Life Assurance

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For most of us, buying a home is one of the, if not the, most expensive purchase we will make in our lifetime. But have you stopped to think what wold happen to your property, and family if you were no longer around?

 

Many property owners do not have any form of life insurance, for one reason or another. They may think it’s too expensive or believe they will never need it. Many will think that by having a Death in Service policy through work is enough. With the average wage in 2017 being £28,677 according to the Office of National Statistics, and many Death is Service Policies only covering four times your salary, would you have enough to pay off your mortgage for your family to be able to stay in the home they love?

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There are two types of Life Cover available, both of which are a tax-free lump sum designed to pay out on death and is generally linked to the mortgage, resulting in the full amount being paid off allowing partners to live in the property mortgage free.

 

Decreasing Term Assurance.

 

With this type, the sum assured decreases with the mortgage amount meaning in the event of death, the provider will only pay out the same amount as the outstanding mortgage balance.

 

Level Term Assurance.

 

With this type, the sum assured stays constant throughout the term of the policy.

 

Family Income Benefit 

 

This is a form of life cover and is designed to pay regular monthly payments in the event of death to assist with the regular cost of living, for example bills and council tax etc.

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