Mortgage Protection & Life Assurance “Providing a financial safety net for your loved ones”
Mortgage protection is a life insurance policy designed to pay off your mortgage debt if you die during the term of the policy, and it runs for the same length of time as your mortgage. If you die, your insurance company pays the policy benefit directly to your mortgage lender. Your lender uses the amount needed to pay off the mortgage and, if there is any left over, they will pass it to your estate. You can change insurer during the term of your mortgage so you can make sure that you are always receiving the best value.
As a Financial Broker, we have access to all the life insurance companies which allows us to find you the lowest quote on the market. Significant savings can be made if, for example:
- If you are a non-smoker for more than 12 months or using e-cigarettes
- You obtained cover directly with your mortgage lender or bank
- You have not reviewed your policy in the last 3 years
- Indexation – helps maintain your life cover benefit to match inflation.
- Conversion Option – allows you to extend your life cover without additional medical evidence. This effectively gives the option of taking out another life assurance policy with no reference to health at that time.
Policies can be arranged on:
- a single life basis, i.e. insuring the life of one person
- a joint life basis, i.e. insuring the names of the persons on the policy which will only pay out in the event of one death
- a dual life basis, which will pay out on the first death and also on the death of the second life on the same policy.
Pension Term Assurance
This type of cover is available to the self employed, or employees who are not members of an occupational pension scheme. The major attraction of pension term assurance is tax relief. If you are eligible, through tax relief, this cover will cost you up to 40% less than a regular term assurance plan.
Whole of Life Policy
A Whole of Life policy can provide cover to last throughout your life. Unlike term assurance cover, a whole of life policy will not cease to provide cover at a specified age but will continue until death. There are a number of different options available to suit different needs which one of our financial brokers would be happy to discuss with you.