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Our 6 top tips for taking out Life Insurance

We believe all people taking out a mortgage should consider whether they are adequately protected for all possible future eventualities. We ask our clients, if something were to happen to you, would your family be able to financially cope without you.

To help you with this decision, we have created our 6 top tips for taking out Life Insurance.

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1. Get Advice

It’s absolutely vital that you get advice as to what type of Life Insurance product you need. Do you need level term? Decreasing Term? Joint cover? Individual Cover? How long do you need the cover for? There are a lot of areas to think about.

At Your Mortgage Expert, our advisers can talk you through your personal circumstances and help you understand what type of product and level of cover is for you.

2. Review your policy frequently

Whether your circumstances have change or you’re not happy with your current insurer, it is important to frequently review your policy. If your job has changed then it is likely your benefits will have changed too, then now might be the time to review your insurances. Likewise, your children may be older and are now less dependent on you meaning you can reduce your level of cover.

We can review your current insurances and help you understand if you need to change products or level of cover.

3. Be completely honest

If you lie on your application, you run the risk of your lender not paying when your family come to make a claim. So be completely honest in your application. If you smoke or are overweight, then you should let them know. You may have to pay a bit more but it is essential to ensure you are covered.

4. Think beyond Life Insurance – do you need other insurances to protect your family?

The most commonly known protection insurance is Life Insurance. But there are a range of protection insurances available and you might need a combination of these to ensure your family is protected.

Life insurance only pays out on death so we would advise you to consider additional polices to ensure you are adequately protected. For example, you might consider critical illness cover which can be built into life cover or taken out on its own (standalone cover).

5. Look at the benefits packaged offered by your Company

Most companies offer some form of benefits package to employees. As such, it’s always important to look at what insurances you already have through your job. And then ask yourself if you think it would be enough to protect your family should anything happen to you. If it wouldn’t be enough to cover all if your financial outgoings then it may be worth considering purchasing additional cover.

6. Plan for the worst

It can be difficult to think about dying or getting too ill to work. But it’s really important that all of us tackle this tricky topic sooner rather than later.

We often advise our clients to think about your monthly expenses as a family or a couple. Would these still need to be paid if you weren’t around or if you were suddenly unable to work? Think about whether your household relies on your income to help pay those bills.

If you were to die or become incapacitated tomorrow, what would happen?

How Your Mortgage Expert can help

Our advisers can help you understand the benefits of all types of cover and advise you on what is most appropriate for your circumstances and family. As an impartial broker, we can advise from a wide range of providers to ensure you select the level of cover suitable for you.

Some of these personal protection products can be complicated so it’s best to speak to someone to find out what’s most suitable for you.

If you’ve read our 6 top tips for taking out Life Insurance and want to find out more, contact us and we will take the time to explain all the options to you in a clear, impartial and respectful way.

For insurance business we offer products from a choice of insurers.

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Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments.

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    Max and Martha, First Time Buyer customers from Cardiff

  • “Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”

    Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury

  • “I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me.  During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field.  This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”

    Andrew and Helen, Armed Forces Mortgage Customers from Salisbury

  • “Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”

    Fiona and Graham, Armed Forces Mortgage Customers from Wilton

  • “As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”

    Andrea, Contractor Mortgage Customer from Warminster

  • “I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”

    Matt, Contractor Mortgage Customer from Southampton

  • “Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”

    Hannah and Steve, Protection Insurance Customers from Stamford

  • “Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”

    Saul and Laura, Home Mover Mortgage Customers from Salisbury

  • “Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”

    Mike and Bethan, First Time Buyer Mortgage Customers from London

  • “Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”

    Chris, Help to Buy Mortgage Customer from Southampton

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