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What is Life Insurance ?
Life cover can be a valuable asset to have if you have a mortgage or just want to provide a lump sum for your family to cover the costs of living should the worst happen. This acts as a financial safety net for when you may need it the most.
Types of Life Insurance
Level Term Cover
Covers you for a specific amount over a specific term based on your needs and circumstances. Cover value and premiums stay the same throughout the plan unless you decide to apply indexation to the cover.
Decreasing Term Cover
Covers you for a specific amount and term based on your current repayment mortgage and remaining term. The cover amount will decrease monthly based upon your remaining mortgage.
Types of Life Cover
Example of how
Life Insurance can
protect your family
Tim suffered a stroke at age 47 and sadly passed away a less than a year later. He had taken out a life insurance policy a few years prior for £500,000.
His wife Lisa was a housewife and was dependent on her husband’s income. She made a claim and was able to pay off the outstanding mortgage of £200,000 and used the surplus of £300,000 was used to give her some financial security.
Things to Consider
Life cover will only pay out on the diagnosis of a terminal illness or on your death within the term to your beneficiaries.
This will not pay out on a critical illness such as a heart attack, stroke or cancer, or the loss of income due to an illness or injury.
Unique to other types of insurance in the market, Life Insurance can be taken out for the rest of your life depending on your budget and requirements. This is known as Whole of Life Cover.
How it Works
A chance to meet the team to discuss your financial needs and goals
We carry out full market analysis to get you the best terms available
We will present the most suitable course of action to meet your objectives
We apply for your covers to ensure you are fully protected
We regularly review your cover to ensure it is still competitive
Why Re-mortgage my house?When you agree to a mortgage deal, you get an initial rate or introductory rate. However, this initial rate will come to an end – whether that’s in 2, 5,10 years’ time, when that happens, you’ll move on to your lenders Standard Variable Rate (SVR). Re-mortgaging will allow you get the best rates again.
Can I get a mortgage?This will depend on your individual circumstances and finances. We will work with you to find the best rates and offers to help meet your mortgage objectives and goals.
How much deposit do I need?There are now some lenders offering 5% mortgages, however there will be some criteria to be met. Once we know your circumstances and what type of mortgage you require, we can let you know the amount of deposit you will require.
Can I get a mortgage as self-employed or as a contractor?In a short answer, yes. It will depend on how you are operating (sole trader, limited company, contractor) and some lenders may require 2 to 3 years’ of accounts. We will guide you through the whole process and look at your personal situation to find the right lender for you.
Other types of cover
Why Use Us?
We provide free bespoke non-obligation quotes
Whole of Market
We use all the providers in the market
We give independent and unbiased advice
We put your policy in trust
Speak to one of our Life Insurance specialists
Leave your details below and one of our advisers will be in touch to discuss your next life insurance policy and book you in for a detailed consultation.
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