Nobody enjoys talking about life insurance. But, fact is, even though life expectancy is still rising you won't be around forever. And, unless you've got millions in the bank, your loved ones are probably going to struggle without your income.
At Independent Mortgages Direct NE we've made sourcing and arranging an appropriate policy for life insurance simple, your adviser will be more than happy to take you through the whole process from start to finish.
Your proposed plan will pay out a lump sum if you die during the policy term, although how much your family gets depends on your type of cover.
Choose Level Life Insurance, and your cash lump sum is the same amount, no matter when it pays out. With Decreasing Life Insurance, which is usually cheaper, your payout decreases over time, broadly in line with your mortgage. Note that none of these policies has a cash-in value at any time, so if you stop your monthly payments, or survive to the end of the policy, your cover will stop and no money will be returned to you.
Not only life cover is included, you'll also get terminal illness benefit. If you're diagnosed with a terminal illness and not expected to live more than 12 months, you'll be paid out the sum insured, provided your plan has at least 18 months left to run. The plan will then end, and there won't be any further payment when you die.
Alternatively, critical illness is available as a separate plan. It pays out a lump sum if you are diagnosed with a critical illness that meets the plan definition and then survive for at least 14-30 days (depends on the provider). Only critical illnesses defined in the specific policy documents will be covered and no others. Subject to conditions, you'll also get children's benefit at no extra cost that even covers any future children. The cover only pays out if you are diagnosed during the plan term and there is no cash-in value at any time, so if you stop your monthly payments, or survive to the end of the policy, your cover will stop and no money will be returned to you.
Click on the following link to check out the National Statistics for the UK's biggest claim for Critical Illness - Cancer
The advisers at Independent Mortgages Direct NE are trained to make sure your type and level of cover are interpereted to reflect your specific requirements, we have been protecting mortgages and families like yours with this cover for over 15 years and would be happy to discuss your specific requirements
Please click on the link below and complete the details to obtain a copy of your personalised illustration:-
