Every person is an individual, for this reason, we have built our business on the foundation of taking the time to listen, evaluate and advise in order to provide our clients with bespoke financial solutions. If you’re ready to explore your options in regards to life insurance, our independent financial advisers are on hand to support you with any questions you may have, helping you chose the right level of cover.

HOW CAN LIFE INSURANCE HELP ME?

Life is full of uncertainties, however despite this, taking out an adequate life insurance policy to cover you in these uncertain times, can often be overlooked.

By taking out the right life insurance policy, you can ensure that all your affairs are taken care of in the event of death or critical Illness. Life Insurance ensures that for as long as you continue to pay your premiums, the provider will pay a sum of money to your named beneficiaries or your estate, should the worst happen.

The amount that you pay for your life insurance policy depends on various factors, including how old you are when you take out the policy, the length of cover, the state of your health, whether you are a non-smoker and the level of cover you require.

There are two main types of life insurance:

TERM LIFE INSURANCE

Term life insurance is a policy in which you choose the amount you want to be insured for and the period for which you want cover. If you die within that term, the policy will pay your beneficiaries or estate. However, if you pass away outside of the stated terms, the policy will not cover you. There are three types of term life insurance to consider:

  • Level Term: The amount you are covered for remains level throughout the term of the insurance policy.
  • Decreasing Term: The amount you are covered for decreases over the term of the policy. This type of policy may be used to cover a debt that will reduce over time, such as a mortgage.
  • Increasing Term: The amount that you are covered for increases over the term of the policy to keep up with inflation.

WHOLE-OF-LIFE COVER

This type of cover guarantees that your beneficiaries or estate will receive payment irrespective of when you die. This policy will usually be more expensive as the insurer is guaranteed to pay out at some point in the future.

Commonly, life insurance will only cover death, but at KLO Financial Services, our life insurance advisers have developed relationships with various insurance providers, including those who will provide a terminal benefit; although these are not automatically granted. Regardless of what plan you are interested in; our life insurance adviser team are available to explain the benefits and downfalls across various policies and assist you in getting the most out of your life insurance.

WHY IS LIFE INSURANCE SO IMPORTANT?

We understand that thinking about death, or long-term care can be difficult, however, it is necessary to ensure that you have the peace of mind that you are protecting your family and loved ones, after your passing. It is particularly important if you have financial dependents, as the insurance pay-out can replace your income when you pass, allowing you to continue to support them long after your death.

Taking out a life insurance policy also means that should you have no tangible assets or assets of little value, your loved ones can still receive a cash lump sum.

Furthermore, a life insurance policy can ensure that any debts you may be leaving behind are completely paid off, meaning your loved ones are not left with any surprise or unaffordable expenses.

WHY DO I NEED A FINANCIAL PLANNER TO FIND LIFE INSURANCE?

Our experienced financial planners specialise in life insurance, working with various insurance providers across the board in order to ensure our clients get the best coverage possible. There are many products out there and not all of them will be suitable to your situation. Our advisers are here to ensure that you don’t invest money into a policy that isn’t right for you.

Our life insurance advisers can assist you with:

  • Understanding differences between policies
  • Getting you the right amount of coverage to suit your lifestyle
  • Finding the right insurance policy for you
  • Knowing when an insurance provider will not pay out and therefore ensuring that you have the right level of cover to prevent this from happening

WHY KLO FINANCIAL SERVICES?

At KLO Financial Services, we want to help preserve your family’s standard of living and provide them with financial stability. Our independent financial advisers will listen, evaluate and offer life insurance advice, depending on your needs and requirements.

Listen

Our life insurance advisers understand that every family’s situation is unique, and so you will require a solution that is tailored to meet your own personal needs. We know that major events such as marriage, childbirth or adoption can require additions or changes to your protection plans. We take the time to listen to you so that we can offer life insurance advice and help you find the best insurance policy for your changing needs.

Evaluate

We offer life insurance advice that helps to protect you and your family. At KLO Financial Services, we consider your income level, expected educational costs for children, the desired standard of living and all other financial obligations when selecting the best options for you.

In addition, we can safeguard your mortgages and other debts. We understand that coping with an untimely death or critical illness is difficult for any family. Through thoughtful evaluation, we can help you avoid burdening family members with the additional stress of struggling to pay outstanding debts.

Advise

We present the best policy options and listen carefully to your feedback. We appreciate and respect the gravity of choosing insurance to protect your loved ones and we want to make sure you are comfortable with your plan. Our life insurance advisers are always available to discuss your needs and goals. Your first consultation is at no cost to yourself and comes with no obligation.

CONTACT US TODAY

At KLO Financial Services, we are always eager and available to meet with you to discuss your life insurance and assess your current policies. No question is too big or too small.

If you’re interested in finding out more information about how KLO Financial Services can help you with your life insurance policy, get in touch by calling 01926 492406 or emailing enquiries@klofinancialservices.com.

WHAT ARE THE BENEFITS OF LIFE INSURANCE?

At KLO Financial Services, we understand how vital life insurance is. Below, we have listed five powerful reasons as to why investing in the best life insurance policy available, with the help of an independent life insurance adviser is important:

Increased Financial Protection

First and foremost, one of the primary advantages to life insurance is the increased financial protection you and your loved ones receive. Passing away with no life insurance can create all sorts of financial and emotional problems for those you leave behind. Therefore, having a life insurance policy in place means that your beneficiaries will be financially secure, even without the support of your regular income.

Less Worry

One of the main benefits of having insurance solutions in place is being able to live without worry. You know that if anything were to happen to you, your family and other loved ones will be provided for. Knowing that those around you will not have to worry about any financial burdens while dealing with the emotional distress of you passing away gives you the peace of mid that they will continue to be taken care of long after you’ve passed.

Less Tax

Any pay-outs from your death benefit are not taxable, meaning any beneficiaries will receive the full amount of the money you are leaving them. In fact, even most cash value withdrawals are also tax-free if the amount does not surpass the premiums paid into the insurance policy.

Increased Flexibility

With so many insurance providers available, life insurance policies are very flexible. You have a say in what policy is right for you, the coverage, duration and who your beneficiaries are. If you do pass away, most insurers will also allow the money to be spent on anything that your loved ones decide, rather than giving them limitations.

Affordable Cover

Life insurance rates are now extremely affordable, in part due to people living longer than ever before. With more insurance providers in the market, prices stay competitive, putting the power in your hands. As well as this, your own decisions affect the price, so it’s possible to decrease your quoted premiums if needed.

In fact, depending on the type of policy you choose, there are various things you can do to continue to adjust the prices you pay for your insurance. If your income decreases, you might be able to decrease how much you pay for your policy with the option to increase it in the future.

FREQUENTLY ASKED QUESTIONS

Q1. How can I find affordable, yet comprehensive insurance?

The cost of insurance varies from person to person, so what you pay depends on a variety of factors. However, there are certain things you can do to ensure you get cost effective cover:

  • Don’t buy the first policy offered: This is where KLO Financial Services can help. Our life insurance advisers will offer insurance advice and help you find the right provider. You won’t have to worry about not getting the best deal because we will do this for you.
  • Think about what coverage you need: When you first start thinking about insurance, you might want cover for everything and anything, however, think about what you will actually need. You need to ask yourself questions such as how many people are dependent on you and how will this change over time?
  • Quit smoking: Although it isn’t our place to offer health and lifestyle advice, it is proven that being a smoker can increase your premiums, so you should think about quitting, for more reasons than one.
  • Joint policies: If you have a partner or spouse, it might be worth thinking about including them on your policy. This is usually cheaper as joint policies are eligible for discounts.
  • Invest early: Age is a massively important factor in life insurance prices, and so the longer you put off buying the insurance, the more you will pay.

Q2. What will I be covered for?

This is dependent on your specific insurance plan and what its exact terms and conditions are. It’s therefore important that you use an independent life insurance adviser who can ensure that all your needs are accounted for, giving you peace of mind that there will be no nasty surprises for those you leave behind.

Q3. How long should I get cover for?

This depends on your own personal situation. Some individuals will want a policy that covers them until their children have reached the age of 18, whereas others will want a policy that lasts their entire life. KLO Financial Services will offer you insurance advice depending on your unique needs, helping you to the right insurance solutions to cover you for as long as you need.

Q4. Will the costs change throughout the insurance policy?

Most insurance providers offer what they call ‘guaranteed’ premiums. This means that the amount you must pay is fixed throughout the entire plan, and you don’t need to worry about a change in costs unless your situation changes. However, some policies will not have ‘guaranteed’ premiums and have ‘reviewable’ ones, which may increase with time. Therefore, it is important to have a full understanding of the insurance policy you are interested in taking out. Our insurance advisers at KLO Financial Services make sure you know exactly what policy you are signing up to, inside out.

Q5. Can I get life insurance if I am already diagnosed with a medical condition?

It may be difficult for individuals who have already been diagnosed with a serious medical condition to find insurance. There are, however, some companies that will still allow you to take out a policy at a higher cost. These insurance policies may exclude cover for the illness you have been diagnosed with, and it’s important that you know this. Our expert life insurance adviser team will be able to find you a policy, even if you have been diagnosed in the past and will make sure that you are covered for everything you need.

Q6. How does age affect how much I pay for my life insurance?

Age affects pricing because generally, your life expectancy is shorter as you get older. However, age isn’t the only aspect that insurance providers consider, as they also look at your general health and lifestyle. KLO Financial Services have relationships with multiple insurance providers who will cover individuals over the age of 50, so we can find you cover, regardless of age.

Q7. My partner also wants to be insured, can we do this?

Yes. There are many couples who now take out joint life insurance policies that offer shared protection. These policies are usually cheaper too. However, it’s vital to remember that they work on a first death basis – the policy will only pay out on the first death out of the policyholders so the second partner may have to set up a new policy if they want to remain covered.