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Impartial
We offer advice from a choice of insurers
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Expert
Helping to explain what level of cover you need
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Clear
We break down jargon to talk in your language
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.
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.
Life Cover: The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Critical Illness Cover: The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. The policy may not cover all the definitions of a critical illness. For definitions please refer to the key features and policy document.
Income Protection Cover: The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
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