Questions to ask yourself
Start with the purpose. Clearing a mortgage points to one kind of policy, while replacing your income for a young family points to another. Write down who you are protecting and what you want the money to do for them.
Then think about timing. When does the mortgage end? When will your youngest leave education? When do you plan to stop work? Those dates help set the length of the policy.
Be honest about your budget. A policy you cancel in two years because it stretched you too far helps nobody. Start with cover you can keep, then add more as your income grows. A pay rise or a smaller mortgage is a good moment to look again.
- What do I want the payout to do?
- Who relies on my income or my care?
- What cover do I already have through work?
- How long will my family need support?
- What can I afford to pay each month without strain?
Questions about the policy
Ask whether the premium is guaranteed for the whole term or reviewable. Ask whether the cover is level, decreasing or rising with inflation, and which matches your need. If you are a couple, ask about two single policies versus one joint policy, because two singles can pay out twice.
Ask what extras come built in, such as terminal illness cover or a guaranteed option to increase cover after a life event.
Ask whether critical illness cover or income protection belongs in the plan. Death is the obvious risk, while a long illness can strain a household just as much. A broker can show how the costs change if you add them.
Questions about the small print
Ask whether the offer includes any exclusions or a higher premium because of your health, job or hobbies, and why. Ask what you need to tell the insurer if your circumstances change before the policy starts.
Ask about a trust, who your trustees might be, and what it means for inheritance tax. If you hold several policies, ask whether they work well together or overlap.
Questions to ask a broker
Ask whether the advice is advised or non-advised, how many insurers they compare, and how they are paid. Ask what happens after you buy, including help with trusts and claims.
A good broker will answer these without hesitation. If you get vague replies, look elsewhere.
Ask what the broker needs from you as well. A good adviser will want details of your health, debts, income and any cover through work, and will explain why. That fact-find is how they reach a recommendation that fits you.
How Hi Tomorrow answers these questions with you
We work through each of these with you on a call or online, then put our recommendation in writing so you can check it at your own pace. You can ask us anything along the way, and we will explain any trade-off in plain English.