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Life Insurance Advice in Leeds

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Life Insurance Advice in Leeds

Life's unexpected; be prepared. With a multitude of life insurance products, we'll ensure you find a policy that ensures peace of mind for your loved ones.

Free Life Insurance Advice

How does life insurance in Leeds work?

There are many different options when it comes to Life Insurance in Leeds, so it is crucial important to take out the right one for your personal circumstances. On this page you will find a selection of information that will hopefully help you to decide on the right insurance policy.

You can also book yourself in for a free insurance review with one of our protection and mortgage advisors in Leeds.

It’s not always about the type of policy that you choose, it’s also the terms that are included with your policy. You have to bear in mind the amount that it can pay out, how long the cover will be able to last for and anyone you want to take it out with.

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Life Insurance Advice in Leeds

How does life insurance work in Leeds?

If you have taken out Life Insurance in Leeds, when you die, your chosen family member or friend named on your policy will be paid out a lump sum by the insurance company.

When a claim is made, Life Insurance in Leeds can either make regular payments, or be paid out entirely as a lump sum. How the claim is released, is decided by the policy holder when the policy is taken out. This also affects how much is paid out.

Life Insurance is there to provide a financial helping hand to family members and loved ones, replacing any lost income or being used to pay off any outstanding debts that are in the name of the policy holder, such as a mortgage.

Once you take out a Life Insurance policy, you have the ability to choose exactly what is paid out, when and what for. You can get very specific with it too. Perhaps you want the payout to be used to cover outstanding car payments you have, or maybe it’s to go towards a loved ones student finances. It really is up to you, as you are the policy holder.

Do I need life insurance in Leeds?

Anyone eligible and concerned with what is financially left behind after they pass away may want to consider Life Insurance. Taking out cover is not a compulsory action for your mortgage, or at all.

That being said, if you are living with a partner or friend, you will likely not wish to leave them struggling with your leftover finances. This is one of the many circumstances where Life Insurance in Leeds could be essential to you. Speak with a mortgage broker in Leeds like ourselves to help assess your current situation and work with you to find the most appropriate insurance product for your needs.

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Life Insurance FAQs

Why is life insurance in Leeds important for major life milestones like buying a home, starting a family, or getting married?

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Life insurance is highly recommended for significant life events such as purchasing a home, beginning a family, or entering into marriage. It becomes essential as a protective measure to ensure that your loved ones are safeguarded from potential financial burdens in the event of unforeseen circumstances.

How does the cost of life insurance in Leeds vary based on personal circumstances and policy complexity?

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The cost of life insurance depends on your individual circumstances and the type of policy you select. Generally, more complex and specific policies tend to be more expensive. However, if you are younger and in good health, the associated costs should not be excessively high.

What factors are considered when determining the initial life insurance quote, and how can the payout be structured?

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Your initial life insurance quote takes into account factors like your lifestyle, age, and medical history. When it comes to the payout structure, you can choose either a lump sum payment or regular installments in the event of a claim. Additionally, you have the flexibility to specify the purpose of the payout, such as using it to repay debts like your mortgage.

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Our Simple Step by Step Process

Free 30-Minute Insurance Review

Step 1

During your free insurance review, we will delve into your history and gather pertinent details to create a customised plan that aligns with your financial resources.

We Will Search Through Different Insurance Products

Step 2

With our team, they can search through an extensive array of insurance products, identifying the one that best caters to your distinct requirements and financial circumstances.

Submit Your Insurance Application

Step 3

Once you are content with the product we have recommended, we will proceed with submitting your application to the provider. In certain instances, the policy provider may necessitate supplementary information prior to accepting the application.

Protecting You and Your Family

Step 4

As your circumstances evolve, the policies you initially acquired when you obtained your mortgage may no longer be optimal for your situation, which is why we can make sure your policies are always up to date.

Reasons to Choose us

Free Protection Review

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We want to ensure that the policies you have set up are the right ones, and will allow you to set up your family in the best way, ahead of when your eventual death. Taking Life Insurance in Leeds financial certainty to you and you family, reducing stress levels in a time of their lives that will already be difficult as it is.

1000's of Deals

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If you are exploring your options for Protection Advice in Leeds, look no further than Leedsmoneyman. We know that protection and mortgage advice in Leeds, no matter what policy you have in place, will benefit you and your future massively. We are here to help you find the right one for you and your future.

Our Service

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We always want to ensure that our customers are well protected with a Life Insurance policy in place. This means that if you pass away, your family are safe in the knowledge that your payments will be covered with the payout of your policy.

7 Days a Week

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To learn more about Life Insurance in Leeds, get in touch to book your free insurance review. We will go over the different policies that are available to you and outline the benefits to you and your family’s personal and financial circumstances.

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Different Types of Life Insurance in Leeds

Level Term Life Insurance

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If you decide to take out Level Term Life Insurance, there will still be a payout, however, it will only be released if you die during your policies fixed ‘term’. These types of policy tend the last anywhere between 5-25 years, in 5-year increments.

Term Life Insurance is usually used by homeowners to pay off their mortgage, keeping their terms in line with each other. If they have a 25 year mortgage, their Term Life Insurance will follow. This means that if you were to die whilst owing an outstanding mortgage amount, your policy will cover those payments, rather than it falling to remaining family members.

Decreasing Term Life Insurance

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As an open & honest Insurance Broker in Leeds, this is possibly the most popular type of Life Insurance policy we encounter.

Your initial line of thought may be “why would you take out a policy that is going to decrease in value?”. This policy is actually more targeted at homeowners with repayment mortgages, which is the majority of people with a mortgage. This policy typically is able to pay off your mortgage balance if you don’t manage to do so once you die.

The policy will actually mirror the value of the outstanding mortgage balance. As your mortgage balance decreases, so too will the sum insured.

Depending on your personal circumstances, decreasing Life Insurance will generally be taken out with other Insurance products. It is because of this that we will always recommend speaking to a Mortgage & Protection Specialist in Leeds, as we can help to advise on the right insurance route for you to take.

Increasing Term Life Insurance

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This type of Life Insurance policy will still payout if you die within your fixed term. It works in the opposite way to Decreasing Term Life Policy.

The difference with Increasing Term Life Insurance is that the amount that you are covered for increases as your term goes on. It will increase by a fixed amount until your policy term ends.

This type of Life Insurance was introduced to protect the policy’s total value against inflation and is usually in line with the retail price index.

Whole of Life Insurance

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During our time as both a Mortgage & Insurance Broker in Leeds, we’ve learnt that the Whole of Life Insurance policy is not always the go-to for people looking at insurance, though it is still viable and may just be the perfect policy for you to take out.

The Whole of Life policy works just like the name suggests; It will last for your whole life. When you die, a payout will be made from your policy. Whole of Life Insurance will be quite a bit more costly than Level Term Life Insurance, though it isn’t a fixed term; you’re covered for your whole life.

If you have been able to keep up your life insurance payments, your policy will last your whole life. We find that the uses for this type of insurance tend to be for family protection or a part of inheritance tax planning.

Joint Life Insurance

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If you are in a married or cohabiting with someone, you may possibly consider a Joint Life Insurance policy. This type of policy will pay out if either of you die. It is still possible to have two separate Life Insurance policies if you so desire, though a Joint Life Insurance policy will generally be more cost-effective than two individual ones.

The policy will only pay out if one of you dies, and then it will end, not carrying on to cove the remaining person. This may seem like a point against this type of policy, but it comes in very handy if you took out a mortgage with your other half, and they’re potentially going to be left with the remaining payments.

Death in Service

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This type of Life Insurance cover, depending on your career of choice, may be offered to you by your employer. The company you work for is under no obligation to provide Death in Service cover, though for those who do, it may be offered as a part of their employee benefits package.

Death in Service tends to be a lump sum payment in cash, that is paid out to an employee’s family or somebody of their choice if they happen to die. This sum, depending on employer, can be up to 5 times their annual salary. There are no restrictions on what can be done with the employees money.

The payout is completely unrelated to if an employee dies in the workplace.

Taking out Life Insurance as a Single Homeowner

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Even if you are a single homeowner, you definitely shouldn’t just disregard all Life Insurance options.

If you have moved into a new home and are currently living by yourself, without any children or a partner, you may actually just forget about Life Insurance. It’s quite common to do so. There are some who also choose to ignore it, as it may not apply to their circumstances at all.

It is important to future proof yourself though. What if your circumstances were to change and then you were to die? That Life Insurance policy could be essential to protecting your future.

Get in touch with a Mortgage Protection and Insurance Specialist in Leeds to learn more about why having Life Insurance as a single homeowner could benefit you.

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