The Importance of taking out Life Insurance in Leeds
Life insurance gets designed to pay out, usually in a lump sum, in the event of death. Regarding your mortgage, the sum assured should be enough to pay off your outstanding balance, here is where our Protection Specialist Advisors in Leeds can guide you. Here is some information about the most popular types:
- Whole of Life Insurance
- Term Assurance
- Family Income Benefit
- Joint Life Insurance
- Death in Service
The whole of Life Insurance
The whole of life insurance does not have an end date; therefore, providing premiums is being met the policy will payout. This type of insurance is used for family protection and as part of inheritance tax planning.
Term Assurance
Term assurance is the most popular type of family insurance used to cover a mortgage. Our Protection Specialist Advisors in Leeds will recommend the sum assured and term of the policy, usually to run in line with your new mortgage. The providing that all premiums are maintained, the sum assured will be paid out if you were to die during the term.
There are various types of Term Assurance available, such as decreasing and increasing cover. As part of our protection review, the most suitable policy for your needs will be recommended when we provide you with relevant Mortgage Advice in Leeds tailored to your situation.
Family Income Benefit
This is another version of Term Assurance, where instead of the sum assured is paid as a lump sum on death, gets paid as an agreed monthly payment. It’s very good for families looking to insure an income. A good Mortgage Protection Specialist Advisor in Leeds will usually recommend a mixture of insurance types tailor-made to match your personal and family requirements.
Joint Life Insurance
If you are part of a couple, you could consider taking out a single life policy that will payout in the event of one of you dying. It can be cheaper than paying the premiums on two separate policies but bear in mind that joint policies only payout on the first death, after that the cover ends.
If you had two separate policies, the second policy would remain in force even after a claim got made on the first, and this is where our Protection Specialist Advisors in Leeds can offer guidance.
Death in Service
Many companies offer their employees family a lump sum payment if the staff member dies while the firm employs them, this doesn’t mean the death has to be at the workplace or any way related to the job. The cover will most likely end as soon as you leave the company.
Our Insurance Advice Service
It’s very important to us that all our customers are given an equal opportunity to take insurance out through ourselves when they approach our Mortgage Broker in Leeds. We offer all our customers a free, no-obligation protection review where we’ll look at any existing policies you have in place and assess their suitability.
Our Protection Specialist Advisors in Leeds will then recommend which products, including critical illness and income protection, meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.
- Critical Illness Insurance Advice in Leeds
- Mortgage Protection Insurance Explained in Leeds
- Income Protection Insurance Advice in Leeds
Date Last Edited: October 28, 2024
