The term “insurance” is common in today’s world, we insure our cars, our tech, and our holidays but most of us forget to insure the most important thing, ourselves.
Life insurance, in its simplest terms, pays out a lump sum when the person insured dies. How life insurance is different from other insurances is that the lump sum gets paid to a beneficiary, this is usually a family member or friend.
Some life insurance policies come with additional benefits or have optional paid add-on benefits. A common benefit is terminal illness cover. This means if the person insured is diagnosed with a terminal illness, the policy may pay out sooner. Cignpost Life policies include terminal illness as standard with no extra cost. You can find out more about our cover by clicking here.
What is the benefit of life insurance?
If you have loved ones who depend on you financially, life insurance can not only provide them financial security but it can give you peace of mind knowing that should you die, they can maintain their lifestyle.
Life insurance pay-outs can be used for a range of things and depend a lot on your circumstances. People generally use pay-outs to;
- Pay off mortgages
- Cover the costs of raising children
- Cover monthly bills including rent
- Pay for a funeral
You can get life insurance today with Cignpost Life from as little as £5 per month.
Cignpost Life cover starts from £5 a month but will depend on your health, your age, and whether you smoke or not. Other factors include how long you want your insurance to run, and the amount of cover you choose.
Does life insurance pay-out?
We understand the concern around life insurance pay outs. The most likely time a claim gets made is when the person insured has passed away, so they will never know if the policy paid out. Let us help ease those concerns.
In 2020, 97% of claims were paid out by insurers. The Association of British Insurers announced that over £3 billion in life insurance claims were paid*. The top reason insurers declined claims was due to information not being provided when the policy was purchased.
It is important when completing a life insurance application to provide accurate answers to the questions asked. Our application has just 5 medical history questions to make it easier to understand what is being asked of you.
If you find yourself in the position where you need to make a claim with Cignpost Life, our claims experts are on hand to help and will treat you with empathy and understanding. We’ve made our claims process as stress free as possible, to find out more about making a claim, click here.