Life insurance is not for you: it is for those you leave behind. That is why what matters is not the price, but that the sum insured is sufficient and the exclusions do not leave out what is foreseeable. And if you are taking it out for a mortgage, you are not obliged to do so with the bank.
- Where to buy
- Also outside your bank
- Disability
- Covered
- Beneficiaries
- Whoever you choose
Times when you should review your life insurance.
You do not need to take out a new policy each time, but you should check that it still protects the right people.
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You take out a mortgage
The bank may ask you for life insurance as security, but you are not obliged to take it out with the bank.
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A child arrives
The people who depend on you change: it is time to review the sum insured and the beneficiaries.
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You change bank or mortgage
With portability, the policy can stay with you even if you change bank.
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A separation
Your nominated beneficiaries must reflect your situation today, not when you signed.
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You receive an inheritance
Check that your nominated beneficiaries and sum insured still reflect your situation.
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The years go by
A sum insured that is not updated over the years may fall short of what it was meant to cover.
How much cover do you really need?
A simple method: what your family would have to pay without you, minus what you already have saved.
What it covers and what to review.
What it covers
- Death from any cause
- Total and permanent disability
- Advance payment for critical illness, depending on policy
- Double sum insured for accidental death, if taken out
- Beneficiaries of your choice
- Portability if you change bank or mortgage
What to review
- Illnesses not declared in the health questionnaire
- Suicide in the first year
- Dangerous sports if not declared
- A sum insured that is not updated over the years
Designed for those left behind.
Nominating your beneficiaries correctly is as important as the sum insured. We check that the nomination reflects your current situation, especially after a separation, a birth or an inheritance.
Questions about life insurance.
Do I have to take out life insurance with my bank?
No. The law allows you to take it out wherever you like, even if your mortgage is with that bank. It is usually considerably cheaper elsewhere, and we handle the assignment paperwork.
How much cover do I need?
It depends on your debts and how many years you want to protect your family for. We work it out with you, without inflating it to sell more.
Will I need a medical examination?
It depends on the sum insured and your age. In many cases a health questionnaire is enough, and it should be completed carefully: an omitted detail can invalidate the payout.
Life insurance is something you take out once. Best to get it right.