Life Insurance in Manchester

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What is Life Insurance?

Life Insurance is a policy that you can put in place as a means of providing financial support to those you leave behind when you eventually pass away.


Life Insurance policies will either be paid out in the form of a lump sum, or the money stored will be released periodically over a set amount of time. This money is generally used as a means of covering mortgage payments, childcare costs or any other bills that are left by the policy owner.


In order to make the most out of your Life Insurance policy, you should always ask about setting up your own terms and conditions. One of our dedicated Protection Advisors in Manchester will be able to take at look at specific details with you and help you to find the most appropriate insurance deal for your personal and financial situation.


Do I Need Life Insurance in Manchester?

If you have had any worries about the financial responsibilities you are leaving behind when you pass away, it would definitely be beneficial to take a look at Life Insurance in Manchester. This will hopefully reduce those worries and leave you stress-free, knowing that should you still have outgoing payments at the point of passing, there won’t be as much of a burden on your family.



How does Life Insurance in Manchester work?

It will be entirely dependant on your personal circumstances and which policy you end up choosing. If you go for a more complicated policy, you will likely be paying more. Of course, if it is more simple, you will be paying less.


Your first Life Insurance quote will factor in things like your lifestyle, age and medical history. If you are younger and healthier, you will also probably be paying a lot less.


In the event that a claim has to be made, the cover can either be paid out all in one go as a lump sum, or periodically as a regular payment. This again, depends on the options the original policy holder decided to choose


When you take out the policy, it is entirely up to you how your insurance is used. As an example, you can set it out so that when you pass away, your mortgage debt is paid off. Once again, this is completely up to you.


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Different Types of Life Insurance in Manchester

There many different types of Life Insurance policy available for customers out there. As a Mortgage & Insurance Broker in Manchester, here are some of the most popular policies that we have come across:

Level Term Life Insurance

Level Term Life Insurance is an insurance type that is only covered for a fixed period, known as your ‘term’. It is up to you how long you would like your policy to last for, as you will only receive a payout if you pass away during it. Generally speaking, the term will last somewhere within the realm of 5-25 years.


You will usually find that a Level Term Insurance policy is taken out to run alongside their mortgage term. If the owner of the policy passes away during the term, the mortgage payments can be covered with a lump sum payout. This means that the family members who are left, or the other names tied to the mortgage, don’t have the financial burden of your payments.

Decreasing Term Life Insurance

Despite being a Life Insurance policy that doesn’t sound very useful, it’s the most popular one! This policy is aimed at those who have repayment mortgages – which is most homeowners these days. Similarly to Level Term Life Insurance, it can be used to help you to pay off your remaining mortgage balance in the event of you passing away.


The value of the policy tracks the outstanding balance that is left to pay on your mortgage. As the amount that is left to pay on your mortgage goes down, so does the sum insured. Get in touch with a member of our team to learn more about this specialist cover.

Increasing Term Life Insurance

This cover works conversely to how Decreasing Term Life Insurance works. The policy works in a way that means if you pass away during your fixed term, there will be a payout.


Increasing Term Life Insurance will go up by a set amount until your policy term is finished. This means that the amount of cover you have will keep on going up.


This type of Life Insurance can help to protect the policy against things like inflation rates and is typically in line with the retail price index.

Whole of Life Insurance

Whole of Life Insurance policy will not run alongside your mortgage. It also does not run for a set term. As it says on the tin, it will last for your entire life. Once you have passed away, your policy will pay out.


As you could possibly predict, this policy costs a lot more than the other Life Insurances policies. The reason for this is because it does not expire and you will always receive a pay out. People typically take it out as a means of protecting their family from debt or for inheritance purposes.


For this Insurance to be valid, you have to keep on paying per month.

Joint Life Insurance

If you happen to be in a relationship or married, a Joint Life Insurance policy will pay out if one of you were to pass away, covering the other. You do have the option of taking out two individual Life Insurance policies if that is preferable, however, it may work out a lot cheaper and beneficial for both parties to take out a Joint Life Insurance policy.


The difference here, is that is expires once it pays out. This means that if your partner passes away and you’ve been paid a lump sum, there won’t be another one paid out if you pass away too. Generally it is used to pay off a mortgage, therefore, another payout may not always be needed at that point.

Death in Service

This type of Life Insurance policy may be offered by your employer. Your employers are not required to offer you this kind of insurance, however, some will do this as a part of their employee benefits package.


Death in Service is typically paid by way of a lump sum to the employee’s family or someone that they choose for it to be paid out to. This sum can be as much as five times the annual salary of the employee in question.


The payout will not be anything to do with if the employee happens to die in the workplace.

Taking out Life Insurance as a Single Homeowner

As providers of Life Insurance Advice in Manchester, we would absolutely recommend if you are a single homeowner, you still consider taking out your own Life Insurance policy.


Even though you may be living on your own, it doesn’t mean you won’t benefit from a policy. Unfortunately, if you were to pass away without having a policy in place and you had mortgage payments still outgoing, your family members would be liable for them. If you had a policy in place, you could rest easy knowing that this will be covered.


Get in touch with a Mortgage Protection and Insurance Specialist in Manchester today. You’ll soon find out why enquiring about Life Insurance could be truly beneficial to you and your families future.

Our Insurance Advice Service in Manchester

We always want to ensure that our customers are well protected with a Life Insurance policy in place. This means that if you pass away, your family are safe in the knowledge that your payments will be covered with the payout of your policy.


A Life Insurance Advisor in Manchester will take a look at your personal and financial situation before they recommend you the best potential policy for you to take out. They will always remain open and honest with you, keeping you comfortable at all times. If you are unsure about anything during your Life Insurance process, your advisor will gladly discuss this with you.


We offer all of our customers a Free Insurance Review in Manchester. Get yourself booked in for a free insurance appointment, by using our contact form, booking feature or phone number, and we will see how we can help.

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