If something happens,
they'll be okay.
Nobody wants to think about this. But if you have a mortgage, children, or anyone who depends on your income, not having life insurance is a risk that's easy to fix, and shouldn't be put off.
The two types that matter most.
- Mortgage protection
Designed to pay off a repayment mortgage if you die during the policy term, so your family could stay in the home without the mortgage to pay. It works as intended when the cover amount and term match your mortgage, premiums are kept up and the claim meets the policy terms. With decreasing cover, the payout falls over time roughly in line with a repayment mortgage, so it needs checking against your actual rate.
- Family income benefit
Instead of a lump sum, this pays your family a regular monthly income for the rest of the policy term, to help replace the income they would lose. Often more practical than a large lump sum that needs managing.
Why most people are underinsured.
Many people have no cover at all, or a policy taken out alongside their mortgage that was never checked against what their family would actually need. Proper protection means working out what your family genuinely needs, mortgage clearance, income replacement, something for the unexpected, and finding cover that actually delivers it.
What it actually costs
Term life cover is often less expensive than people expect. The price depends on your age, health and smoking status, how much cover you need and for how long, and whether premiums are guaranteed or reviewable.
With guaranteed premiums, the price you're accepted at stays the same for the whole term, so taking cover out earlier usually locks in a lower cost. Reviewable premiums may start lower, but can rise.
We'll get you real quotes for your circumstances, not a generic figure.
Term cover vs. whole of life.
Term cover runs for a set period, commonly 25 years to match a mortgage. Cheaper, simpler, and suits the vast majority of people. It pays out if you die during the term.
Whole of life covers you until you die, whenever that is. More expensive, but designed to pay out whenever you die, provided premiums are maintained and the policy terms are met. Usually most relevant for inheritance tax planning or leaving a legacy.
We'll tell you honestly which one fits your situation, and why.
Common questions.
- How much life insurance do I need?
A common starting point is enough to clear the mortgage, plus a multiple of your income if you have dependants. The honest answer comes from your actual numbers, which is a ten-minute conversation.
- Is life insurance expensive?
Often less than people expect. The cost depends on your age, health, smoking status, and the amount and length of cover. Premiums are generally lower the younger you are when you take a policy out.
- I have death-in-service through work. Is that enough?
It's a good foundation, but it typically pays 2 to 4 times salary and disappears the day you change jobs. If your family relies on more than that, it's risky as your only cover.
- Do I legally need life insurance to get a mortgage?
No, it's not a legal or lender requirement. But if anyone depends on your income to keep the roof over their heads, life cover is one of the most straightforward ways to help make sure the mortgage can be paid off rather than passed on as a problem.
As with all insurance policies, conditions and exclusions will apply.
Don't leave it for later.
Request a free chat and let's make sure your family is properly protected, it takes less time than you think.
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