The amount of uncovered debt in the UK continues to grow meaning that too many people are at serious risk if their circumstances change adversely.
It is true to say that insurance tends to be a greatly undervalued product until you actually need to use it…..then it becomes the best purchase that you have ever made!
Our primary objective is for you and your family to feel secure and confident that you have the necessary protection in place to cover every potential risk.
In simple terms life insurance is a type of insurance that provides money to your family if you were to die during the term of the policy. Your family can then use the money to manage their financial future and clear off debts such as a mortgage.
So why do they choose to take out this type of cover?
Most of our clients tend to have a life insurance policy to cover the outstanding debt associated with their mortgage to ensure that this debt can be repaid if they were to die during the policy term.
What happens to my mortgage and my family if I don’t have life cover?
If we use the example of a couple with two children. If one partner were to die then the surviving partner would have to inform the mortgage lender that they had died and request that the mortgage be transferred into their sole name. This change is not automatic. Instead the mortgage lender will re-assess affordability based on the surviving partner’s sole financial position to see if the mortgage is still affordable in their sole name.
If the answer is ‘No’ then they are politely asked by the mortgage lender to place the house on the market for sale and re-pay the mortgage back in full! Not only have they lost their partner the family will now potentially lose their home!
What is the solution?
Talk to us to arrange a free initial consultation so we can review your options for you to ensure that you and your family are fully protected.
Our goal for you is simple – to make sure you have peace of mind if the worst does happen to you!
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.