Help / FAQ
In this section of our website you can find answers to the most commonly asked questions for the Insurance & Personal Finance products available through theidol.com.
Please read key features for specific information on your chosen insurance or finance product.
Simply select an area to view:
This is a general overview of the types of cover available, please read the insurance company's product key features for the specific cover and terms and conditions that apply.
- What is Life Level Term Insurance?
- Can the life assurance plan be taken out on a joint life basis?
- What is Decreasing Mortgage Life Insurance?
- What is the difference between whole life assurance and life term insurance?
- Do you give any financial advice?
- What is a Commission Sacrifice?
- What other benefits can I choose in addition to the life insurance?
- Do I get any money back if I don't die before the end of my plan?
What is Life Level Term Insurance?
It's a Life Insurance policy that pays out a guaranteed cash sum if you die during the term of the policy or are diagnosed as suffering from a terminal illness.
Back to topCan the life assurance plan be taken out on a joint life basis?
You can take out the life assurance plan on your own or with someone else. The cash sum is normally payable on the first claim only.
Back to topWhat is Decreasing Mortgage Life Insurance?
A decreasing mortgage life insurance policy is used to help pay off the outstanding balance of your mortgage with a cash sum if you should die before your mortgage is repaid. Over time, the level of cover provided by the policy falls to reflect your reducing mortgage loan, so you are paying only for the cover you need.
Back to topWhat is the difference between whole life assurance and life term insurance?
Generally whole life assurance is regarded as cover for the entire life of an individual, paying out ultimately upon death; whereas life term insurance is life cover for a specific fixed term i.e. life insurance to cover the period of a mortgage.
Back to topDo you give any financial advice?
No, we arrange life insurance on a non advised basis this means no advice is given or implied, some documentation from the insurers may include wording stating theidol.com is your financial advisor, this is a general term used by the insurers, our terms set out in our initial disclosure documentation confirm life insurance is arranged on a non advised basis only.
Back to topWhat is a Commission Sacrifice?
theidol.com are paid commission for arranging a policy, theidol.com choose only to take a proportion of the commission and the remainder of the commission is retained by the insurance company and used to give a reduction in the monthly / annual premium which is spread over the term of the policy.
Back to topWhat other benefits can I choose in addition to the life insurance?
Critical Illness Cover -
Critical Illness Cover option pays out a cash lump sum if you are diagnosed with a specific critical illness - this is normally payable if you survive for a period of more than 28 days after being diagnosed. The lump sum could pay for things like nursing care, home-help, adapting your house to accommodate a disability; it could pay off your mortgage or give you a holiday to recover from treatment.
Premium Payment Protection Cover -
If you choose this option the premiums can be waived during a period of incapacity exceeding the deferred period. Incapacity means that you are unable to continue working or fail certain Activities of Daily Living through illness or disability. For further information on Premium payment protection please read the policy key features available in our life insurance document library.
Do I get any money back if I don't die before the end of my plan?
No. All policies compared provide pure insurance only, there is no cash-in value at any time and there is no savings content.
Back to topThis is a general overview of the types of cover available, please read the insurance company's product key features for the specific cover and terms and conditions that apply.
- How long are benefits paid for?
- What are Guaranteed premiums?
- When do benefits start to be paid?
- What medical information is required?
- What are Reviewable premiums?
- What is Long Term Income Protection or PHI?
How long are benefits paid for?
Benefits will be paid until the first of these events. You are no longer incapacitated. You are no longer suffering a loss of earnings. You reach normal pension age or the termination of your policy. You die.
Back to topWhat are Guaranteed premiums?
Guaranteed rates means that the monthly premium at commencement is fixed for the term of the plan.
Back to topWhen do benefits start to be paid?
You may choose a deferred period of 4, 13, 26, 52 or 104 weeks. This determines when the benefit payments start after you become incapacitated and your claim is agreed.
Back to topWhat medical information is required?
Your application will include questions about your medical history, earnings and occupation and other personal circumstances. At the insurance companies expense they may ask for further medical information to support your application.
Back to topWhat are Reviewable premiums?
Reviewable rates means that the insurance company can increase the premium during the term of the plan.
Back to topWhat is Long Term Income Protection or PHI?
This provides a regular income should you be unable to continue working due to sickness or accident. It offers cover linked to income and benefit is payable until the policyholder recovers, dies or the policy reaches the chosen terminating age.
The minimum term is 5 years with a maximum terminating age of 65 or 60 dependant on your occupation.
This is a general overview of the types of cover available, please read the insurance company's product key features for the specific cover and terms and conditions that apply.
- What is the definition of an infant?
- How do you define a 'UK Resident'?
- What is a pre-existing medical condition?
- Is there a cooling off period once I have bought my policy?
- Is IPT included in the prices shown?
- What does a single or individual trip mean?
What is the definition of an infant?
An "infant" is a person that is under the age of 2 years at the date the policy starts.
Back to topHow do you define a 'UK Resident'?
The policies issued by our providers are only available to UK residents who we define as: 'a person who has their main home in the United Kingdom and who is registered for United Kingdom income tax'. The United Kingdom is - England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man.
Back to topWhat is a pre-existing medical condition?
Any health/medical condition that has existed, been diagnosed, treated, known about or which has been or is currently under investigation prior to the start date of the policy.
Back to topIs there a cooling off period once I have bought my policy?
If you find that your policy does not meet your needs, you can return your policy schedule to your provider within 14 days of purchase. When they receive your schedule, your premium will be refunded in full as long as you have not travelled and do not intend to make a claim
Back to topIs IPT included in the prices shown?
Is Insurance Premium Tax (IPT) included in the prices shown? All prices quoted include IPT at 20%. Our quotation system is designed to offer you a cost for your policy quickly and efficiently, without the need for you to input all the details required to issue a policy.
Back to topWhat does a single or individual trip mean?
These terms are used to describe just one journey and includes cover for your return to the UK. A "single" or "individual" trip policy finishes when you arrive back in the UK and any other holiday or trip which begins after you get back will not be covered by this type of policy.
Back to topThis is a general overview of the types of cover available, please read the insurance company's product key features for the specific cover and terms and conditions that apply.
- What is an annuity?
- How do I know what kind of pension I have?
- What are protected rights?
- Can I take a tax free lump sum?
- Once I have taken my annuity, how long will my pension income be paid for?
- How is my income paid at retirement?
- Why shop around?
- Where can I get further help?
What is an annuity?
An annuity is provided by an insurance company. The purchase of an annuity basically converts your pension fund into a taxable pension income.
Back to topHow do I know what kind of pension I have?
The type of pension you hold will normally show on your pension documentation provided by your insurance company. The annuity comparison service can provide quotes if you are considering buying an annuity from the following types of pensions; personal pensions, stakeholder pensions, retirement annuity contracts, SIPPs (self-invested personal pensions), Executive pensions, money purchase schemes, FSAVCS (free standing additional voluntary contribution schemes), and most AVCs (additional voluntary contribution schemes).
Back to topWhat are protected rights?
Protected rights are benefits accrued from contracting out of the additional state pension. You have the same options that apply to other pension funds, however you must buy a joint life annuity paying a 50% spouse's pension if you are married or have a civil partner. The need to buy a protected rights annuity is expected to be removed by government legislation from 6/04/2012.
Back to topCan I take a tax free lump sum?
Generally you can take up to 25% of your fund in the form of a tax free lump sum. Taking the tax free lump sum option although attractive from a tax position, will reduce the amount available with which to purchase your pension annuity.
Back to topOnce I have taken my annuity, how long will my pension income be paid for?
Your pension annuity income is payable for the rest of your life. It is possible to guarantee your pension income payments for a set number of years (normally five or ten years). This means the income continues to be paid for that time even if you die before then. If you die during the guarantee period then the income is normally paid to your partner or another dependent, for the time remaining of the guarantee period selected.
Back to topHow is my income paid at retirement?
You can either choose fixed pension income payments which pay a set level for the rest of your life, or a pension income that increases over time. The level of increase can either be a fixed percentage say 3%, or in line with the retail price index. The trade off in choosing a pension that increases is that it starts out at a lower level than a fixed pension.
Pension income can be paid monthly, quarterly or annually. You need to decide which method fits best with your financial arrangements. You will also need to decide if you want to receive your pension income payment in advance or arrears. Generally a pension income payable in arrears will be greater than one paid in advance.
Why shop around?
Your current pension provider may not offer the best annuity terms. If you take the annuity offered without first comparing what income is available from other insurance companies you risk ending up with a lower pension income.
Back to topWhere can I get further help?
If you need any further information on annuities please visit the money advice service and download "Your Pension, It Is Time to Choose":
Your Pension, It Is Time To Choose
If you are unsure about purchasing an annuity and feel you need advice we strongly recommend you take advice from an independent financial adviser. You can find a local adviser at http://www.unbiased.co.uk