Will I get money back if I don’t die?
With Term Insurance you choose the amount of time you would like cover for. It will pay out a lump sum or a monthly income if you or your partner dies within this set period. If you don’t die within the fixed period the policy simply lapses and you get nothing back. You can then decide if you still have a requirement for Life Insurance cover and can choose to take out a new policy for your family protection. Whole-of-life cover, offers protection for your lifetime until your eventual death, whenever it occurs, and therefore premiums can be much higher. But there is a guaranteed pay out whenever you die, which can be used by your family to pay for funeral costs, and anything else they might need to do.
Why does cover not cost £5, I saw an ad on TV/Online?
This is likely to be a funeral plan or over 50’s plan. Over 50s plans typically promise a relatively small pay-out, and are generally designed to only cover funeral costs. Premiums are usually guaranteed for life, and pay-outs are small (typically between £1000 and £5,000) depending on what you pay each month and for how long.
Why do I have to give my medical details?
In order to give you an accurate quote and the right level of cover for you, the life insurance companies need your medical/health information to assess their risk.
What if I can no longer afford to pay the premiums?
If you can’t afford the premiums any more, please contact So Smart Protect. We may be able to offer you a more affordable level of cover, so your family can still benefit from cover in the event of your death.
Can I get Life Insurance if I have an illness?
If you have been diagnosed with an illness before taking out Life Insurance, you must advise the insurers. This could affect the price you pay, however if you do not disclose an illness this could affect any potential claim against the insurance policy. Once your cover is in place, a new diagnosis should not affect your cover and does not have to be declared to the insurer.