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Here to Protect You and Your Business

Personal Life Insurance2018-10-29T13:19:25+00:00

Personal Life Insurance

Life insurance or Life Cover Insurance is a pre-agreed cash lump sum which is paid to your family or someone else who you nominate if you were to die. The amount is decided by your needs and should cover your family’s needs if you died, you may want the mortgage paid off, clearing all debts and even leaving your family a lump sum so they wouldn’t suffer financially during such a bad time.

Who can avail a Life Cover Insurance?

It is available, depending on the insurer to anyone age 17 and over to 75 usually, as the final entry age, although you can take insurance out to age 90, this is called a term insurance as it has a set time period or term, but there is Whole of Life now, which never ends until you die.

What is a Level Term Insurance?

Term insurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term insurance is significantly less expensive than the whole of life and the prices can be fixed for the whole term or index-linked to raise with, depending on the insurer, RPI, Inflation or a set %.

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How Does Mortgage Life Insurance Work?

If you have taken out a mortgage or Joint mortgage with your partner, husband or wife, it is advised you get life insurance to pay the mortgage off if one of you died. The amount typically decreases, like a repayment mortgage, so is cheaper than the level term above, as if you died in 15 year time you would, hopefully, have paid off a large chunk of the mortgage, therefore the insurers would pay out less.

There is also an advance payment if you are diagnosed with a terminal illness, free of charge, where if you are told you have a year or less to live this pays out. (Some insurers won’t pay this in the final year of a term policy.)

How much does this typically cost?

An example is £2.46 per week or £10.65 per month for £250k cover for life with a term of 30 years, based on a 30 year old, healthy, non-smoker*

*Figures correct with the best priced insurer as of October 2018 

Plans can be cancelled at any time without penalty within the chosen plan term.