Life Insurance Advice in Manchester

What is mortgage life insurance?  

Life insurance helps protect those you love if you die before you paid off all your mortgage payments. It will provide them with a lump sum to pay the remaining balance and have one less financial strain in an already difficult time. 

Here Malcolm has compiled a video to talk to you about the significance of having the correct life insurance in place for your situation.   

Dedicated Protection Specialist  

If you are looking for life insurance advice in Manchester, please get in touch to speak to a Life Insurance Specialist in Manchester. We give all/existing customers a free, no-obligation protection review that can often be arranged on the same day.  

During this consultation, you’ll get teamed up with one of our Specialist Mortgage Protection Advisors in Manchester.  

They will look at any existing policies you have in place and assess their suitability, then recommend you with the best insurance policy that matches your circumstances and meets your monthly budget.   

Different types of insurance cover  

• Death in Service  
• Family Income Benefit 
• Joint Life Insurance  
• Term Assurance  
• The whole of Life Insurance 

Death in Service  

Many companies offer their employees family a lump sum payment if the staff member dies while the firm employs them; you have to be on the payroll at the time of death to qualify for a payment, and this cover will most likely end as soon as you leave the company. 

Family Income Benefit 

Family income benefit designed to help pay a regular income if you die. An alternative to level term insurance, family income benefit aims to replace lost income if the person insured dies. 

Joint Life Insurance  

Joint Mortgage Life Insurance is a type of Life Assurance designed to repay a mortgage loan should one partner pass away. It can be cheaper than paying the premiums on two separate policies, but bear in mind that joint policies only payout on the first death. After that, the cover ends.  

Term Assurance  

Term Assurance is life insurance where the sum assured under the policy only gets paid out if death occurs within a specified term so that in the event of death before the end of the mortgage, the capital balance outstanding can get repaid. 

The whole of Life Insurance 

The whole of life insurance is a policy that helps ensure your family get a payout when you pass. Unlike term life insurance, which has a policy end date, whole of life insurance only ends when you pass away.  

Is life insurance important when taking our mortgage?  

You don’t have to take out life insurance for a mortgage; it’s not a legal requirement. But some providers might want you to have a policy in place as a condition of their mortgage offer. 

Should I get critical illness cover with mortgage life insurance? 

If you fall ill and are unable to work, critical illness cover provides a lump-sum payment that can pay off your mortgage or pay towards it. 

If you’d like that extra security, critical illness insurance is available either as a policy addition or in combination with your existing mortgage life insurance policy.