Life Assurance

life insurance nottinghamInsuring your life is all about peace of mind: mortgage life cover ensures that, in the event of your death during the mortgage term, your mortgage will be covered with a tax free lump sum.

Life cover is not only for mortgage owners, many of our clients that live in rented property have life cover as they too have bills & debts to pay, should the main bread winner die. Average funeral cost today is £3,500

Likewise save your dependents or partner from having to pay off your debt, which could mean selling your house to cover the mortgage.

Life cover can be taken on a decreasing or level basis, to cover repayment mortgages or interest only mortgages respectively. A decreasing life policy will decrease as your mortgage is gradually repaid, and should always cover the outstanding balance as long as your mortgage rate does not increase above a designated limit, often 10%.
Generally decreasing policies are less expensive.

A level life cover is designed to pay out the same amount throughout the term of the policy
In a family situation most look at a level life as the remaining partner might have to give up work, for example to look after children, so couples usually take out enough cover to pay off the mortgage in full, and have some money left over.

It is important to remember that your mortgage is likely to be the biggest financial commitment you ever make, so you should carefully consider which kind of cover you need. Contact us today and we will explain in detail all the benefits of life cover and show how much it would cost with different insurers, so that you can make an informed decision as to what level of cover best suits your situation.

Term Life cover is what it is, you pay a monthly premium, over a number of years (the term) for an agreed death sum, should you die BEFORE the end of term the insurance company pays out. Should you live longer than the term then your cover stop’s and you receive nothing; Like car insurance, you pay each year, never making a claim, but very grateful when you need it.

* E.g: Female 37 Non Smoker, Normal health, 25 year decreasing life, Cover start amount £150,000, will pay a fixed (£ 9.93 month never increasing)

* E.g: Joint Life 1st.Death : Female 37 Non Smoker, Male 50 Non Smoker Both normal health, 20 year decreasing life, Cover start amount £150,000, will pay fixed (£33.55 month never increasing) ** Both quoted 18/01/2006

We as impartial introducing brokers, dealing with the top UK insurance providers, to help find you the quote you are happy with considering your situation and individual preferences.