How would your family survive if the worst happened and you died tomorrow?
It’s a tough question, but it’s a good question to ask when you are taking out a large debt against your home. Often, people leave it too late to ensure that their home and family would be protected against the risk of death, and can leave more than just emotional pain behind.
Life insurance generally pays out a cash lump sum if you die within the term of the policy. Cover is usually on a level or decreasing basis.
Level Term Assurance
This cover will ensure that the cover you take out remains the same throughout the term of the policy, so you know exactly what you will get upon a successful claim.
Decreasing Term Assurance
Often referred to as Mortgage Protection, as this will decrease over the term in line with a repayment mortgage. This will reflect the outstanding balance on your mortgage to ensure the debt can be paid off upon a successful claim.
Family Income Benefit
Pays out a monthly income rather than a lump sum. Can be used for replacing a lost salary or paying for ongoing costs such as childcare, school fees and general household outgoings.
It’s our professional responsibility to ensure that your home and family are protected and that you are aware of the risks involved with taking on a mortgage. We can discuss and help assess your circumstances with you to discover if Life Assurance is relevant for you and what level of cover would be most appropriate.
Please contact us to discuss your Life Insurance requirements