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Life cover myths


Life Cover can be a difficult subject, as nobody wants to think about the possibility of themselves or a loved one dying. However, thinking about your future is important.

Life Cover is an insurance that will pay out a cash sum if you die or are diagnosed with a terminal illness (where death is expected within 12 months) before the cover ends. It could assist your family at a financially difficult time and help towards maintaining the standard of living that they’re used to.

You might hear myths about Life Cover which persuade you not to buy it, so we’ve tried to dispel some of these myths and explain why taking out Life Cover could be right for you.

Young and single people don’t need Life Cover

You may think that you’re independent, but if you die, will anyone be out of pocket financially? Even if you have no dependants, it’s worth considering who will be left to pay your student loan, credit card bills or funeral expenses. And the younger you are when you take out a policy, the more cover you get for your money.

I’m a housewife and full-time mother, I don’t need Life Cover

Although you may not be the main breadwinner in your family, you still contribute to the household by providing free cleaning, childcare, cooking and laundry. If you were no longer around, the cost of these services could make a significant dent in your partner’s income. A Life Cover policy provides your loved ones with a financial payment which could help cover these costs if the worst were to happen to you.

I used to smoke, so Life Cover will be expensive

Life Cover does cost more if you’re a smoker. However, if you’ve given up smoking and haven’t smoked or used any form of stop smoking treatment for at least 12 months, some Life Cover providers will treat you as a non-smoker.

My job provides me with Life Cover

If your employer offers you a form of Life Cover benefit, it may not suit you and your family’s specific needs. If you leave your job, you could struggle to find suitable replacement cover so you might want to think about taking out a separate Life Cover policy that covers you and your family, just in case.

The state will look after my family if something happens to me

State help might not cover all your family’s costs. Your partner may be eligible to receive a one-off Bereavement Payment - but this can be capped at £2,000* - and a Widowed Parent Allowance which only averages about £100 a week**. Life Cover will provide financial protection to your loved ones which could help them to maintain their current standard of living.

I can’t afford Life Cover

With John Lewis Life Cover, you can choose how much you want to pay each month, based on how long you’d like cover for and the amount your family would need. You also pay for your policy with a monthly or annual direct debit, allowing you to manage your finances while having peace of mind that your family are financially protected should the worst happen to you.

If I take out Life Cover, my family will be faced with Inheritance Tax

If your Life Cover policy isn’t written under trust, the proceeds of your policy will form part of your estate when you die, and inheritance tax could be payable. Once you have taken out your Life Cover policy, you can speak to a financial advisor about placing it in trust. Please note tax rules may change.

John Lewis Life Cover

Make sure that your family are financially protected if the worst happens to you. John Lewis Life Cover provides financial protection for your family, with Life Cover policies to suit you.

Because it can be difficult to decide on the right protection for your family, we offer a range of cover options to suit your circumstances. This includes cover which pays a cash sum that stays the same throughout the cover period, and cover which reduces over time and is often used to help with a repayment mortgage.

With John Lewis Life Cover, depending on the type of cover or options you choose, your premiums are guaranteed to stay the same as you get older, unless you change your cover term or amount. We also offer you the chance to waive your premiums for an additional amount if you can't work due to illness or injury for over three months, until you return to work, your 65th birthday or your cover ends.

Remember, inflation will reduce the spending power of any money paid out and you should review your protection arrangements on a regular basis to ensure that they are still appropriate. Life Cover has no cash-in value at anytime and if you stop paying your premiums or cancel your policy, your cover will also stop.

*https://www.gov.uk/bereavement-payment 

**https://www.gov.uk/widowed-parents-allowance 



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*http://www.direct.gov.uk/en/moneytaxandbenefits/benefitstaxcreditsandothersupport
/bereaved/dg_10018703

**http://www.direct.gov.uk/en/moneytaxandbenefits/benefitstaxcreditsandothersupport
/bereaved/dg_10018848

John Lewis Life Cover is provided by Friends Life and Pensions Limited - please read Important information (PDF). Once your policy begins you may receive documents and correspondence from Friends Life. These will always be relevant to your application or policy and will never be unsolicited.

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