Frequently Asked Questions

• Does Life Insurance cover coronavirus?

  You may be concerned about how your policy might be impacted by coronavirus. Don't worry, if you already had a FRANKLi policy and were to contract coronavirus and subsequently pass away from the virus, you're covered.

• What is Life Insurance?

  Life Insurance is a type of insurance policy that allows you to leave your loved ones a lump sum payment which they will receive upon your death. This can be used to pay for funeral costs, mortgage repayments or household bills. This money could help ease the financial burden associated with losing a spouse or a parent.

• Do I need Life Insurance?

  When deciding if you need Life Insurance you should look at your personal circumstances. If you have debt, a mortgage or you believe your family might struggle financially should you pass away, Life Insurance could help you financially protect their future. This can allow your loved ones to focus on what’s really important: after school clubs, football on Saturdays, pizzas in front of the telly and spending time together as a family.

• How does it work?

  Choose a policy that meets your needs with a monthly premium that is affordable and works for your lifestyle. If you pass away during the policy term, your cover will pay out a lump sum, which could make all the difference to your loved ones during a distressing time. As long as you keep up with your monthly premium payments, you’ll be covered until your policy ends. 

• Do you need a medical to get Life Insurance?

  Not with FRANKLi. There are no medicals or blood tests required, we will only ask you a few health and lifestyle questions. 

• What does Life Insurance cover me for?

  FRANKLi Life insurance covers death by any cause from day 1 of your policy (except if death is the result of self-inflicted injury in the first 12 months).

  If you are diagnosed as terminally ill with less than 12 months to live by a medical specialist, your full benefit amount will be paid in advance.

• Is there anything Life Insurance doesn't cover me for?

  If you lie or omit information when making an application for life insurance, your policy will no longer be valid. If you miss two consecutive monthly premium payments your cover will stop. You are not covered for death outside of your policy term, which means when your term is completed, your cover will stop. Your policy has no cash-in value at any point. You should also bear in mind that the benefit amount will not be paid if the life insured dies or is diagnosed with a terminal illness that is caused by an intentional self-inflicted injury. This applies if that self-inflicted injury occurs in the first 12 months of the policy. 

• How much does Life Insurance cost?

  The cost of Life Insurance varies from person to person and depends on a few factors including your age, your current health status and your smoker status. Your chosen benefit amount, chosen term and whether or not you decide to go for the Increasing Benefit Option will also affect the cost of your monthly premiums. For example, you could get £100,000 worth of cover for as little as £4.84 per month (this rate is for a 32-year-old non-smoker over a 10-year term).

• When should I get Life Insurance?

  There is no definitive answer to this. The right time to take out Life Insurance will depend on your individual circumstances and whether you think your loved ones could benefit from financial help should the worst happen. However, it's important to note that generally, Life Insurance policies are cheaper the younger you are at your policy start date.

• How much Life Insurance cover do I need?

  Striking the right balance to make sure you don’t over or under insure yourself might seem tough, but we’re here to help. With our FRANKLi Life Insurance calculator, you can work out exactly how much cover you may need. Just answer a few questions and we’ll do the hard part for you.
  It’s important to choose a benefit amount that is high enough to help cover the bills and any other future needs of your family, while also making sure you can afford to pay the regular monthly premiums without it being a strain on your finances. 

• How do I help protect my policy from inflation?

  To help protect your policy from the effects of inflation, FRANKLi offer increasing term life cover. As the name suggests, in order to help keep pace with inflation, your benefit amount will increase each year in line with the Retail Prices Index (RPI), up to a maximum annual increase of 10%. Your monthly premiums will also increase  by 1.4 x the rate of the benefit amount increase until the end of the term.