Life Insurance protects your family and mortgage with a single lump sum if you die during the plan term. Your loved ones will get a guaranteed lump sum paid out if you die during the period of the cover.
Most people have life insurance to cover financial responsibility such as:
- Personal debt
- Dependant (children) care
- College education for dependants
- Funeral costs
There are two types of life insurance for mortgage protection as follows:
This is where the amount of cover remains the same throughout the term of the plan. For example, if you take out a £200,000 worth of cover over 25 years, the amount payable would still be £200,000 if you died at any point during that 25 year period. This type of insurance is suitable for customers whom have an 'interest only mortgage'.
This is where the amount of cover decreases during the term of the plan. The rate at which the cover reduces is designed to reflect the way the debt reduces on a 'capital and interest mortgage', also known as a repayment mortgage. This type of plan is generally cheaper than level term assurance.
We Know Mortgages Ltd have access to the whole market for insurance. We can source the most suitable products at competitive prices. Speak to one of our experts. We are based in Manchester city centre.
If you would like a quote on life insurance, please click here and submit your details.
Protection plans with no investment link will have no cash in value at any time. If premiums are not maintained then cover will lapse.