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Revilo Finance FAQ’S

Everything you need to know about
Life & Critical Illness & Mortgages

Life & Critical Illness

What is life insurance?

Life insurance is a way of ensuring that your loved ones are taken care of financially if you were no longer around, providing peace of mind. If you pass away within the policy term, your family/dependents will benefit from a lump sum pay out from the insurer, as specified by your policy or trust document.

How does Revilo advise their clients?

We have a non-advised section on our website, for clients that wish to obtain cover in an evening and understand the level of cover they want and need, however all clients that speak to one of our team either over the phone, email or face to face appointment will be on an advised basis.

What fees do Revilo charge?

None! We never charge any fees or admin charges to our customers. We get paid by the insurers on a commission basis when you sign up for a life insurance policy and we hope that after seeing what a good job we have done for you that the best testimonial is a referral to a family member or friend that may also need our services.

Is life assurance the same as life insurance?

Officially no. However, the terms ‘assurance’ and ‘insurance, ‘are commonly used to mean the same thing. Life assurance provides a payment when you die, no matter when that is. Whole of life cover is an example of life assurance because a pay-out is assured. Life insurance only pays out upon the death of the policyholder within the policy term. Level term cover would be an example of life insurance. In summary, you insure something that could happen, while you assure something that will happen.

What is a level term insurance?

Level term is a type of life insurance which covers you for a fixed period, (or term). The amount you are insured for remains the same throughout the policy. Usually, your premiums payments remain fixed too, if you choose a guaranteed premium. Regardless of whether you pass away in the 1st year or the 30th year of the policy (if the term has not elapsed), the pay out your family receive will be the same.

What is a decreasing term insurance?

Decreasing term is a type of life insurance which covers you for a fixed period, (or term). However, unlike with level term, here the pay-out amount on your policy reduces over time. This type of policy is usually taken out to cover a repayment mortgage in the event of one or both passing away. As the amount owed on the mortgage decreases over time, so does the sum assured on the insurance policy. These policies tend to be more affordable as a result.

What is meant by Critical Illness cover?

Critical illness is generally an optional add-on to a term-based life insurance policy. the critical illness element pays out if you become seriously ill with a condition covered by your policy. You will pay a monthly premium which is typically more expensive that Life Insurance due to the claim’s history being higher than life insurance. The policy pays out if you are diagnosed with one of the critical illnesses defined in the policy details. The pay-out can be used for income replacement from being unable to work, to provide private healthcare, adapt your home if you become disabled.

Would a joint policy pay out twice?

No. A joint policy covers both parties, but only until one person dies. If you both die at the same time, the policy will still only pay out once. After one person dies the policy expires and the remaining partner becomes uninsured, you can opt to have a joint policy pay out on a joint first death or joint second death dependant on when you wish to receive a pay-out based off your circumstances.

If I become ill would I still need to pay my premiums?

If you stop paying your premiums, even if you become ill or lose your job, your policy will be cancelled, and cover will cease. However, if you want to protect yourself against situations like this, you may consider taking out a waiver of premium on your policy.

How many policies can I take out?

You are allowed as many life insurance policies as you wish and can take out additional cover as and when needed throughout your lifetime. If you wish to have a high level of insurance, you may need to prove a need for this cover through a financial questionnaire, this is to ensure you are not over insuring.

What would stop a policy paying out?

The main reason that an insurer will refuse to pay out on your policy is if they think you have not disclosed something important, (‘non-disclosure’).  This could be to do with your occupation, your hobbies, or medical disclosures such as whether you smoke or not?

Can you get a policy with pre-existing medical conditions?

Yes. Even if you have suffered a heart attack, stroke or cancer it is still possible to secure life insurance cover. However, you are likely to pay higher monthly premiums to mitigate the risk you pose or have an exclusion applied for a certain illness or condition.

Mortgages

What fees do Revilo Mortgages charge?

There are NO broker fees charged for main residence mortgages.  However, there could be a broker fee payable of up to £495 for some investment mortgages (including Buy to Let purchases and re-mortgages), depending on your requirements and circumstances. 

What is a mortgage broker?

Mortgage brokers are specialist mortgage providers who will look for a suitable mortgage product on a client’s behalf to ensure they get the best possible deal.

What different types of mortgages are there?

There are two main types of mortgages; Fixed Rate Mortgage and Variable Rate Mortgage. A Fixed Rate Mortgage means that your interest amount is fixed for a period of time (usually two to five years) therefore your monthly repayments don’t change. A Variable Rate Mortgage means the amount of interest you pay can change, and therefore so do your repayments.

If I have bad credit can I still get a mortgage?

This will not prevent you from getting a mortgage. There are a number of lenders that we work closely with who are more favourable to clients who have previously had trouble sourcing finance.

What if I wanted to rent out my property?

In the first instance you should seek permission from your Mortgage Lender. Your lender may increase the interest rate to reflect the change in risk. A mortgage adviser can provide you with advice on your mortgage and insurance options. Remember that you may also need to change the type of building insurance you hold on the property to ensure it is appropriate for this purpose.

What is a Re-mortgage?

This is just swapping the mortgage you have on your current property for another mortgage with a different lender on a different rate of interest. You may consider this option if your existing mortgage deal has expired and you wanted to see if a more competitive deal was available.

What is conveyancing?

Conveyancing refers to the legal work completed by the solicitor or conveyancer you choose when buying or selling a property. It’s important to have either a conveyancer or a solicitor already lined up because as a buyer or a seller, you will need this in place to start and complete your transaction.

How would I choose the most suitable mortgage for me?

Different mortgage schemes will cater for different needs. To establish what is suitable for you it is important to take into account your current circumstances as well as your priorities and long-term plans. We recommend speaking to a mortgage adviser as soon as possible as they will be able to guide you.

Do I need insurances with my mortgage?

Your mortgage lender will insist buildings insurance is in place as you move into your new home. Home insurance combines buildings and contents insurance to cover your most valuable assets. We would recommend that when you take out a large debt, you should also consider protecting it against the unthinkable like death, injury or long-term illness. Revilo can assist you with all your protection needs.

Can using a comparison site do the same job for me?

The basic search engines can be useful for completing some initial self-research, but they can never be as sophisticated as the specialist whole of market search engines designed and used by brokers. They also do not show the many exclusive mortgage offers negotiated by brokers with top High Street lenders offering lower mortgage rates than are generally available to the public directly.

Am I protected against bad advice?

Yes, Revilo Financial holds professional indemnity insurance which means that you are indemnified against any bad advice received once agreed through the necessary channels.

What if my mortgage term goes beyond my retirement age?

You should consider whether you will have enough income to continue to pay your mortgage. If not, you will need to consider reducing the mortgage term to match your intended retirement.

These are questions commonly asked by our customers. If you have any questions please don't hesitate to call.
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