Life Insurance
Life insurance, or mortgage protection insurance, is a crucial policy which helps protect the outstanding mortgage balance from the policyholders demise.
Jump to...
Life Insurance
Life insurance, also known as life cover or mortgage protection insurance, is an important policy that protects your property for loved ones in the unfortunate event of your passing. By taking an insurance policy to the value of your mortgage balance, you can feel safe knowing that your family can retain their home by using the policy to clear the outstanding mortgage.
Ensuring your loved ones are protected when you aren’t around to provide for them any longer is so important. In the event of an unexpected illness or death, life insurance makes coping with tragedy and loss slightly more bearable.
Life insurance can be paired with Critical Illness Insurance to cover the mortgage balance if the insured is diagnosed with a critical illness or passes on. This combination of policies can significantly help make sure your family can pay their bills and take care of everyday expenses with no added stress.
There are plenty of options for life insurance on the market today, and at Marigold Finance, we will work with you to find the best option to meet your needs. We are not tied to one provider either, so finding the best price is easy with our help.
There are different types of life insurance cover available on the market today. They are:
- Level Term Assurance: Pays out a specified amount if you die within a selected period of years.
- Decreasing Term Assurance: The amount of cover would decrease in line with the outstanding mortgage balance on a repayment mortgage. This cover is cheaper than Level Term Assurance cover.
- Family Income Benefit: Pays out a series of regular tax-free lump sums payments that can be used as income. The income can also be index-linked so that it increases yearly to help counteract the effects of inflation.
Terminal illness and total permanent disability are additional policy add-ons that one must discuss with their advisor when considering any form of insurance coverage.
The cost of coverage depends on many factors and can range from tens to hundreds of pounds a month. Primary considerations include:
- age
- health
- lifestyle
- smoking history
- the length of the policy
- specific policy terms such as, amount of cover and length of the policy
- medical history
Although life cover is an important policy to consider, there are circumstances where this cover alone would be insufficient to protect your family. With the improvement of medical technology and research, it is vital to consider morbidity when protecting your family from your inability to work in addition to mortality. Whether you are based in London like us or elsewhere in the UK, Marigold Finance can ensure that obtaining the right cover for you and your family goes smoothly.
Give us a call today to discuss your protection requirements in greater detail.
Buy-to-Let Mortgage
Seasoned investor or an accidental landlord, we will source the right product for you.
Critical Illness Cover
It is important to protect against morbidity as well as life. A debilitating illness can affect your ability to provide for your family.
Let-to-Buy Mortgage
Outgrown your existing property? We can help to keep your existing home and buy a new one.
Income Protection
Want to protect your income? We can advise on policies that guard against accidents and illnesses.
Other Services
Life Insurance policies are only one aspect that we can help with. There are other alternatives and complimentary services that we offer which may of interest. Below is a small list of what we offer.
If you would like more information, do not hesitate to contact us using the meeting link below.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Some buy to let mortgages are not regulated by the Financial Conduct Authority
