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Which Should You Prioritise When It Comes To Protection Insurance: Quality Or Price?

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On the surface, the above question might seem a rather silly one. After all, no one considers a protection insurance product - such as critical illness cover or income protection insurance - with a view to buying poor-quality cover. And even an attractive ‘headline’ price will be of little use if the given coverage doesn’t protect against the risks the policyholder needs it to protect against. However, many of us have been forced to consider quality versus price matters more frequently in recent times as far as protection insurance is concerned. So, let’s take a closer look at how you can best square this particular circle. Make sure you’re purchasing the right type of insurance product The term ‘protection insurance’ is a broad one, and the different forms of protection insurance tend to protect against very different things. If, for instance, you are currently doing a life and critical illness cover comparison , it is important to appreciate that critical illness cover is designed...
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Can You Have More Than One Life Insurance Policy –QuoteLifeCover

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  The short answer to this common question about life insurance is, yes. Certainly, from a legal standpoint, there are no rules preventing you from having more than one active life insurance policy at any given time. So, you are allowed to have multiple such policies, whether you have them from the same life insurance provider, or even with different companies. But it’s one thing to know that you technically and legally can have several life insurance policies, and quite another thing to determine whether you should have more than one policy. You can have more than one policy, but is it necessary? There are various common reasons why people consider taking out another life insurance policy on top of their existing one. You might like the life insurance policy you have now, but you may not feel that it covers all of your current financial responsibilities - such as a mortgage or your children’s tuition fees - to the extent that it should. Or perhaps you have made positi...
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Worried About Keeping On Top Of The Mortgage? Income Protection Insurance Can Be A Comprehensive ‘Safety Net’

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  The ongoing - and intensifying - cost-of-living crisis is likely to have taught you many things, and one of those will surely be how invaluable a thing it is to have a steady income. As our incomes come under ever-greater pressure, and in many cases will have barely kept pace with inflation, you might be anxiously looking over your long-term financial commitments, and you may be wondering what you can do to keep on top of them. For this blog post, let’s focus on just one such commitment you might have: your mortgage. A recent monthly remortgage snapshot found that almost half of borrowers who did remortgage took on bigger loans that added hundreds to their monthly mortgage repayments. You might have made the same decision that a lot of people with a mortgage have done: taking out a mortgage protection insurance policy. But given that this type of protection product only pays out a lump sum to cover the remaining mortgage debt if the homeowner passes away, you might worry that...
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How Could Existing Health Issues Come Into Play If You Are Interested In Buying Income Protection Insurance?

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  The whole point of taking out an income protection insurance policy is to give yourself greater financial protection - in the form of monthly tax-free payments - in the event that you are rendered unable to work due to long-term illness or disability. For that reason, you can probably imagine that any prospective insurer will take a lot of interest in your existing health. While a pre-existing health condition will be far from the only factor potentially affecting how much you pay for income protection cover - or your chances of being approved for such insurance at all - it could certainly be a very important one. So, what are some of the most crucial things to know if you already have a health issue and you would like to purchase income protection insurance? Will the insurance policy that you buy give you adequate protection? We say this constantly here on the QuoteLifeCover blog, but it really is the kind of thing we feel the need to repeatedly underline: you need to c...
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Thinking Of Combining Life Insurance With Income Protection In A Single Policy? Before You Do, Ask Yourself These 3 Questions

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  If one form of protection insurance helps to protect one thing in your life, combining two forms of protection insurance in one policy could be a great way to double your level of protection... right? That’s certainly the conclusion that many people reach. But it’s also important to be well-informed and clear-eyed about exactly what a combined life insurance and income protection policy would mean for you, and what level and nature of protection you could expect. With that in mind, it’s worth asking yourself the below three questions when you are considering whether combining income protection and life insurance in a single policy would be the right choice for you. What exactly does the given policy cover? We’ve addressed this in greater detail on the page of our site dedicated to combined insurance policies . But in a nutshell, a typical combined income protection and life insurance policy would pay out a monthly tax-free amount in the event of long-term illness or d...
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2021 Saw More Insurance Claims For Musculoskeletal Conditions, But Fewer Mental Health Claims

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  New statistics released by the Association of British Insurers (ABI) paint a fascinating picture of how our needs in relation to protection insurance have evolved over the last few years. The ‘headline’ finding was that a record £6.8 billion was paid out in group and individual life insurance , critical illness and income protection claims over the course of 2021 - the equivalent of £18.6 million a day, which was £1.6 million more a day than the previous record set in 2020. The ABI stated that there had been a “bumper” rise in individual protection claims, despite a fall of 1.6% in the total number of new claims made; the trade association attributed this to a greater number of individual term assurance and critical illness claims, which have much higher values. Sure enough, term assurance policies during 2021 had an average claim payment of £61,944, while for critical illness, the equivalent figure was £67,500, with these amounts being described by the ABI as “consistent ...
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“But My Savings Will Look After Me”, And Other Common Objections To Income Protection Insurance

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  How many of us want to spend much time thinking about the worst things that could possibly happen to us? The short answer is... not many. We would much rather be immersing ourselves in the things that bring us joy in life right now. Or we might feel that we have too many ‘immediate’ challenges in our lives to ‘fire-fight’, to even have the time to consider what unexpected adverse events could occur in the future. This brings us neatly onto the subject of income protection insurance . It works on a very simple principle: if you are rendered unable to work, and therefore to pay your way in life, due to an illness or injury, this type of cover can protect you by providing monthly tax-free payments. However, there might also be circumstances in which you feel income protection insurance wouldn’t really be necessary for you. So, let’s take a closer look at some of those. “I’ll get by on my savings if I get ill” Technically, it might be true for you - depending on your circumst...
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