Do you have a question about life insurance? Ask Tony Longden, Head of Insurance at Santander - £200 voucher to be won

[LibbyMumsnet]

This Q&A is now complete - there will be no further answers posted.

Planning for what lies ahead isn’t always straight-forward. Share your questions on all things life insurance for Tony to answer.

• Everyone who shares a question on the thread below will be entered into a prize draw
• One lucky Mumsnet user will win a £200 voucher for a store of their choice (from a list)
• Tony will be back over the next couple of weeks to answer a selection of your questions

About Tony
“Tony has more than 30 years experience in Financial Services and has been at Santander since 2010, firstly supporting customers through leadership roles in Santander’s branch network across the UK and for the past 6 years in Insurance which means he has an invaluable insight in customer needs and the importance of Life Insurance and Protection.”

Here’s what Santander have to say
“There’s never been a better time to take stock and get around to those often forgotten, but vitally important jobs, like ensuring we have adequate financial protection in place for our loved ones should the worst happen. Taking advantage of our latest £100 cashback offer on our range of life protection policies is easy. Once you've set up your plan you can sit back, relax and enjoy life.”

Are you someone who doesn’t have life insurance, and you’d like to hear more about the benefits? Or perhaps you have a question on the different policies available? Whatever your question is, post it on the thread for Tony to answer.

Thanks and good luck with the prize draw!

MNHQ

Mumsnet Insight T&Cs apply

What happens about payout if your partner does die? How long does it take for the money to come through? Does it get caught up in probate or is it separate?

Does life insurance need renewing like car or home insurance? I took out a policy with my mortgage and promptly forgot all about it.

Would the costs be prohibitive for someone with type1 diabetes?

I'd also like to hear about how to get life insurance after having cancer. I am nine years on, mine has a high survival rate and yet no one wants to know about life insurance.

Would you recommend setting the life insurance up in a trust so it is separate from your estate? Would the payout be quicker? Would this only be relevant if your estate had to go through probate?
Thanks

Hi Tony
Is it possible for me aged 62 and husband aged 59 to get life cover or have we left it too late. Thank you

Hi everyone - thanks for all the questions so far. I'll answer as many as possible over the next two weeks. I hope the answers help you! Tony

@Candean

Hi Tony,

Does Santander cover people with a medical history? I had a benign bone tumour that spread to the lungs (giant cell tumour). Technically it was not cancer since the tumour was benign and if giant cell tumours spread then they go to the lungs but no further. I struggle to get anyone to cover me. Once they hear my medical history they just say no. What do you recommend? Is it a lost cause? Thanks

Hi @Candean,

Having an existing medical condition doesn’t always prevent customers from being able to access insurance, each customer will be given individual consideration.

You can get free advice on life insurance by speaking to one of our Financial Planning Managers - click here to book an appointment. In this appointment we can find out a bit more about your history and discuss your circumstances with the insurer in advance so you can understand what impact, if any, your condition would have on any life insurance application.

Tony

@Chicken669

What’s the difference between critical illness cover and life insurance?

Hi @Chicken669,

Life insurance provides life cover and terminal illness cover. It pays out if, during the policy term, you die or are diagnosed with a terminal illness that meets the definition.

Whereas critical illness insurance aims to pay a one-off lump sum if you're diagnosed with a specified critical illness within the term of the policy. This video may help you understand the difference between life insurance and critical illness -

Tony

@Itchylegs

What is the average amount paid in over a lifetime? What is the average payout?

Hi @Itchylegs,

In 2020, Aviva paid out 98% of claims - over £1 billion. The most important outcome is that they helped more than 50,000 customers and their families with individual protection policies.

Aviva ask that you answer all of the application questions completely, truthfully and accurately. If you don’t, the policy may be amended or cancelled, or the amount of a claim may be reduced or declined completely. Most life insurance customers do answer questions accurately and fulfil the terms and conditions of their policy to enhance the peace of mind a life insurance policy can bring to them and their families.

Tony

@SpinningTheSeedsOfLove

Can you describe the medical that a woman would undergo please for life insurance cover?

Hi @SpinningTheSeedsOfLove,

Our application process is simple, we’ll ask a few questions about your health and lifestyle, and this could also include questions about your family history. We can accept the majority of customers based on this information alone but occasionally we may need to know a bit more. If we need additional information from your doctor, we will always ask your permission to do so before we request this. In most cases, you won’t need a medical exam. If we do ask you to have an exam, don’t worry – we’ll arrange this at a time and place that is convenient for you and we’ll cover all the costs. Most exams are carried out by a nurse where they will check your blood pressure, take height and weight measurements, and a urine test.

Tony

@sylv165

How would you go about estimating the level of cover you require?

Hi @sylv165,

Our Life Cover Calculator can help you work out how much life insurance you need to protect your loved ones or you can get advice on the cover you need by speaking to one of our Financial Planning Manager - click here to book an appointment

Tony

@Pebble3

How much life insurance would you recommend someone taking out? We have two young children and one on the way, we don't own our own home but we do both work and would struggle alone.

It’s a really good question @Pebble3 – parents with small children are always looking for the peace of mind life insurance provides and its crucial that you consider the right level of cover.

Most parents choose to either utilise our Life Cover Calculator to help establish the right level of cover for them, or for those wanting to talk to an expert, our Financial Planning Managers in branch or over the telephone, provide a fee-free service that can recommend the right type and level of cover for you - click here to book an appointment.

Tony

@jellybeanpopper

As per of my pension, my partner would get a lump sum if I died. What is the advantage of having life insurance in addition to this (besides for the bigger payout)?

Hi @jellybeanpopper,

That's great that your partner will get a lump sum if you die through your pension. You may want to consider, if your partner was to die - would you be able to maintain your lifestyle without their income? Also if you changed jobs would you still have the life cover in place?

Tony

@Jollygoodride

Hi Tony, Would you recommend income protection or Critical illness, or both?

Hi Jollygoodride,

It depends on your individual circumstances - You can get free advice on life insurance by speaking to one of our Financial Planning Manager - click here to book an appointment.

Tony

@Florian2012

What calculations can we use to estimate an adequate level Of cover please . Thanks

Hi @Florian2012,

Our Life Cover Calculator can help you work out how much life insurance you need to protect your loved ones or you can get advice on the cover you need by speaking to one of our Financial Planning Manager - click here to book an appointment.

Tony

I hope you've found the answers useful so far. I will be back over the next couple of days to answer some more questions.

Tony

Hi Tony,

I wonder if this covers mental health issues?

If something happened to me because of an ongoing mental health issue, would that be covered?

Many thanks,
SPR

Is it better to save for a pension or pay off my mortgage first?

Our joint life insurance policy has just ended. It was term assurance originally to cover a mortgage that we kept running
My husband is 72 and I am 61.
Is there any point in trying to any life insurance other than over 50 funeral plans? Thank you

My husband died recently and we had 2 policies, one with Aviva which paid out fairly promptly and paid interest from the date of death until it was paid. The other was with L&G and they took 3 months, have just paid and have t paid any interest. They also deducted a premium fir the month after Paul died. I raised a complaint about the timescales in early December and have now raised it with the ombudsman as it is over the time period allowed. But can you tell me if they should pay interest? I was told I would be given interest but only from 2 months after death but in actual fact they didn't even pay that! Thanks.

Hi Tony,

With the rising impact of an aging population & costs associated with care/nursing homes later in life, is the insurance industry looking to develop products that could be bought by people to mitigate against the uncertainty of this risk as they grow older?

Do these type of products already exist & if not, why not?

Thanks

Why is the industry reluctant to pay out for Terminal illness in the last year of cover

If my partner and I take out a joint policy, would the payout go to our DC if we both die?

I am now 41 and considering both life cover and critical illness, which I had before I sold my last house, as I have 2 DC. I also have death in service at my current employer x 4 salary. Is it worth having them all, or is there a combination which works better?