Life Insurance and Mortgage Protection are essentially the same thing. The terms are interchangeable and are dependent on how insurance companies market their product. Life Insurance is designed to pay out the amount you are covered for if you pass away during the term of the policy.
For repayment mortgages, it’s cheaper and more efficient to choose a policy that reduces in line with the mortgage so you’re not paying for cover that’s not absolutely necessary.
It can often be difficult to establish the right level of cover. It can be equally tricky to choose the right term to get your cover over. There are many things to take into consideration when establishing the right medium. One of the most important things is making sure the cover remains to be affordable (particularly for Whole of Life policies).
Other things to consider are: The term of your mortgage; retirement age and how your pension is structured; work benefits; how old your children are and what age they will be financially independent; other debts/liabilities; lifestyle and partners needs. These are to only name a few. We will guide you, address your needs and put together a plan which works for you and fits within your budget.
We have many decades worth of experience across our staff and partners with the primary focus on Protection.
With our understanding of Inheritance Tax Solutions, Tax Efficient Business Protection, Critical Illness and Life Cover, and Income Protection, we can provide you with a no obligation free, friendly service, so contact us now for your free quotation.