The passion in our business is to raise awareness of the importance of having insurance, but we know there is lots people may not understand. That’s how CoverMyBubble are different and unique in the industry.
We hear so many stories of people who are not aware of what life insurance is, for example. There are various types of personal protection, as it is called, so even knowing which one is best for you and your family, can be the excuse to ‘look at it later’. Putting it off is a very common explanation we get from clients and as soon as we’ve reassured them, they don’t see why they didn’t do it earlier.
By not even talking about insurance, or not yet going ahead with an insurance policy, it really goes against you. You have risked something happening and your loved ones not been taken care of, you are older and possibly less healthy, you may have paid more than you have needed to on other policies, or your final payment (sum-assured) may have reduced meaning you could be under-insured.
We love providing information and advice. We have friendly and experienced advisers who will happily chat to you, to put you at ease and guide you through the jargon etc. As an insurance broker, many businesses push their teams to sell and that risks clients to be insured incorrectly. Its quite easy to accidentally miss off an illness or say you’re a non-smoker when you are, just to get the premium lower to get you to buy. CoverMyBubble do it differently. Your budget and circumstances are key to us offering you quotes. We want your whole family protected properly for what you can afford and for it to pay-out when one of you dies.
Below are some common questions we get asked.
What is Life Insurance?
Life insurance will give you the reassurance, that your loved ones are protected should the inevitable happen. It covers you and your family if anything happens to you or your partner. Your partner gets a pay-out if you die or vice versa.
This pay-out, or ‘sum-assured’ as it is called, can pay off your mortgage or replace the income you will lose, or just keep your standard of living and allow you to care for you and the children. Your family will then not have to deal with any added financial stress, hardship or burdens.
It is the most thoughtful thing you could do for the important people in your bubble!
How much is Life Insurance?
Its actually cheaper than most people think. It can cost as little as £10 per month, which if you compare with phone or pet insurance, is far better value if you consider its your life!
No matter, CoverMyBubble will make sure it is affordable and suitable for your circumstances and budget.
Your monthly premium will vary depending on the type of policy, the size of the sum insured and the risk of a claim – if you have a dangerous job, for example. Also, age is a factor, so life insurance will be more expensive for an older person. Similarly, if a customer is in poor health, they can expect to pay a higher premium. The insurance provider will consider occupation, hobbies, lifestyle – such as weight and fitness – to help determine their premiums.
Do I need Life Insurance?
Most people with children, a mortgage or other secured financial commitments would be advised to get some life insurance. If you have a partner or family who may struggle to cope financially, then life insurance could offer the help they need at a very difficult time. However, if you are single with no one depending on your income, then you probably don’t need life insurance. Income Protection may be best protection for you, to cover you if you can’t work due to illness or injury.
Can I insure my partner and children?
Many couples take out joint life insurance, due to convenience and the fact it is normally cheaper. However, it only pays out once (at the first death) and leaves the surviving partner without insurance. We would recommend two single policies for a small extra amount each month. If your partner dies, their pay-out will go to you to pay for the mortgage for example. Then if you die, the pay-out on your policy will go to the children. You need to be over 18 to take out a life insurance policy.
CoverMyBubble always recommend getting critical illness for yourself too, plus it covers your children for free up to half of the value of yours.
Life Insurance is worth nothing in value though, so you don’t get anything back at the end of the term if you don’t die.
What is Critical Illness Cover?
Critical illness cover pays out a lump sum if you are diagnosed with a serious condition during the policy term. However, most policies only pay out once, so if you did claim then your family would not be able to claim again on your death. Some providers cover up to 70 different critical illnesses.
If you think your loved ones might struggle to pay the mortgage or meet the cost of running a household if you were taken ill, then perhaps you should consider critical illness insurance. It could also pay for your care or modifications to your home (wheelchair access for example).
Any other questions?
Please get in touch if you wish to ask us anything!
Or use a traditional method – Call 01254 460880 - Mon-Thu 9am-6pm, Fri 9am-4pm – We may also answer at weekends, but if not, you can leave a message and we’ll call you back ASAP.