, so why wouldn’t I wait until I’m older to get life insurance?

  Answer:

  By obtaining life insurance when you are young and healthy, you can lock in premiums at a lower rate.  If you wait to get life insurance until your health starts to fail, you’re likely to find it expensive and may find it hard to get or may not get it at all.
  By getting life insurance early, you can make sure your loved ones are left financially secure if you pass away. Life is unpredictable, we never know what is around the corner. Once your policy is in place, as long as you continue to pay your premiums, your policy stays in force even if your health or occupation changes.

• Question:

  Can my partner’s and children’s standard of living be protected in the event of my death?

  Answer:

  Yes by having adequate cover your family’s lifestyle can be maintained upon your death.

• Question:

  Why are some premiums so much cheaper than others?

  Answer:

  Premiums can either be level or stepped or a combination.  Stepped premiums are initially cheap but increase as you get older. Level premiums will generally be more expensive to begin with but only rise with CPI and are cheaper over the life of the policy. Depending on your circumstances, and how long you want the policy for, either level or stepped premiums (or a combination) will be recommended.  Some insurer’s policies may initially appear cheap but will increase dramatically over the years. Our Risk advisor will explain in detail the initial and future premiums under your policy.  Differences in coverage and exclusions will also result in variations in price. Our advisor will explain these details to you.

• Question:

  Can I insure my children’s education?

  Answer:

  Yes, each parent has aspirations to send their children to the best schools. By having adequate Life Insurance cover, future education costs will be covered in the event of your death.

   

• Question:

  Does my health have to be reassessed every year to maintain cover?

  Answer:

  No. Once you have been underwritten and accepted, the policy is guaranteed renewable until you wish to cancel the policy or the end of the policy term.

• Question:

  How will I know which policy is right for me?

  Answer:

  Your life insurance adviser will research the best product suited to your needs based on a needs analysis.  Whitbread Life is not aligned with any insurance companies and will endeavour to recommend the most appropriate product.

• Question:

  What is the waiting period once I take out the policy?

  Answer:

  Generally there is no waiting period once your life policy is underwritten and accepted. Your adviser will explain any waiting periods to you upon application.