Life Insurance Extras

What extras can I add to my Life Insurance?

Many insurance companies have a number of extras that can be added to your life insurance plan or even taken out alone. Some insurance companies will give you free extras or additional benefits to make their insurance plans stand out from other insurance policies that are available on the market. The benefits are not always available from every insurer.

The most common free benefits from different insurance providers are;

  1. Terminal Illness Cover - This pays out your life insurance sum assured early should you be in the unfortunate position that you are told by your GP that you have less than 12 months to live. There are a number of restrictions on terminal illness cover, dependent on the insurance company.
  2. Mortgage Guarantee - This is useful for people with a decreasing mortgage.  The mortgage guarantee plan guarantees to clear your mortgage in the event of your death, irrespective of what the current interest rates may be.
  3. Accidental Life Cover - When the insurance company gather your medical information, this is called underwriting. The insurance company will offer you free life cover to protect you during the process of underwriting. 
  4. Helping Hand - this is a service which offers your client and their immediate family practical and emotional support should the need to claim on your policy arise.
  5. Member Care Line -  The Member Care Line is a free benefit for all holders of a policy with LV (Liverpool Victoria). The Member Care Line offers confidential advice on day to day problems and is available 24 hours a day, 365 days a year and can give you free advice on;
  • Criminal and civil law queries
  • Health and medical questions
  • Finding a reliable tradesman in an emergency
  • Questions about tax
  • Advice and counselling

6. Best Doctors - If you are ever diagnosed with a medical condition, Best Doctors provides an in-depth review of your medical files to help confirm your diagnosis and to recommend a treatment plan. These days even the most skilled medical practitioners, doctors and surgeons alike, recognise the value of a second opinion. Best Doctors allows you to take advantage of the very best medical advice available. Best Doctors have a listing of more than 53,000 doctors listed on their database.

7. Red ARC - RED ARC is an advisory service that provides a range of health care services.  The aim of the RED ARC service is to provide tailored support to meet client’s needs after being diagnosed with a serious medical condition. RED ARC provides a helping hand for the client and their family.

8. Children’s Critical Illness Cover - If you have taken out critical illness cover your child will automatically be protected under the plan, covering your child/children for the same illnesses in the plan that you are covered for.

9. Smooth Move - One insurance company will offer you on the day of your move a 24 hour a day rescue cover, meaning that should you experience problems during your house move, break down, legal advice and emergency hotel accommodation can all be accessed at any time of the day.

10.Many insurance companies if you are off work on long term sick will try and get you back to work as soon as you are capable to work again. The insurance provider may help pay for treatments such as;

  • Acupuncture
  • Chiropractic
  • Homeopathy
  • Osteopathy
  • Physiotherapy

You can also pay for some additional benefits such as;

1. Vitality - This is a scheme made available by one insurance company that offers a way to reduce your protection insurance for living healthily. The more exercise you do the cheaper your life insurance becomes. There are also massive discounts for signing up on holidays, cash-back, discounted mobile phone contracts, gym membership and even free cinema tickets every week.

2. Critical Illness Insurance - a long term insurance policy that is designed to pay you out a lump sum or income on the diagnosis of certain life threatening or debilitating, (but not fatal), conditions such as a heart attack, stroke, certain types or stages of cancer, multiple sclerosis and loss of limbs.

3. Waiver of Premium – this can be added to your insurance plan. This means that your premiums are waived when you are too ill to undertake your normal occupation due to incapacity caused by illness or injury.

4. Income Protection - this replaces part of your income (tax free) if you are unable to work for a long period of time due to illness or disability and will usually continue to pay out until you can return to some kind of paid work or reach retirement, whichever is sooner.

5. Family Income Benefit - this can be added to a level term life insurance plan which pays a monthly payment to the beneficiaries in the event of your death to the end of the term, instead of a lump sum payment.

6. Educational Cover – this is an ‘add on’ to a life plan which pays a range of benefits for each child on your plan, to help cover the costs of their education should you pass away.

7. Total Permanent Disability – the TPD plan pays out a lump sum if you are unable to do your job due to an illness or sicknessand unlikely to ever be able to work again.

8. Fracture Cover - this can be bolted on to any protection plan. The fracture cover plan aims is to pay you out a lump sum ranging from £600 to £2,100 should you break a bone.

9. Additional Cover - can be added on your children’s critical illness plan.   Usually the sum assured is £25,000, however it can be boosted up to £100,000. 

10.Buy Back – this is where you are able to ‘buy back’ your critical illness cover. If you suffer from a critical illness and claim on your critical illness policy, you will never be able to claim on the critical illness element ever again. This is unless you have buy back option added onto your policy. The buyback option will reactivate your critical illness cover that without this option would be cancelled. Every insurance company’s policy for this benefit differs so speak to your Proadvice adviser today, to find out what options are available to you. 

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