Protecting you and your family...
What is Life Insurance?
Life insurance is where you take out an insurance policy against your life, with a view to it paying out a lump sum, upon your death, with monies going to your family or repay debts. This is usually loved ones such as your life partner to help them to be financially secure in your absence.
Policies are usually paid monthly for the term of the policy or the full term of your life – depending on what type of Life Insurance you go for.
The concept of life insurance is to free your family (as far as is possible) from any debt / loans you might leave behind and to make your family as long-term, financially secure, as is possible, in your absence.
What are the Types of Life Insurance?
Do I Need Life Insurance?
How Much Does Life Insurance Cost?
Whist you can pay as little as £5 a month, the average premium in the UK currently stands at around £30 a month.
However, there are many influencing factors that effect the amount of your monthly premiums:
Does Life Insurance Always Pay Out?
In the UK over 95% of all life insurance claims are successful and pay out. Inevitably, there will always be a small number of cases where claims are turned down. This can be for a variety of reasons:
Why Should my Life Insurance be in a Trust?
When taking out life insurance, your family / loved ones are more likely to benefit from it if it’s ‘written in trust.’
Whilst you want to cover all your debts, such as your mortgage, you also want to leave your family as much money, to insure their financial well – being, as you possibly can. With this in mind – and particularly if your single or divorced, it’s worth appreciating that the inheritance tax threshold for your combined estate (property, savings, possessions, investments and……..life insurance) is £325,000. Anything above this amount is liable for 40% inheritance tax. This means that if your life insurance pay-out ‘tips you over the threshold’ and your life insurance isn’t within a / the trust, the taxman stands to take a sizeable share.
Where Should I Get my Life Insurance From?
Answer a few simple questions
The first step is to find out a little more about your situation before scheduling a consultation with the most suitable specialist. Appointments are usually available within a few hours or can be scheduled in the future.
Speak with one of our expert advisors
It’s good to talk, and our friendly mortgage team are here to answer your questions. We do not charge for advice so what are you waiting for, book your appointment today.
Let us find you the best deal
Once we understand your goals the final step is for your advisor to research the market and find you the most suitable product.