Insurance for you & your family...
We insure our homes, phones and holidays, but we often forget to insure ourselves!
There are several different types of life cover, designed to protect you and your family, and repay your mortgage in the event of your death.
We highly recommend that you take out a life assurance policy to cover your mortgage to ensure that, should the worst happen, the surviving partner can repay the outstanding mortgage to allow them and your dependants to maintain their lifestyle without financial burden. This will then mean that the property is debt free for your beneficiaries and/or dependants.
- Level Term Life
A level term life assurance policy means that the amount of cover you select remains at the same level throughout full term of the policy. This type of policy is often used to protect an interest only mortgage, where the balance of the mortgage does not reduce with each payment you make.
Some prefer this type of policy even if they have a repayment mortgage, because as the years go by and your mortgage balance is reducing, there is an ever increasing amount left to your beneficiaries after repaying the mortgage.
- Decreasing Term
A decreasing term life assurance policy will also pay out a cash sum in the event of your death; however the amount paid out will reduce over the term in line with a repayment mortgage, so that the amount paid out is always the same, or close to, the amount left outstanding on the mortgage.
This type of policy is usually cheaper than a level term policy.
- Terminal Illness
This is included in most insurance policies and will be paid out if the Life Assured is diagnosed as suffering from a terminal illness and is eligible to claim, for example when life expectancy is less than 12 months.
This doesn't apply to the last 18 months of the term of the plan.
- Critical Illness
A Critical Illness policy is designed to pay out a tax-free lump sum if you are diagnosed with a critical illness, for example a heart attack, a stroke or cancer. Many other illnesses are also covered, depending on the policy.
The funds are paid out on confirmation of the diagnosis, directly to you, and may be used as you wish-whether that's to pay off your mortgage, pay for medical treatment, or make alterations to your home that you may need due to your medical condition.
The quality of the policy you take out with Critical illness is key. Whilst some policies are cheaper than others, they may not cover you for certain illnesses that other more expensive policies do.
How can we help?
Discussing your insurance requirements can be a very personal matter. That's why we believe in providing you with your own dedicated and experienced consultant to guide you through the process from start to finish.
They will take the time to fully understand your needs before presenting you with comprehensive advice derived from the most competitive insurance providers in the market.
They will also complete all of the necessary paperwork on your behalf, ensuring that you understand everything at each step of the process.