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Home / - The Legal principles of Life Assurance
Life assurance is subject to the general principles of English law but also has some of its own special laws. A life policy is a contract between the insurer and the life assured, and the formation of that contract is subject to the normal requirements of the law of contract for it to be valid. There are five requirements, all of which must be complied with, for a life assurance contract to be legally binding. They are:
- Offer and acceptance
- Consideration
- Capacity to contract
- Legality of object
- Consensus Ad Idem.
Click below to learn more about the legal principles under the headings.
Offer and Acceptance
Consideration
Capacity to Contract
Legality of Object
Consensus of Ad Idem
Duty of Disclosure
Proof of Death
Suicide Clause
Unlawful Acts
Simultaneous Deaths on Joint Life Insurance Plans
Consideration
Capacity to Contract
Legality of Object
Consensus of Ad Idem
Duty of Disclosure
Proof of Death
Suicide Clause
Unlawful Acts
Simultaneous Deaths on Joint Life Insurance Plans
Dying Without a Will in England
Dying Without a Will in Scotland
Dying Without a Will in Northern Ireland
Your Will Can Be Changed After You Die
Trusts
Access to Medical Reports Act 1988
Inheritance Tax (IHT)
Will Jargon is Explained
NEWS
Cancer survivors increasing
14 July 2008 16:47:13
Those with life insurance policies will be glad to know that an increasing number of people in the UK are surviving cancer.
There are currently two million cancer survivors in the UK but according to Macmillan Cancer Support, which commissioned the research, the figures illustrate the need for more after-care.
Ciaran Devane chief executive of the charity explained the importance of understanding the research findings.
He said: "It is great news that more people are living after a cancer diagnosis but it must be recognised that care and support cannot stop when initial medical treatment ends."
Survivors get help from Macmillan Cancer Support to deal with the emotional and financial impact left by cancer and the charity has said that the NHS and government has to recognise their part in helping those affected by the disease.
Whilst the number of survivors is on the increase, so too is the number of people contracting the disease and by not offering help to these people now, McMillan believe the government is creating a 'ticking time bomb'.
UK life insurance provides protection for those affected by cancer.
Be diligent with income protection
13 August 2007 17:11:36
Though income protection insurance can be ideal for some consumers, others should assess whether it suits their needs, according to financial commentators.
Norwest Consultants have advised that potential customers scour the market for the deal that covers their specific protection requirements.
Harry Katz, principal of the firm, explained that other types of insurance might provide more fitting protection for some UK consumers and that finding the best cover is "not just a matter of looking at the price".
"What you do not want is to discover that you're ill for six months and it's only going to pay you for one or two or three," he said.
Discussing sickness insurance, he added: "Some of the sickness benefits now do pay out longer term and they are, in some circumstances, just as good as income protection."
Regulated by the Financial Services Authority, Norwest Consultants was established in 1990.
HRT may slow Alzheimer's progression
25 March 2008 13:35:14
A new study has suggested that hormone replacement therapy could help arrest the progression of Alzheimer's disease.
Women are more prone to Alzheimer's and other forms of dementia in old age, and a team led by Michael Craig, has been investigating the possibility of a link between cognitive decline and female hormones.
The research contends that the female hormone oestrogen has a protective effect on the brain, preventing the development of beta-amyloid plaques and that the risk of dementia rises after the menopause - something which could affect life insurance in future.
Dr Craig told the Times: "There is growing evidence to support a theory that there is a critical window when you hit the menopause.
"If you have HRT at the time of menopause, it may confer significant protection, but if you don't start it until ten years afterwards the damage may be done."
A 2002 study by the Women’s Health Initiative in the USA rejected the benefits of hormone replacement therapy.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, and critical illnesslife insurance policies online.
14 July 2008 16:47:13
Those with life insurance policies will be glad to know that an increasing number of people in the UK are surviving cancer.
There are currently two million cancer survivors in the UK but according to Macmillan Cancer Support, which commissioned the research, the figures illustrate the need for more after-care.
Ciaran Devane chief executive of the charity explained the importance of understanding the research findings.
He said: "It is great news that more people are living after a cancer diagnosis but it must be recognised that care and support cannot stop when initial medical treatment ends."
Survivors get help from Macmillan Cancer Support to deal with the emotional and financial impact left by cancer and the charity has said that the NHS and government has to recognise their part in helping those affected by the disease.
Whilst the number of survivors is on the increase, so too is the number of people contracting the disease and by not offering help to these people now, McMillan believe the government is creating a 'ticking time bomb'.
UK life insurance provides protection for those affected by cancer.
13 August 2007 17:11:36
Though income protection insurance can be ideal for some consumers, others should assess whether it suits their needs, according to financial commentators.
Norwest Consultants have advised that potential customers scour the market for the deal that covers their specific protection requirements.
Harry Katz, principal of the firm, explained that other types of insurance might provide more fitting protection for some UK consumers and that finding the best cover is "not just a matter of looking at the price".
"What you do not want is to discover that you're ill for six months and it's only going to pay you for one or two or three," he said.
Discussing sickness insurance, he added: "Some of the sickness benefits now do pay out longer term and they are, in some circumstances, just as good as income protection."
Regulated by the Financial Services Authority, Norwest Consultants was established in 1990.
25 March 2008 13:35:14
A new study has suggested that hormone replacement therapy could help arrest the progression of Alzheimer's disease.
Women are more prone to Alzheimer's and other forms of dementia in old age, and a team led by Michael Craig, has been investigating the possibility of a link between cognitive decline and female hormones.
The research contends that the female hormone oestrogen has a protective effect on the brain, preventing the development of beta-amyloid plaques and that the risk of dementia rises after the menopause - something which could affect life insurance in future.
Dr Craig told the Times: "There is growing evidence to support a theory that there is a critical window when you hit the menopause.
"If you have HRT at the time of menopause, it may confer significant protection, but if you don't start it until ten years afterwards the damage may be done."
A 2002 study by the Women’s Health Initiative in the USA rejected the benefits of hormone replacement therapy.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, and critical illnesslife insurance policies online.