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LIFE INSURANCE

 

There are three reasons people take out life insurance 

 

• Family

• Mortgage

• Business

 

Mortgage life insurance is normally used to repay a mortgage on the death of the mortgage holder for the benefit of their family, partner, or estate. The object of the policy is to provide peace of mind, protection and security for the surviving family. The lump Sum paid out can be used to repay the mortgage, debts or any outstanding loans .The surviving dependants can then choose to remain in the family home without the worry of having to struggle to repay bills on less income.


It is vitally important to arrange mortgage life insurance If the survivor as no income and children.


Mortgage life insurance is flexible enough to be tailored for either a repayment or interest only mortgage.


‘Level’ Life Insurance – provides a fixed amount of cover from day one to the last day of the term of the policy normally to coincide with the end of the mortgage. This type of policy is designed to protect an interest only mortgage because the loan amount does not go down.

 

‘level’ protection is now widely used for a ‘repayment mortgage’ and as the mortgage goes down you are increasing your family life insurance as the amount of life cover stays the same. This creates a surplus of cover in the later years of the mortgage which can provide additional benefit to the family. 

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‘Decreasing’ Life Insurance is the cheapest life insurance and most cost effective way of providing protection it provides a decreasing amount of cover which reduces over time like a repayment mortgage.

You can choose the rate that your policy decreases or have a guarantee that the life insurance will repay the outstanding mortgage balance. Not all Insurance companies provide this and some policies may not clear all of the remaining mortgage. 

Mortgage life insurance can be used as family protection just by increasing the amount of life insurance so the surplus would cover more than the outstanding mortgage balance.

There are many companies that require the same sort of life insurance protection as a family does for a mortgage. For “mortgage loan “protection think “business Loan” For “family protection” think partner. You can also protect your business against the death of a key person . 

 

We understand how important it is for you to protect yourself, your family and your home. With our experience and expertise, we can tailor a package for you to suit your needs and ultimately your budget.

We can advise you which cover is suitable and explain the benefits and extra options available so you can be sure you arrange the right type of policy.

If you would like to arrange a review of your protection needs, please contact us.