Securing you for life
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When an income earner passes away, the financial impact of the loss can be significant. This means that those left behind could have difficulty meeting mortgage costs, this could result in the mortgage provider repossessing your home. It’s therefore vital to think about taking out a Mortgage Protection plan so that your family or dependents are not left in a crisis of losing their home.
Many people buy life insurance when they take out a mortgage. Such a big financial commitment is significant so it’s important to make sure the repayment is covered in all circumstances. Mortgage Protection plans pay out a lump sum payment, which your family can put towards paying off a mortgage and other debts in one go, or invest to utilize over the coming years.
If you’re applying for a mortgage now, the IFA or bank will no doubt try to offer you their own life insurance product, but this is unlikely to be the cheapest option as they have a captive customer and therefore are not motivated to offer the best prices and coverage. Many providers will only have one insurer they refer all of their protection business to, this limits the provider to one quote which on most occasions is not the cheapest or most beneficial available on the market. At LifeSecure we have the whole market of insurers on our panel giving you access to a wider range of quotes from many of the leading insurance providers. We will scan the market for your life insurance policy to get the best possible value for the most beneficial product.
LifeSecure expert advisor’s are waiting to advise you on different policy options tailored to you and your family, we will get you the best we possibly can of what is available in the market.
Our Family Protection Plans are built on what is called “Term Insurance”. This allows you to pay a monthly amount for a set period – say 20 years. If you die during this time, your policy will pay out a lump sum. We use two distinct types of Family Protection depending on your specific needs.
With this option your policy will pay out a tax free lump sum to your family. LifeSecure will advise you on the correct amount of cover for you by taking into account your mortgage, family living expenses, funeral costs and a variety of other options from which you can choose. A lump sum payment provides security as well as flexibility to your family to use the funds according to their investment needs at the time.
Depending on your particular circumstances it may be suitable to arrange a monthly tax free payment to your family after you are gone. You can arrange for regular help with long term expenses such as school and university fees or provide cover for your children while they grow up. Complex investment decisions can be avoided and you can maintain the sense of normality with respect to the family income.
LifeSecure can arrange a combination of lump sum and regular payments. This provides the best of both options – a lump sum followed by regular income for your family.
As part of the LifeSecure Promise all of our plans come with a guaranteed premium. This means after you take a policy we promise to NEVER increase your monthly insurance premium unless you specifically ask us to change the terms of your policy. Additionally we will constantly scan the market and if we find that we can bring your premium down, we will contact you to let you know that we can save you even more.
Family Protection is specifically designed to cover the full range of your family expenses such as household bills, childcare, school fees and household shopping. To ensure that your family and their home is fully protected we can combine our Family Protection plans with our Mortgage Protection plans. You may also want to consider circumstances where you are diagnosed with an illness, or suffer an injury that means you can’t continue to work. In the current tough economic climate you may be concerned about your ability to pay your mortgage should you be unable to work due to illness. Our advisors can inform you on how to combine Family Protection plans with Income Protection and Critical Illness Protection plans.
With life insurance you can cover yourself with a single cover or you can include your partner with a joint cover. It`s important to know with a joint cover the policy will only pay out once for the person that passes away first, then the policy ends. In certain circumstances it`s better to take separate covers so your protected individually with your own pay-outs.
Knowing the right amount of cover for you depends on the purpose of the cover. E.g. if you would like to protect your mortgage, you should match the life insurance cover amount with your mortgage balance, and the life insurance term with your mortgage term. If you have a partner, we would normally recommend a joint policy. That way if either partner dies during the term of the mortgage the other partner can clear the mortgage balance with the life insurance pay-out.
Again, how long you need the cover for depends on the purpose of the cover. If you wish to cover your funeral expenses, ideally you need the longest term possible. We normally recommend cover to age 90 or a whole of life cover.
Adding critical illness cover into your policy could be life changing if a claim is needed. If you suffer from a heart attack, stroke, cancer, blindness, deafness, loss of speech, loss of independence, kidney failure, HIV, and many of the other listed critical illnesses you can claim on your policy for the full amount of your sum assured.
Your illness is likely to prevent you from working so the money would really help with your recovery and living costs during a tough time. It`s always recommended to have some critical illness cover within your life insurance.
You can find a list of which illnesses are covered by each provider in their key feature document.
If you require more information or need advice on any of the above, please call us and speak to our specialist advisers for free advice, we're always happy to help!
We do not share your personal information with any third-party companies or organisations. All information we hold is protected by the data protection act of 1998.
We need to know who to insure to arrange a life insurance policy.
Life insurance premiums are based on your age. It`s always best to get life insurance sooner rather than later. After your insured, your lifestyle, or any medical conditions you may obtain in the future will not affect your policy or your premiums.
If you have given up smoking for over 12 months insurers will categorise you as a non-smoker which could give you cheaper premiums.
If you need more information about how smoking or consuming nicotine affects your life insurance premium, or have any other questions, please call us and speak to our specialist advisers for free advice.
Again, how long you need the cover for depends on the purpose of the cover. If it`s to cover your mortgage, the term of the cover should be the same as your mortgage term. If you wish to cover your funeral expenses, ideally you need the longest term possible- we normally recommend to age 90 or whole of life.
Whole of life policy`s do not have a fixed term. You`ll will be covered until you pass away giving you a guaranteed pay-out.
If you have a pension thats not being managed properly or you simply dont know much about it like many others, you should contact us for advice. We can help locate your pension and all the details of your investments.
Under our firms management we would ensure your pension is actively managed and always invested how you want it invested. Working closely with you, each year, giving you full control of the decisions made , advising you accordingly to help you achieve the future returns you need.
