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NFU Mutual health insurance review

NFU Mutual is The National Farmers Union Mutual Insurance Society Limited based in United Kingdom. The company specializes in life and general insurance business. It is the mutual insurance company that has more than 90 years of experience. This insurance company has around 250 offices throughout the whole country. Although this mutual organization was established by farmers, all people can use the services of this company. At the moment the company provides three different life insurance types: family protection, critical illness cover and inheritance protection.

Family protection insurance

NFU Mutual Health Insurance offers two family protection insurance types: level temporary assurance and mortgage temporary assurance. Both policies allow the person to choose the amount of cover he needs and the length of time the policy will be in force. The company promises that the price of the premiums will not increase during the time of the contract even if the health of the person becomes worse. Level temporary life assurance is designed to pay a lump sum of money directly to the dependents. Beneficiaries can use the money to pay off outstanding debts; meet future educations costs of children or children care costs. Dependents can even invest this lump cash payment in order to produce more income for the future.

Mortgage temporary assurance policy is designed to repay the outstanding balance of the debts and is paid directly to the bank or other credit institution. The death benefit will be paid in small monthly installments. These sums will cover not only the interest of the loan but also part of the capital balance outstanding. At the end of the term the mortgage will be repaid and the dependents will be full owners of the house. One important thing to know is that the policy calculates interest rates of the mortgage based not only on the conditions of each individual mortgage but assumes that the interest rate of the mortgage is fixed at 9% the whole term. This means that if the mortgage rate is lower than 9% during the policy term, than the cover provides more than is needed to repay the outstanding balance of the debt. However, if the rate of the mortgage is higher than 9%, than the money received from the insurance company will be insufficient to cover the mortgage.

Critical illness policy

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Critical illness policy designed by NFU Mutual promises to pay the lump sum of money should the injured person become ill with an illness from the critical illness list. The list includes cancer (more advances cases are not included, however), heart attack of specified severity), stroke resulting in permanent symptoms and total permanent loss of independent existence. The price of the premiums depends from three factors: gender, age and smoking status. A couple interesting facts can be found when overlooking critical illness policy of NFU mutual. First of all, up to the age of 25 female smokers and non-smokers are asked to pay the same amount of premiums. From the age of 40 female non-smokers are asked to pay slightly higher premiums than male non-smokers. Of course, these figures are estimates only and the true price of the premiums can be found out by contacting the company directly and providing them with personal information.

Inheritance insurance

Nowadays not only rich and famous people have to think about inheritance tax in United Kingdom. Currently all the estate that is valued more than £325000 is taxed upon the death of the owner. This amount is also called the nil rate band. All the estate with the value lower than nil rate band will not be taxed with inheritance tax. As the value of the property is currently increasing sharply the above mentioned amount of money is very realistic to leave behind after death. It is also important to remember that savings, investments, personal belongings and all life insurance policies that have not been written in trust are included in the estate. The estate tax in Great Britain currently is 40%. Estate that is passed to the spouse is usually tax-free. However, everything that is left to the children or other relatives will not be tax exempt. The inheritance insurance offered by NFU Mutual differs from other life insurance policies created by this company in a way that this policy pays out the inheritance tax directly to the authorities after the death of the person.

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