Churchill Life Insurance is a financially stable and reputable insurance provider that offers life insurance to meet the need of their customers.
Life insurance is very important tool when it comes to financial planning. It gives peace of mind to those who purchase it. It provides financial support to the beneficiary of the life insurance in the event of their death; their loved ones will be taken care of.
In this article we would be discussing every detail you need to know about Churchill Life Insurance, right from how they began to the policies they offer.
History of Churchill Life Insurance
Churchill Life Insurance began as a car insurance provider in 1989. It rapidly gained popularity from then on due to competitive pricing and attractive advert campaigns. It then expanded the products it offers to include home insurance. In 2005, Churchill Life Insurance was then launched.
Churchill Life Insurance is one of the biggest insurance companies in the United Kingdom which is underwritten by Legal & General. This partnership ensures that their customers get high-quality and reliable coverage. The company has been in business for a quite a long time and they offer perfect customer service.
Types of policies offered
Churchill Life Insurance offers different types of life insurance policies which includes: term life insurance and whole life insurance
1. Term life insurance
Term life insurance is a type of life insurance which offers coverage for a specific period usually between 10-30 years. If the policyholder dies during that period, a large sum of money would be given to the beneficiary. But if the policyholder lives beyond that specific year then no payment will be made.
There are two types of term life insurance policies offered here: level term and decreasing term.
• Level Term Insurance: This provides a fixed amount of coverage through the period of the policy. Meaning that, irrespective of when the policy holder dies during the period when the policy is still valid, the payout amount is fixed
• Decreasing Term Insurance: This provides coverage which decreases with time. This is a type of policy used to cover for a particular debt for example, mortgage. The debt decreases as the coverage amount also increases. It is less expensive than the level term insurance.
2. Whole Life Insurance
Whole Life Insurance is a type of life insurance which offers coverage for the entire lifetime of the policyholder, as far as the premiums are paid. But unlike the term life insurance, this type of insurance offers a savings component. A part of the premium which is paid goes to building cash value, which can be used to pay for future premiums.
There are two types of whole life insurance policies offered here: guaranteed whole life and over 50’s life insurance.
• Guaranteed Whole Life Insurance: Here, a policyholder is provided with a fixed amount of coverage for his/her entire life. It is more expensive than term life insurance but its coverage is more comprehensive.
• Over 50’s life insurance: This provides coverage for people above the age of 50 who might be suffering from some health issue. It can also be for people over 50 who find it hard to obtain the traditional life insurance.
The acceptance of this type of policy is guaranteed because it has no medical underwriting. But the coverage amount of this type of policy is significantly lower than the other types of insurance policies.
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Offers provided by Churchill Life Insurance
There are two major outstanding offers from Churchill Life Insurance:
1. Living befit rider: This allows the policyholder the right to access a part of their death benefits, if they are being diagnosed with a terminal illness.
2. Survivorship life insurance policy: This provides coverage for two individuals and pays out the death benefit when they both have passed away.
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Benefits of working with Churchill Life Insurance
They offer amazing benefits to their customers such as:
1. Financial strength and stability: The Company has a solid financial rating from independent rating agencies as they have been in business for years. This in turn, provides peace of mind to the policyholders. This happens because they are sure that the company is financially strong and would be capable of fulfilling their obligations.
2. Affordable premiums: They offer competitive pricing on its policies and make it an affordable option for people to get.
3. Flexible coverage: They offer different policy options to meets the needs of each customer.
4. Easy application process: The online process of applying is very easy and quick and acceptance of the process is granted within minutes.
In addition to being a life insurance provider, they also offer other financial planning services like; estate planning, wealth management and retirement planning. This can help clients plan for their financial future and make better decision with regards to investment and savings.
Conclusion
Churchill Life Insurance is a financially stable and reputable insurance provider that offers life insurance to meet the need of their customers. The company is known to provide exceptional customer service and they have a team who help clients to find the right policy that would suit them. With their amazing offers, benefits and additional benefits; Churchill Life Insurance is an excellent choice for individuals who are looking out for their loved ones and who are planning for their financial future.
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