Independent Mortgage Broker
Life Insurance and more
Life Insurance is a key financial product but many forego it. Deciphering which type and amount of cover you need is far from easy.
It is therefore vitally important to get as much information as possible, and preferably by speaking to a regulated professional, before making your decision.
Storm clouds and Life Insurance
The Importance of Protection:
Secure Your Loved Ones and Your Peace of Mind
Why Consider Insurance?
Insurance isn’t just about preparing for the worst—it’s about doing something positive for your loved ones and yourself. It’s not just about what happens if you’re no longer around; many policies provide benefits you can access while you’re still alive. Think of it as the insurance that lets you live with peace of mind.
We handle everything, from the application process to online underwriting and coordinating with insurers and doctors if necessary. The younger you are when you take out a policy, the cheaper your premiums will be. We can even help you set up your policy in a trust to reduce inheritance tax liabilities.
If you own a business, we can help you protect your company with policies designed for key workers or partners. Additionally, we can tailor life insurance to provide your family with monthly payments instead of a lump sum, ensuring ongoing financial support. We’ll also review any existing policies you have, comparing benefits and ensuring you have the right cover at the best price.
Costa effective
A reasonable policy can cost less than the cost of your daily coffee for a month.
Choosing the Right Policy
Determining the right life insurance policy depends on your needs. If you want to protect a repayment mortgage, decreasing term cover may be the best option, as the amount of cover decreases along with your mortgage balance. For interest-only mortgages, level term policies may be more suitable. If you’d like a policy that pays out a tax-free lump sum regardless of when you pass away, whole of life cover might be ideal.
Critical illness cover is another important option to consider. While more expensive, this type of policy provides financial support if you’re diagnosed with a critical illness or suffer a life-changing accident. The lump sum payout can alleviate financial stress during challenging times.
For those over 50, specialist policies with guaranteed acceptance are available, though premiums increase with age. Whatever your situation, we’ll help you find a policy that works for you.
Making the Right Choices
The most important aspect of life insurance is ensuring it suits your needs and provides the coverage you expect. Be honest during the application process—failing to disclose health conditions, smoking habits, or other relevant details could result in a denied claim. Remember, premiums are generally higher for smokers or those with pre-existing conditions, but honesty ensures your family is protected.
Putting your policy into trust can also be a smart move. This ensures that the payout avoids your estate, preventing it from being subject to inheritance tax.
Do You Need Insurance?
Life insurance provides financial security for your dependents if you pass away unexpectedly. While you won’t directly benefit from the policy, it ensures your loved ones are taken care of. This can include paying off a mortgage, covering outstanding debts, or providing a lump sum or regular income for living expenses. Knowing your family’s financial future is secure can offer unparalleled peace of mind.
However, it’s not just about deciding if you need life insurance. You also need to consider how much cover you require and for how long. These factors depend on your unique circumstances and goals, and we’re here to guide you through those decisions.
How Much Cover Do You Need?
Calculating how much life cover you need can be tricky. Start by considering your existing policies, such as those provided by your employer (known as death-in-service benefits, typically 3–4 times your annual salary).
We recommend starting with enough coverage to pay off your mortgage and any outstanding debts. From there, think about your dependents and their needs. Additional funds can help with living costs, education, childcare, or even funeral expenses. Our professional advisers will help you assess your situation and find the right amount of cover for you.
Tips for Choosing Your Policy
- Start Early: Premiums are lower when you’re younger, and fixing your premiums guarantees affordable monthly payments.
- Consider Joint vs. Individual Policies: While joint policies may be cheaper, they end after one payout. Individual policies provide ongoing cover for the surviving partner.
- Consult an Adviser: An expert can help tailor your policy, ensuring it aligns with your needs and budget.
- Think About Trusts: Placing your policy in a trust can protect the payout from inheritance tax, ensuring your loved ones receive the full benefit.
Life insurance is an essential step in securing your family’s future and your peace of mind. Let us guide you through the process, ensuring you have the right coverage at the right price.