Life Insurance Myth Busters

The team at Golden Rock Solutions give families and business owners access to free independent advice around Life insurance, critical illness cover, income protection, whole of life insurance and inheritance tax proofing solutions.

Working with business owners providing business protection including Relevant life insurance, Executive Income Protection and Key man insurance. This also may include Group Insurance where the company at large is protected. This Group protection can be Life insurance, Critical illness and Income protections available with Employment Assistance Programmes or EAP– helping employee's getting back to work!

However this does not detail the key features & benefits of the different Life Insurance & protections providers. Nor the premium, application process but hints the Life Insurance companies are all different!

We give Free advice to get more out of Life Insurance for you, your family your business and the important things Please get in touch

This blog discusses the benefits from "Guardian"

• Pay-out Planner - Pay-out Planner is our simple, quick alternative to writing a policy in trust for people with less complex inheritance tax needs. It allows your clients to nominate up to 9 beneficiaries when they apply. This means we can promptly pay the people your clients wanted the money to go to without having to wait for probate to be granted. Clients can update their list of beneficiaries themselves anytime or replace Pay-out Planner with a trust later.
  
  
• Critical Illness Cover - Clear, Comprehensive Cover - Our focus is on providing the best possible cover for the most common illnesses and we never apply general exclusions. Our definitions are clearer and more all-encompassing. And, in many cases, we don't ask for detailed medical evidence - the word of a UK Consultant is all we need to pay out.
  
  
• Accelerated Critical Illness Cover - We don't offer 'life or earlier critical Illness'. Our Life Protection and Critical Illness Protection are independent of each other. This means your clients' life cover can continue on existing terms if they make a critical illness claim. We'll offer a multi-cover discount to clients who apply for benefits within the same policy. It also means the customer can claim potentially 3 times, twice for Critical Illness if CI Buy-back is exercised and once on death.
  
  
• Cover Upgrade Promise - We believe existing customers should be treated as well as new ones. If our critical illness definitions improve, we check any claim against both the definitions they bought, and the definitions for new customers. And, for most conditions, we pay out if the claim is valid under either.
  
  
• Critical Illness Buy-Back Always Included - Buy-back comes as standard with Critical Illness Protection. This gives your clients the opportunity, regardless of their age, to buy back up to 25% of their cover – with some limitations – to a maximum of £50,000 so long as the cover has 12 months left to run.
  
  
• Total Permanent Disability - If we offer your clients an own-occupation definition of total permanent disability, we cover them while they're working, regardless of their age, for their own job. That is, the job they're doing when they claim. When they retire, we use activities of daily living or mental incapacity instead.
  
  
• Children's Critical Illness – Optional Cover - Our Children's Critical Illness Protection is an optional extra, so your clients only pay for it if they want it. It covers all natural, step or adopted children and those for whom the parent is a legal guardian. And they're covered from birth to 18 years, or 23 if they're still in full-time education. You can select any amount of cover between £10,000 and £100,000, limited to the parent's sum assured. What's more, if the parent has Increasing Cover, we'll apply it to the children's cover too.
  
  
• Enhanced Terminal Illness Cover - Our Life Protection not only pays out if a client is expected to survive for less than 12 months. Uniquely, we also guarantee to pay out if they're diagnosed with stage 4 cancer, motor neurone disease, CJD or Parkinson-plus syndromes even if they're expected to survive more than 12 months.
  
  
• Dual Life - With a Guardian dual life policy, each person has their own individual cover. As they apply together, we give them a multi-life discount. And because they both have their own cover, in the event of a claim the survivor will still have their own cover in force which means there could be 2 pay-outs.
  
  
• Reserved Cover - Uniquely, for many clients we reserve Life Protection and Critical Illness Protection regardless of what cover they bought. Reserved Cover can then be added at any time over the next 27 months, on the same terms, by answering a few simple questions. The amount depends on eligibility and the amount of cover originally taken out – but could be up to £250,000 of Life Protection and £100,000 of Critical Illness Protection where not restricted by non-medical limits.
  
  
• Mortgage Guarantee (Decreasing Term) - We guarantee to pay the full outstanding original mortgage amount, regardless of the interest rate, as long as the amount and term is the same as it was when the policy started and the policy isn't in arrears when the claim's made. If the mortgage changes, you can apply to amend the policy and we'll continue the guarantee.
  
  
• Premium Waiver - Premium Waiver comes as standard regardless of age, occupation or activities. So if we offer someone cover, they automatically get waiver. And we not only waive premiums if they're too ill to work we also waive them for 6 months after the have a baby or if they lose their job.
  
  
• Guaranteed Increase Options - We offer most policyholders the chance to add to their cover with no underwriting, no medical evidence, no application form and no age limits. All we need is an email request to say they'd like to use a Guaranteed Increase Option. And, most importantly, we price any increased amount based on their age at the start of the policy.
  
  
• Immediate Cover - If your clients' cover can't start right away, we may put Immediate Cover in place for them. This is temporary cover, of the same type you've applied for, and it starts as soon as you submit the application online to make sure there is no gap in your client's cover.
  
  
• HALO - We don't have a set list of additional services when people claim. Our approach is much more personal, and we call it HALO. Our Claims Team listen to each claimant's concerns, identify the exact help they need, and through our network of medical and legal experts, make it happen.
• Guardian Anytime - We're not just here for policyholders when they need to claim. All our customers get free additional benefits - anytime. This currently includes 24/7 GP consultations over the phone from anywhere in the world and UK based face-to-face second medical opinions.
  
  
• Lifestyle Promise - We may be able to reduce a client's premium if they were paying an increased premium due to their health or lifestyle and subsequently:
  • Stop smoking
  • Lose weight for a sustained period
  • Change job
  • Give up sports activities
    
    

One claim can be made in any 12 months, if they suffer one of 18 specified fractures, 7 specified ligament tears or tendon ruptures, or a dislocation,

The pay-out is severity based and is fixed at £6,000, £4,000, £3,000 or £1,500. If someone suffers multiple injuries at the same time, we always pay the highest amount.