Life Insurance Advice
in Liverpool

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.

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 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.

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.

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 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.

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.