Partnership life insurance review

“Partnership” life insurance is the longest operating insurance provider in United Kingdom that specializes in providing financial services for people who have some health issues.

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“Partnership” life insurance is the longest operating insurance provider in United Kingdom that specializes in providing financial services for people who have some health issues. The company offers its services for people with a variety of health problems. The problems can be minor such as high blood pressure as well as very serious such as heart failure, stroke, diabetes, kidney failure and cancer. The company uses its own proprietary underwriting manuals and mortality data. This way “Partnership” can evaluate the likely life span of the individual customer rather than the average lifespan. The company operates in four business fields: retirement, long term care, equity release and protection. Protection business provides life insurance for people that are treated as uninsurable by standard life insurance providers.

Life assurance

“Partnership” is a specialist life insurance provider and as a result can only offer competitive quote for those people that have severe or very severe health conditions. For healthy people or those that have mild or moderate health issues a company is not able to provide the services with most competitive rates. There is a thin line what can be considered a serious or moderate health issues. “Partnership” provides real examples about their clients and their health issues online but that is only a broad-brush approach. Usually, a good indicator of severe health condition is often rejection of the application by other insurance companies. A person is also considered having severe health issues if he has a number of health problems: overweight, asthma and diabetes. If a person is not sure about his health condition the best solution is to consult a general practitioner.

Term life assurance

Term life insurance policy is designed for people that want their policy to run only for a specified amount of time. Payouts are free from Income and Capital Gains Tax. For people buying term life insurance policy a company offers two options to choose from. The first one is a level term life insurance and the second is a decreasing term life insurance. Level term insurance policy offers a fixed cover of for the whole period of the insurance contract and decreasing term insurance offers a cover that is constantly decreasing. The cover is related to a mortgage and the rate of decrease is 10 % of the mortgage attached to this life insurance.

Whole of life insurance

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Whole of life insurance stays in force until the person dies. The sum assured remains the same for all the period of the insurance contract. The lump sum is payable to the dependents or is used to cover Inheritance Tax liabilities. As a result, it is advisable to choose whole of life insurance policy if the person wants to be insured for the remaining days of his life or has a substantial estate and wants to protect it.

Terminal illness and family income benefits

A Terminal Illness option can be chosen with term life insurance. The lump sum will be paid out if the illness is diagnosed when more than 18 months are left until the end of the policy. However, if the successful claim is made, the policy ceases to exist.

Family Income Protection benefit is an insurance policy that will pay out regularly fixed amount of money stipulated in the contract to the surviving family members after the death of the person. Furthermore, a family can covert these regular payments to a lump sum that will be paid as soon as a successful claim is made.

Inheritance planning

“Partnership” offers two options for people that want to avoid inheritance taxes. The first option is called Gift Inter Vivos. This policy is designed to match inheritance tax liabilities on all the gifts and transfers that are treated as non-tax exempt. Gift Inter Vivos policy lasts for sever years and the sum assured is decreasing together with inheritance tax liabilities. If a person dies during the term of the policy, the lump sum is paid out to the dependents to cover all remaining inheritance tax liabilities.

“Partnership” also offers two types of life insurance trusts: for private estate and for business purposes. Trust for private estate allows people to leave the benefit for their dependents outright without paying the taxes. Trust for business purposes is suitable for people that own business and want the insurance benefit to contribute to the capital of the business.  These trusts can be used together with all “Partnership” life insurance products.