Why Get Life Insurance Advice Whilst on A Debt Repayment Plan?

Posted on Friday, 9 December 2011 in Insurance NewsIf you are currently committed to a Scottish trust deed or other type of debt repayment plan then you are will know about the challenges of living within your means and not accruing additional expenditure.

Many people nowadays review their car insurance but seldom do people in Scotland review their life cover.

Reasons to annually review your life cover:

Life insurance, including Critical Illness Cover is very competitive and with many price comparison websites driving standard online quotes down with generous discounts, you can potentially save money by shopping around.

Not all policies are written in trust. Should you pass away while owing debt then your creditors have a right to claim against your estate. Writing your policy in trust will help you to ensure a quicker payout to your loved ones AND allow you to nominate the sole beneficiary of the payout.

Insurance policies and providers differ depending on your credit rating. Some insurance companies do not offer favourable rates to people with adverse credit, which you would probably have had prior to applying for your debt repayment plan.

Remember also that requesting life insurance advice or a life cover quote does not commit you to changing policy. This also applies to income protection cover etc.

I don't have life cover and I am currently paying off debts through a debt repayment plan. Should I get covered?

You are the best person to answer this question. It is not necessarily the case that your creditors would forbid the added expense, it's more important for you that you can afford to add the premium to your monthly expenditure and comfortable still afford to keep on top of your debt repayment plan.

If you require life insurance advice, you can get expert, qualified advice and a personal illustration by visiting GetLifeInsurance.com or by calling 0800 206 1906.

Your Employment Status --SELECT-- Employed Unemployed Self-Employed Retired Student Your Total Unsecured Debts --SELECT-- £1,000 £2,000 £3,000 £4,000 £5,000 £6,000 £7,000 £8,000 £9,000 £10,000 £11,000 £12,000 £13,000 £14,000 £15,000 £16,000 £17,000 £18,000 £19,000 £20,000 £21,000 £22,000 £23,000 £24,000 £25,000 £26,000 £27,000 £28,000 £29,000 £30,000 £31,000 £32,000 £33,000 £34,000 £35,000 £36,000 £37,000 £38,000 £39,000 £40,000 £41,000 £42,000 £43,000 £44,000 £45,000 £46,000 £47,000 £48,000 £49,000 £50,000 £51,000 £52,000 £53,000 £54,000 £55,000 Over £55,000 This includes unsecured loans, credit cards, council tax arrears, bank overdrafts etc.

Note - student loans cannot be included in a Trust Deed. Your Monthly Net Income This is your monthly take home pay including any other income

Example
Take home pay £1200
Child tax credit £200
Total net income £1400 Your Monthly Expenditure This includes all rent or mortgage payments and all other fixed outgoings that you pay each month.

Excluding your payments for your unsecured debt. Are You A Homeowner? --SELECT-- Yes No

(Homeowners) Estimated Equity None Don't Know 5000-10000 11000-20000 21000-30000 31000-40000 50000+ Equity Example:
Mortgage - 72k
House Value - 80k
Your Equity - £8000

Dont worry if you don't know your equity.
Just call us on 0141 221 0999

Your Nearest City --SELECT-- Glasgow Edinburgh Stirling Perth Dundee Aberdeen Inverness We have a network of Trust Deed providers throughout Scotland

Your location will help us recommend the best providers.

Title --SELECT-- Mr Ms Miss Mrs Other First Name Last Name Email Address Phone Number Why Do We Need Your Phone Number?

Although you will get an instant quote indication, we still need to contact you to get more detailed information regarding your financial circumstances.
All calls confidential.

Your privacy is important to us. Your Details are held in the strictest of confidence and we will only request information required to find your best solution. Your details will NOT be shared with third parties.

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