This type of life insurance policy provides a payout to your beneficiaries if you, the policy holder, were to pass away. This payout may be provided in monthly installments or as a lump sum depending on your preferences.
Since 1983 we have been involved in £11 million+ of claims to local people which has helped hundreds of people.
There are many terms such as Whole of Life, Level Term, Decreasing Term & Family Income Benefit. That’s why you should use an advisor to explain all and also how to PUT YOUR COVER IN TRUST.
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Questions you should consider
Do you have Life Insurance and is it set up correctly?
Who knows where the policy is kept safely?
Who would hold the money if you died?
Who was the money intended to help?
Have changes occurred since you set your plan up?
If your spouse died, do you know what steps to take?
Mortgage Life Insurance is often referred to as Decreasing Term Life Insurance, the amount you are covered for decreases over the period of the policy. This type of insurance is often used to cover a debt that reduces over time, such as a repayment mortgage.
In the event of the policyholder’s death, with this protection, your loved ones can pay off your outstanding mortgage.
Family Income Benefit
We normally suggest an income from a family Income benefit plan of around 70% of the income coming into the home each month. This means if you were to die then the most of your income would still come into the home.
If you have a family, a monthly income makes more sense when taking out life insurance, this would allow the survivor and your family the ability to continue to live and not worry about the monthly bills.
The cover can be designed to increase over the years as well to keep in line with the cost of living.
We know that most families are about 3-5 pay cheques away from trouble.
Do you have this in place?
You can safeguard your loved ones from financial hardship if you die or suffer from one of a list of illnesses. The money can be put towards funeral costs, payment of a mortgage, debts, or your family’s living expenses.
There’s usually no income or capital gains tax to pay on the proceeds of the policy.
The most common reason life insurance doesn’t payout is that the policyholder outlives their term life insurance policy.
Life insurance pays out either a lump sum or regular payments on your death, giving your dependants financial support after you’ve gone.
That depends on your specific needs, get in contact today for a free consultation and we will happily advise you on what you need.