Using a specialist for relevant life insurance
Why Michael Jackson got it right
Have you ever heard the story of when Eddie Van Halen got the call from Michael Jackson to play the guitar solo on Beat It? His initial response was “**** off!” and put the phone down as he didn’t believe it was Michael on the phone.
So I have conversations with generalists all the time about Relevant Life Insurance. They usually have more professional qualifications than me (chartered, grand wizard etc) and tend to look down on me as a lesser mortal for that reason. But when we get into the nuts and bolts of a conversation about Relevant Life Insurance, it has often has gone something like this… “yeah, relevant life insurance, that’s fairly new isn’t it? There’s only a few providers and they’re pretty much the same aren’t they?”
Well I don’t go down the “I know more than you” route because that’s just being a jerk. I will probably say “well, there’s quite a few providers now and a some interesting nuances to the contracts, for instance…” I’m happy to share the information because holding on to it doesn’t necessarily give you a commercial advantage.
For Relevant Life Insurance there are currently 8 providers, if you discount the ones offering supplementary relevant life policies to group schemes. Like any insurance contract the devil is in the detail.
The Big Boss (Martin Byrne) Borderline 2000. Should have called Eddie.
Here are the main points to consider;
• Is it transferable?
• If so is there any further underwriting?
• Is there any loss of benefits on transferring?
• What are the multiples of income for levels of cover?
• What income is allowable?
• Are there automatic increase options?
• What are the financial underwriting limits?
• Are there any other benefits to the contract?
Stay tuned and rock on!
Head Honcho at Business Protect
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I’ve spent half my life working in Rock ‘n’ Roll so why would I want to put out a blog about business protection insurance…?
If you own a business often you are the business. Without you it will cease to function. That’s where a relevant life could be relevant to you.
It’s a slightly surprising (to me anyway) fact that there are more pet insurance policies than critical illness policies in the UK.
What would happen to the crowdfunders investments if the key people driving the businesses weren’t there anymore?
Partnership protection insurance for a partnership is like saying you need legs on a body, strings on a guitar, a helmet on a motorbike.
How you can have share protection as a one person limited company? This is where relevant life insurance is such a fantastic innovative product.
As an Relevant Life Insurance specialist I keep tabs on the current mortality rate. I checked yesterday and it’s still running at 100%.
It’s all a rip off right? Insurance never pays out. I’ve never had anything go wrong with me for the last (insert arbitrary number of years) so why do I need it?