Life Insurance Advice in Liverpool

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Life Insurance Liverpool

Life Insurance, which can also be known as life assurance or life cover, is a type of policy to give your next of kin peace of mind with financial support when you sadly pass away. In this article, we will explain the different types of Life Insurance policies.


All of these policies are designed to pay out a lump sum to the ones you cherish to financially help them deal with everyday money worries i.e. paying off the rest of your mortgage, childcare if you have any children, costs and bills.


If you contemplate taking out Life Insurance in Liverpool, then you will benefit from speaking with one of our Protection Advisors in Liverpool. We aim to work alongside you to comprehend your current circumstances to try and find you the most suitable insurance deal for you.


Do I Need Life Insurance in Liverpool?

If you fit the criteria and want to keep your loved ones financially safe, then you should consider taking out Life Insurance in Liverpool. This isn’t compulsory, but if you take out a mortgage with a friend or partner, you wouldn’t want to leave them financially struggling with your leftover repayments. This is one of the main reasons why taking out Life Insurance in Liverpool could be essential to you.

How does Life Insurance work?

The amount of cover you will receive and the premiums you have to pay will depend entirely on your current circumstances and the type of policy you match up to. As each policy is different, we tend to find you would pay a premium to the insurance providers for the duration of your policy.


Our qualified Protection Specialists in Liverpool, tend to see a trend where the younger and healthier you are, the more affordable your quote may be. Your Life Insurance quote will consider the following:

– Lifestyle

– Age

– Medical History

As it’s up to the person who takes out the cover, the cover can either pay out the whole sum insured at once or through regular payments.


The perks of taking out Life Insurance in Liverpool is that you can choose what your payout is used for. For example, you can choose the payout to be used only for debts, such as a mortgage.


The key thing to remember is Life insurance in Liverpool is a policy to provide financial support for family members, replace lost income or pay off any outstanding debts owed in the person’s name.

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Different Types of Life Insurance in Liverpool

There are a few different types of Life Insurance policies, although you might be eligible for them all. As a Mortgage Broker in Liverpool, we are here are to check eligibility and find you the most suitable policies available, these include and are not limited to:

Level Term Life Insurance

With Level Term Life Insurance, you will only be covered for a ‘fixed term’ but still, get a payout. This policy only pays out if you pass within your policies term. We tend to find that Level term Life Insurance runs between 5-25 year terms in 5-year increments.


Term Life Insurance is often used to cover mortgage payments. This policy is often a popular choice for those looking for a particular insurance to take out during their mortgage term. Therefore, if you were to pass and still have your mortgage to pay off, the policy will pay out your share of the mortgage and not to any other name attached to the mortgage.

Decreasing Term Life Insurance

You may be questioning “why would you want to take out a policy that decreases in value?”. You see, this policy targets homeowners with repayment mortgages. This policy is usually taken out to pay off the outstanding mortgage balance should you pass.


The policy’s value mirrors the unpaid balance remaining on your mortgage. As the amount owed on your mortgage decreases, so does the sum insured.


Decreasing Life Insurance is typically taken out alongside other Insurance products depending on current circumstances. Speaking to a Mortgage & Protection Specialist in Liverpool, we can help recommend you the most suitable insurance for your needs.

Increasing Term Life Insurance

Increasing Term Life Insurance is a type of policy that still payouts if you pass within your fixed term.


The difference with Increasing Term Life Insurance compared to other policies is that the amount that you are covered for increases as your term goes on. It will increase by a fixed amount until your policy term ends.


Increasing Term Life Insurance was introduced to shield the policy’s total value against inflation and is usually in line with the retail price index.

Whole of Life Insurance

As the name suggests this type of policy covers the whole of your life. When you pass, the policy that you took will payout. You may expect this policy to cost slightly more than a Level Term life Insurance. But you pay that little bit extra to be covered throughout the rest of your life.


make sure you kept up-to-date with your life insurance payments, as this type of insurance is usually used for family protection and part of inheritance tax planning.

Joint Life Insurance

We tend to find most couples either in a relationship or married take our Joint Life Insurance. This policy will payout in the event of one of you passing. You can choose to have two separate Life Insurance policies instead of one. However, a Join Life Insurance policy is often cheaper than taking out two separate policies.


How the policy works is that if one person passes, the policy pays out, and then ends. This may seem like a downside to the policy, but if you originally took out the policy to pay off your mortgage, you would still be able to do so as the money will be released after the death of one of the policyholders.

Death in Service

Death in Service Life Insurance cover may be an option depending on if you have been offered it by your current place of employment. Your company is not bound to provide Death in Service cover. But we tend to see some do as part of their employee benefits schemes.


Death in Service is paid in a lump sum of cash paid out to an employee’s family or a person of their choice when the policyholder passes. This sum can be up to 5 times their annual salary. There are no specific limitations on what can be done with the employee’s money.


Taking out Life Insurance as a Single Homeowner

Being a single homeowner doesn’t mean that you should overlook all Life Insurance options. Even if you are currently living on your own without children or a partner. It’s not uncommon for people to forget about Life Insurance.


What you should take into consideration is what could change in the future, and if they do, then Life Insurance could become an essential thing to have.


For more information regarding any policies mentioned above, please get in touch to speak to one of our Mortgage Protection and Insurance Specialist in Liverpool and find which policy is the most suitable for you and your current circumstances.

Our Insurance Advice Service in Liverpool

Our Protection Advisors in Liverpool aim to make sure that you have the most suitable policies in place to allow you to leave your next of kin in the best position possible if you were to sadly pass. This is why taking out any Life Insurance in policy will give you peace of mind and take the financial stress off those you love.


If you are looking for Protection Advice in Liverpool, we are aware of all the different types of coverage and explain to you the benefits of taking our Life Insurance in Liverpool.


If you want to find out more about Life Insurance, take up our free Insurance consultation in Liverpool. We will explain the policies available to you and why they could benefit you and your loved ones.


As a Mortgage Broker in Liverpool, we’ve found that Life Insurance is typically taken out in conjunction with other policies, depending on your current situation. For more information check out our other insurances pages in the guides section.

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