What factors will affect the premium I pay?
Age next birthday, amount of cover, whether you are a smoker or not, term and type of policy - all affect the quote you will receive. As soon as you have applied the underwriter may add to your premium if you are considered an above average risk. However, the percentage of applicants who are not accepted at normal rates is relatively small.
Will I need a medical?
Most applications do not need a medical, however in the unlikely event that one is required, the insurance company will arrange and pay for it. It will be with either your GP or another doctor local to your home or work. Often, instead of a medical examination the insurance company will simply write to your GP with any questions they may have and they will pay for the costs of this.
How soon will my cover be in place?
If you qualify for any of the UK Insurance NET on-line applications on this site, you could be on cover within days. If, on the other hand, you either return an application, which can be downloaded, or alternatively we ourselves send you an application then it depends on how quickly you can return this to us. UK Insurance NET will ensure that your application is dealt with promptly and will do everything to ensure that the insurance company deals with it just as speedily. If you do not qualify for the on-line application, realistically it may take two/three weeks, but depending on your individual circumstances i.e. health etc. it could take longer.
What is the definition of a 'non-smoker'?
This usually means that you have not used any form of tobacco in the last 12 months. The exact definition will be contained in the insurance company's literature.
Are there preferential rates for non-smokers?
Yes. Insurance companies will give you lower premiums if you are a non-smoker, or have not smoked for over a year.
Who is UK Insurance NET?
UK insurance NET & UK mortgage NET are trading styles of Internet Insurance Services UK Ltd which is Authorised and regulated by the Financial Services Authority. Further information can be obtained by clicking on our Initial Disclosure Document at the foot of this page
As a life insurance discount broker. We use our contacts with different insurance companies to enable you to compare quotes immediately on-line from a number of companies and for you to choose the most appropriate one for your needs.
Are you completely impartial?
We aim to make our business very transparent to you. At UK Insurance NET we are completely independent and not tied to any particular company. Therefore we can access all the companies in the market place. However, we have pre-selected in excess of 12 of the best and most trusted brands based on our own criteria. These are constantly under review. The reality is that there are about 20 companies only who provide access to quotations and the ones we pick are consistently competitive over a wide range of situations/occupations. If for any reason you are unable to find what you are looking for on line, then please contact us and we will be only to happy to assist. and if necessary widen the search and include those companies who do not have an on-line presence.
How much do you charge?
We do not charge you anything. The insurance companies pay us commission for the policies taken out as a result of clients utilising this site. Insurance companies build the commission into the premium rates and they pay commission to us as part of the cost of distribution. Our policy is to ensure that, wherever possible, a large percentage of the commission we would normally receive is used to reduce the premiums you pay. Any quote or offer your receive from us will already have taken this into account.
How much Life Insurance should I have?
Financial advisers recommend that you have enough life insurance to pay off your debts in the event of your death and to provide sufficient income for your dependents to live on.
This is a difficult one to answer as people's circumstances vary considerably.
What is Critical Illness Insurance?
This pays out a tax-free lump sum if you suffer a 'Critical Illness' such as a Heart Attack, Stroke, Cancer, Multiple Sclerosis and many others.
How much Critical Illness Insurance should I have?
Financial advisers recommend that you have enough critical illness insurance to pay off your debts in the event of a critical illness and some additional cover to deal with other expenses or needs that may arise such as loss of earnings or medical costs.
What is Family Income Benefit?
This type of cover pays a regular income to the family of the person insured if he or she dies during the term of the policy.
What is a Mortgage Protection policy?
This type of cover is usually used to repay a mortgage or loan of the 'Repayment' type on the death of one of the borrowers. The amount of life cover decreases each year in line with the expected reduction in your mortgage or loan balance.
What is Terminal Illness Benefit?
The insurance is paid out before your death if you are suffering from a Terminal Illness.
What is Waiver of Premium?
If you are unable to work due to ill health or disability the insurance company will pay the premiums on your policy for the period of your inability to work after a waiting period of 3 to 6 months.
How long will it take to set up my policy?
Many policies are accepted straight away if no further information is required. Others may require additional medical details such as writing to your GP and that may take a week or two. If you require cover urgently please contact us on 0845 365 1264 quoting WS2 and we can often arrange immediate cover.
Can two people have a policy together?
Yes, two people can usually take out the plan. You can choose whether you want the plan to pay the sum assured on the first death or second death. However, you must specify your choice at the time of application, as it cannot be changed during the term of the plan. For mortgage protection purposes it is nearly always arranged on a first death basis. Please note that for business insurance purposes plans are usually only on the life of one person.
Can I take the plan out on the life of another person?
Yes, provided you can demonstrate you will suffer a definable financial loss if that person dies. This is referred to as having an 'insurable interest'.
Are children covered?
Children are also generally covered for Critical Illness until they are 18 years old, starting from the age of 90 days as long as the policy is in force. Most insurers will pay for a child claim up to 50% of the Critical Illness Benefit selected or alternatively a set amount (as stated in the policy schedule) whichever is the lesser. Cover for Total Permanent Disability and Terminal Illness Benefits is not included. Claims for children do not affect your cover.
How will I know my cover has started?
You will receive a letter confirming your plan has started.
What is the difference between Guaranteed and Reviewable premiums?
A Guaranteed premium is guaranteed not to be increased during the term of the policy. A Reviewable premium could go up or down depending on the number of claims the insurance company receives. Reviewable premiums are not reviewed on the basis of your personal health record.
What is Increasing Benefit?
The amount of insurance increases each year in line with an index such as the Retail Price Index (RPI) or Average Earnings Index (AEI).
Can I increase my cover at any time?
Some policies have options that allow you to increase cover on certain events. Sometimes this can increase your present premium. We will remind you of the importance of keeping your cover in line with your needs and we suggest you take out as much cover as you can afford now.
Who will my insurance policy be with?
Your policy will be with a well-known UK insurance company of your choosing.
Will my policy have a surrender value?
In order to keep premiums down, none of the policies on this site have any investment or surrender values.
Your best quote is lower than my existing premium, can I switch?
We cannot give you advice as to whether you should replace any of your existing policies with new ones obtained via this site. We suggest that if you do want to change your policies that you compare the new policy with the old policy to ensure that you understand any differences in the terms and the features and benefits of your existing plan. For instance your old plan may have an investment element whereas the new plan will not. If you do decide to switch policies we suggest that you do not cancel your existing policy until you know you have been accepted for the new policy at the expected premium.
I am not in good health; will I be accepted for cover?
This depends on the type of cover you want and your state of health. It is often worth trying, as you do not have to go ahead if the insurance company do not offer their normal terms. It is important to ensure that you give full and accurate details of your health on the application form. If you are not accepted on their normal terms there is still the option for us to obtain additional quotes on your behalf from our full panel of insurers.
Alternatively we will be able to obtain quotes from other providers who specialise in offering insurance for those with impaired lives or poor health.
How are the premiums paid?
You can pay monthly by direct debit. All premiums are paid directly to the insurance company.
Can I cancel my application?
Yes, just let the insurance company know.
Can I cancel my policy after it has started?
You have the right to cancel your policy within 30 days of it starting and the insurance company will always send you a form to enable you to do this if you wish. After that time just let the insurance company know you wish to cancel and cancel your Direct Debit with your bank. There is no penalty for cancellation of a policy.
Is Term Insurance regulated?
The Financial Services Authority (FSA) took over the regulation of general insurance in January 2005.
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