Level Term Assurance:
The amount that you are insured for is guaranteed and remains unchanged throughout the term of the policy. It is often used to cover interest only mortgages and loans or for family protection. The payout is a tax free lump sum upon a successful claim.
Increasing Term Assurance:
This is very similar to Level Term Assurance, however the sum assured increases each year with the Retail Price Index (or at a fixed percentage if required) to negate the effects of inflation. The payout is a tax free lump sum upon a successful claim.
Decreasing Term Assurance:
Sometimes known as Mortgage Protection, this type of cover decreases throughout the term of the policy and is essentially only used to protect a Capital & Repayment Mortgage. The payout is a tax free lump sum upon a successful claim.
Whole of Life:
man4mortgages do not advise on Whole of Life policies - we can however refer you to an adviser within the Squirrel Financial Management Ltd network who is qualified to advise in this specialised area.
This type of cover can be arranged on a Level of Increasing basis, and differs from Term Assurance as it does not have a term, so the major benefit is that it pays whenever you pass away, as opposed to passing away within a specified term. The payout is a tax free lump sum upon a successful claim.
Family Income Benefit:
Again this can be arranged on a Level or Increasing basis. Rather than paying out a tax free lump sum, this cover pays out a regular monthly benefit in the event of death, and is typically used to cover your dependent’s living costs in the event of your death.
Whichever policy you choose, you need to consider placing your policy in Trust, which we will do for you free of charge.
Double my Cover
If you are thinking about taking life insurance with another person, then there are two options to consider.
You can set the policy up on a Joint Basis which means that the policy will pay out in the event of either of your death. Most people want the policy to pay out on the death of the first person, but we can arrange for the policy to pay out on the death of the second person (which is usually for those taking out the policy for Inheritance Tax purposes). Once the policy pays out, then that is the end of the cover – it only pays out once. The other downside is that surviving policy holder may struggle to get life cover again at such low rates if a lot of time has passed.
We always consider the option of having two single policies, as the policy will typically pay out twice as much! Generally speaking the premium only increases by a few percent, so this is a great way to get double the cover for a small increase in premium. We can also arrange both policies in Trust , so the money will be exempt from Inheritance Tax!
Speak to one of our advisers today, and we can show you how you can double your cover for a fraction increase in the price!
Instant Decision
Through our years of experience, we often find that people just don’t have the right cover in place. Many people think that applying for life cover is quite a daunting experience, and it can be in some instances, which is why we make the process as easy as possible for you.
We have access to online application forms to the Whole of the Market, so we know which is the best Insurance Company for you and how to get you the cover as soon as you need it! The systems are so advanced that we can get an online decision for you within 10 minutes, and if accepted we can even arrange to start the policy the very same day!
Every Insurance Company has different underwriting criteria. Some Insurers don’t mind if you smoke and have asthma, but some do and will make you pay extra! Some don’t mind if you Body Mass Index is above 35, but some will increase your premium if it is!! Through years of experience, we know exactly which Insurance company to place you with and how to get the quickest decision for you!!
Why don’t you speak to one of our advisers today, and we can tell you if you are likely to get the cover that you need!
Life Insurance policies pay out if you die or have a Terminal Illness within a specified period. If you have financial dependents or liabilities, for example a mortgage, then it is important that you consider taking out a life insurance policy to protect the financial security of your loved ones in the event of your death.
There are different types of Life Assurance available to you, and we can advise you on which would be the best type of cover for you and how much cover would be suitable for you and over what term.
Here is a brief description of the main types of life cover:
