Frequently Asked Questions
All you need to know about Life Insurance
About life insurance
What types of policy do you offer?
We offer two types life insurance policy:
Level Term Life Insurance
Mortgage Protection Life Insurance
We also offer critical illness cover, which can be combined with both level term and mortgage protection policies.
We do not offer income protection policies, accident, sickness and unemployment cover or 'cashback' life policies.
How do you calculate life insurance premiums?
Life insurance premiums are based on the following factors: your age, your sex, whether you smoke, your medical history, the level of cover you need, the length of time you need cover for (the term) and the type of cover you choose.
Does a joint policy mean that the sum insured will be paid out twice?
No, the life cover that is detailed in your quote and confirmed in your policy document is the amount paid in the event of a single valid claim. The sum assured (your level of cover) will be paid if either joint policy holder dies or is diagnosed with a terminal or critical illness (where critical illness is covered). The policy will then end and no further benefits will be paid.
What is a waiver of premium?
Waiver of premium is a life insurance policy option that you can add to your cover. It means that if you are unable to work following an accident or illness, the insurer will usually take over premium payments six months after you become unable to work.
The waiver of premium claim stops when you are assessed as fit to return to work.
What is the difference between critical illness and terminal illness cover?
With critical illness the policy will pay out on diagnosis of a specified medical condition listed by the insurer. With terminal illness cover the policy will pay out if you are diagnosed as having 12 months or less to live, although some providers will not pay out if the policy has less than 18 months to run.
Terminal illness is included automatically in all our policies. Critical illness cover can be combined with Level Term Life Insurance or Mortgage Protection Life Insurance and a premium will be charged for the extra cover.
What happens if I already suffer with a specific medical condition?
You must tell us at the time of your application. The insurer may then write to your doctor or request that you attend a medical examination before a final underwriting decision is made.
How much life insurance cover do I need?
You choose how much life insurance you buy. People often want their policy to pay out a multiple of their salary or the value of their mortgage.
You'll need to consider the financial security of your dependants and the value of any loans you have outstanding. If you are unsure about the amount of cover you need speak to an Independent Financial Adviser. An adviser will be able to help you decide on the appropriate level of life insurance cover for your personal circumstances.
Will you cover me if I already suffer with a specific medical condition?
You must tell us at the time of your application. The insurer may then write to your doctor or request that you attend a medical examination before a final underwriting decision is made.
Can I cover my mortgage?
Yes, we have level and reducing (mortgage protection) plans that can be arranged to cover different types of mortgage on death, but if you're unsure about which policy is best for your circumstances, you should seek independent financial advice.
About your life insurance cover
How do I make a claim?
Please contact your insurer directly. Their contact details will be included in your policy booklet.
Can I cancel the policy at any time?
Yes, but of course your life insurance cover will then stop also. There is no cash in value for any policy.
Do I get any money back at the end of my policy?
No, there's no cash in value for any of of our life insurance products.
About your payments
How do I pay my policy premiums?
Payments are made monthly by direct debit.
Will the amount I pay for my policy change?
No, we offer guaranteed premiums, which means that your premium will never change during the policy term, provided it is paid on time and in full.
Contact us
How can I contact you about my policy?
If you need any help or want to contact us, you can:
Call us free on 0800 587 2624
Lines are open Monday to Friday 8am to 9pm and Saturday 9am to 3pm.
How do I make a complaint?
If you have a complaint, we really want to hear from you. We welcome your comments, as they give us the opportunity to put things right and improve our service. Please email: admin@aalifeinsurance.com