5 Life Assurance Mistakes That Can Spook You!

Updated September 2015

The Christmas ads have started on the telly so you know Halloween is just around the corner.

It’s a good time to make sure you’re not haunted by these 5 life assurance mistakes.

Continuing with a reviewable whole of life insurance policy

If you’ve been sold a reviewable whole of life policy, get rid of it, cash it in and take out a fixed price whole of life policy instead.

Check out this previous article on reviewable whole of life insurance.

Choosing cover based on price alone

A common life assurance mistake is buying the cheapest cover.

The cheapest life insurance is rarely the best especially if you’re looking at adding serious illness cover to the policy. Make sure you buy from the insurance company that offers you the best chance of making a successful serious illness claim.

If the policy is cheap you can be sure the company will do their best to fight your claim.

Check out our blog post on the dangers of the cheapest life insurance quote

Not adding a conversion option

A conversion option gives you the chance to extend your cover in the future without answering any health questions. If you don’t add this option to your cover, you are a lunatic.

What happens when my life insurance ends?

Adding serious illness cover to your mortgage protection policy

Did you know your bank gets any payout on a serious illness claim on your mortgage protection policy? So even if you need that money for life saving surgery abroad, you can’t get it. If you’re considering serious illness cover, always buy it on a separate policy.

Give as little protection to the bank as possible. Protect yourself instead.

Paying smoker rates as an e-cigarette user (or even worse as a non smoker)

If you (or your partner) smoked at the time of taking out your policy but haven’t smoked in 12 months (or have only used e-cigarettes in the last 12 months) you are classified as a non smoker and can get a 50% reduction in your premium.

Read more about E-cigarettes and life insurance

Now over to you….

Are any of these life assurance mistakes hiding in your closet?

If they are and you’d like me to help you exorcise those demons, simply complete the short form below or give me a call on 05793 20836.

I’ll make it easy – not scary at all.

Nick McGowan LION.ie – The Life Insurance Experts