Mortgage and Life Protection

Level Term Insurance: It pays out a LEVEL amount to your dependents
if you die During the FIXED TERM.

Level Term means. This is the Amount of insurance you have taken out lets say
£200,000 which stays the same amount for the set period you have chose lets say
20 years : so if you die during this period £200,000 would be paid out
GUARANTEED. This type of cover can be used for a specific amount for a
specific term of years as an example until your children are old enough
that they are no longer dependent i.e 21 years of age or it can be used in
conjunction with a repayment mortgage plan which would pay out a
surplus amount to the survivor,  if for instance one died in 10 years of a
20 year mortgage, because you have been paying on a repayment plan
meaning you have been paying your mortgage interest as well as reducing
the capital element as well, this would leave a surplus amount payable as
well as clearing your mortgage for the survivor.

 

Decreasing Term means: Exactly the same as above £200,000 over 20 years,
But this type of cover reduces each year so if you died in 5 years time your next
of kin would NOT receive £200,000 but a reduced amount. This type of cover
is normally the cheapest and is commonly used with a repayment mortgage.

Some Tips below.

Make sure it is affordable. If there is two of you, sometimes it is better to have one
policy each than having a Joint policy (although you incur a policy fee on each policy)
the reason being is : if one of you dies then the policy pays out and the surviving
person still has their own policy in force where as if was in joint names the policy
would no longer be in force due to the first death, so you would have to take fresh
cover out which might be expensive due to age and any medical conditions, So make
sure you get quotes on Joint and Single policies. Make sure you inform them of your
medical history,  Don’t leave to chance as this could invalidate your cover. You should always consider writing the policy in trust.
To obtain your 30 second quote, just click on either of the links below. 

Get QuoteMortgage Cover
Life Cover

If you have a policy already running and you were classed as a smoker
when you started the policy and are now a non smoker ( stopped smoking for at least 1 year then you should be able to obtain a reduction in your monthly premium.)pixelstats trackingpixel