Considering buying Life Insurance but feeling unsure of what you need to know or how to go about securing a policy? For life Insurance newbies, the process can be confusing to say the least. Knowing what’s what when it comes to the many misconceptions around taking out a policy is challenging. That’s why we’re here to clear up any concerns you have before you get serious about taking out life insurance.
We’re all about being frank and honest and we aim to cut through the nonsense, giving you straightforward answers to complicated questions. Life Insurance is a big financial commitment after all and more importantly, it’s there to help protect the ones you love - which is why you need to get it right. So what are some common concerns around taking out a life insurance policy?
I can’t afford Life Insurance
You may be under the impression that Life Insurance is too expensive but here’s why you could be wrong: when you buy life insurance with FRANKLi, you choose a policy and a rate of monthly premiums that works for you. Once you calculate how much cover you need and how much you can afford to pay each month, you could comfortably fit Life Insurance into your budget.
If you choose a level policy, your premiums and your benefit amount will remain the same for the duration of your policy.
If you feel you could afford a higher rate or premiums down the line, you can apply for an increasing benefit policy. This is where your benefit amount increases each year in line with the Retail Price Index (RPI), up to a maximum annual increase of 10%. The premium also increases 1.4 x RPI until the end of your policy term.
Here’s the minimum benefit amount you can apply for with FRANKLi depending on your age:
| Minimum benefit amount | Benefit acceptance date |
| £120,000 | Age 18-24 at start date |
| £80,000 | Age 25-29 at start date |
| £60,000 | Age 30-34 at start date |
| £40,000 | Age 35-39 at start date |
| £20,000 | Age 40-84 at start date |
If you want to start putting protection in place for your family, why not contact us to get your quote today? Or you can use our handy Life Insurance calculator.
Buying Life Insurance is too confusing
Don’t let financial jargon and complicated terminology stop you from putting some financial protection in place for your loved ones. Life Insurance is there to help protect the ones you love, so it’s vital that you get it right. If you’re worried that choosing the right policy type, the right term and the right benefit amount is too confusing, then why not read ‘what is Life Insurance?’.
If I’m fit and healthy, I don’t need Life Insurance
It doesn’t matter how fit and healthy you are now, life is unpredictable and things can change in the blink of an eye. We rarely expect to receive a life-threatening diagnosis and we never think that we’ll fall victim to a serious accident. The point of Life Insurance is to make sure that your loved ones have some financial protection in place should something happen to you unexpectedly. It allows you to prepare for the worst-case scenario, allowing things to carry on following the loss of a partner, spouse or parent.
Life Insurance is just for taking care of financial commitments
A Life Insurance benefit can mean so much more to your family than keeping up with utilities or unpaid loans. Life insurance could give your loved ones an opportunity to maintain a familiar lifestyle if you pass away. Family life with all of it’s ups and downs, laughing, arguing, overflowing laundry baskets, taking care of grazed knees, is all about celebrating the ordinary moments.
It can also be used to help cover funeral costs which now stand at an average of around £4,000.
I’m not the primary breadwinner in my household, so I don’t need Life Insurance
If you’re a stay-at-home parent or you earn a lot less than your partner or spouse, you might feel as though you don’t need Life Insurance. If this is the case, then you could be mistaken. If you pass away, would your partner have to pay for childcare costs or hired help? Would they struggle to keep up with mortgage or loan repayments? Could your family still afford a trip to the zoo or the cinema on Saturdays?
You might not think it, but even if you’re not the primary breadwinner, you still make a significant contribution to the lives of your family and your household.
It will be difficult to make a claim when the time comes
At FRANKLi we understand how important it is to ensure that your family get the help they need, when it’s needed most. That’s why we make it easy for your loved ones to make a claim. To start the claims process, simply call 0800 542 7981. Our UK based team is available Monday to Friday from 9am to 7pm, excluding bank holidays. Alternatively, we can be reached at claims@frankli.com.
You’re covered from day 1 for death as a result of an accident, death by any cause (except for intentional self-inflicted injury in the first 12 months), and terminal illness (the full benefit amount paid in advance if you are diagnosed as terminally ill by a medical specialist with less than 12 months to live.) So, you can feel confident that when the time comes, your loved ones will have some financial support in place.
Our Funeral Pledge can help with urgent funeral costs
As funeral costs in the UK continue to rise, cover the cost of a funeral at short notice can prove challenging for many. That's where the Funeral Pledge comes in. With this pledge, up to £10,000 can be paid in advance of a funeral with a valid claim. This payment can be made to a funeral director if you wish. This gives your loved ones a chance to ease the burden of worrying financially about the funeral, allowing them to access financial help when they need it before paperwork has been finalised.
It isn’t the right time for me to take out Life Insurance
If you believe that it’s not quite the right time to take out Life Insurance, you could be wrong. You may think you’re too young or too old to bother. The truth is, taking out a policy while you’re younger could help you secure a cheaper rate of premiums. It could also make sense to take our cover earlier since your situation could change over the years. Even if you don’t have kids or a mortgage just yet, wouldn’t it be nice to know as you reach different milestones over the years, that you have some protection in place for your loved ones?
Likewise, you may worry that you’re too old to get Life Insurance. With FRANKLi, you can apply for our life insurance as long as you’re a UK resident aged 18 to 84. You may no longer have any dependents and you may have paid off any outstanding loans already. In this case, you could think about leaving a cash gift behind for your loved ones or helping cover the cost of your funeral.
All Life Insurance is the same
No two policies are the same. In fact, policy details vary greatly across different providers. We’ll help you make an informed decision and help you every step of the way with honest, reliable and easy to understand information. You can feel confident that you’ve secured the right level of cover for you and your loved ones with FRANKLi.
I already have Life Insurance through work
Some employers offer Death in Service which is a form of Life Insurance provided by your employer for free or for a reduced cost. There are however issues with this type of cover. If you leave your job, for instance, you could lose your cover. Your employer could also decide to pull the benefit at any time. The benefit is often four times your salary but the benefit amount available may be limited meaning it could fall short in some circumstances.
I can’t get enough cover
With FRANKLi you could secure a benefit amount of up to £750,000 depending on your age at your policy start date. Here’s a breakdown of the maximum benefit amounts per age:
| Maximum benefit amount | Benefit acceptance date |
| £750,000 | Age 18-39 at start date |
| £600,000 | Age 40-44 at start date |
| £400,000 | Age 45-49 at start date |
| £300,000 | Age 50-64 at start date |
| £100,000 | Age 65-74 at start date |
| £50,000 | Age 75-84 at start date |
I will need to take a medical exam or share medical records
You won’t have to take a medical exam or share medical records with FRANKLi. You will however be asked a series of health and lifestyle questions during the application process. This will help us to determine your eligibility for your desired policy.
Your Life Insurance questions answered...
We aim to leave no stone unturned when it comes to answering your Life Insurance questions. We hope that we’ve helped clear things up, making things a little easier for you. If there’s anything else you’d like to know, don’t hesitate to pick up the phone and speak directly with a member of our team. We can answer any other questions you might have.