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Life Insurance is a policy that can be taken out to provide your next of kin with financial support. If you pass away, the policy will pay out and help your loved ones pay off any of your outstanding payments.
There are many different Life Insurance policies available. In most cases, the policy will release in one large lump sum, however, some policies may release in smaller monthly amounts. The idea is to use this money to cover withstanding mortgage payments, pay off loans and bills or even help with childcare costs.
If you are thinking of taking out Life Insurance, we would recommend that you speak with a Protection Advisor in Nottingham. Here at Nottinghammoneyman, we are able to help you select a Life Insurance policy that is best suited to your personal and financial situation. Your dedicated advisor will assess your circumstances and make sure that you are happy with the application process.
If you are worrying about leaving your finances behind, you may need to consider Life Insurance. In the event of your death, your family would be more financially secure with a policy in place.
Life Insurance policies are favoured amongst partners or friends living together so that the second party will not be left with the full mortgage repayments. The reason for this is that if one of you passes away, the other may struggle to make up the repayments with only their sole income.
Upon taking out a Life Insurance policy, you will have to pay monthly premiums. The amount that you pay each month can vary depending on the policy and the terms that you have set out.
When defining the terms of your policy, you can choose conditions such as what the policy pays out for, the length of the policy, how the funds are released and many more. Usually, you won’t have to choose the length of the policy, you will pay your policy until it pays out.
When it comes to the starting prices of Life Insurance policies, typically, the younger and healthier that you are, the cheaper your quote will be. Lifestyle, age, medical history are the main factors that your Protection Specialist in Nottingham will look for.
Life Insurance allows you to create your own policy, you choose the specifics. You can even choose what the money can be spent on upon the release of the policy. You may only want the money to be used on debts, such as a mortgage.
Life Insurance offers financial support to your family members and loved ones if you pass away. Let our amazing team in Nottingham help you choose a policy that suits your health and needs.
Finding the right Life Insurance product for your individual needs can be difficult, especially since there are so many different policies. As a Life Insurance Advisor in Nottingham, we have been able to help many different types of customers find a policy that matches their personal circumstances:
With Level Term Life Insurance, your policy will only pay out within a fixed ‘term’. The most popular term length is between 15-25 years. When you are defining your policy conditions, you can narrow or extend your term in 5-year increments. The lump sum that is paid out will always remain the same no matter the length of your policy. The only way it would not pay out would be if you pass away outside of the fixed term.
Level Term Life Insurance is typically taken out to cover a mortgage. When you take out the policy, you can define the length to run in line with your mortgage term, therefore, if you were to die before paying off your mortgage, Level Term Life Insurance will cover the remaining payments. This also means that the remaining mortgage payments will not fall to family members or any other name attached to the mortgage.
Customers often ask, “why would you want a policy that decreases in value?”; the simple answer is that this policy mirrors the amount remaining on your mortgage. Unlike Level Term Life Insurance where the amount that is paid out remains the same throughout your fixed term, the amount that is paid will be equal to the remaining amount on your mortgage. As the amount owed on your mortgage decreases, so does the sum insured.
When people take out this Life Insurance product, depending on their personal circumstances, they usually take out another Life Insurance policy alongside it. This policy will only be valid for the duration of your mortgage, so, if you were to die outside of this term, nothing would pay out to cover other financial debts, bills in your name.
Increasing Term Life Insurance increases as you get further into your term. It will increase by a fixed amount until your policy term ends.
This life Insurance policy also compensates for the total value against inflation and is usually in line with the retail price index.
The Whole of Life Insurance policy is the most costly policy of these products, as it covers your whole life. When you pass away, the policy will pay out. The only way that a Whole of Life Insurance policy will not pay out is if you fail to keep up to date with your monthly payments.
We’ve seen that customers seem to use it for family protection or part of inheritance tax planning.
This policy covers people in relationships/married. It allows you to combine two Life Insurance policies into one under both names.
Joint Life Insurance policy that will pay out in the event of one party passing away. It’s not unusual for each party to take out their own individual policies, that method is completely fine, however, it can be more cost-effective to take out a Joint Life Insurance policy that covers you both.
The only downside to that policy is that once it pays out, the policy ends, even for the other partner. You can always take out another Life Insurance policy for yourself after the Joint Life Insurance policy has expired if you wanted to.
Death in Service Life Insurance can be offered to you by your employer. Your company is not obliged to provide Death in Service cover, however, some may offer it as part of their employee benefits package.
Death in Service pays out a lump sum to the employee’s family or a person of their choice if they pass away. This sum can be up to 5 times their annual salary. There are no limitations on what can be done with the money that is released from the policy.
The policy payout has nothing to do with if an employee dies in the workplace.
As a Mortgage Broker in Nottingham and Life Insurance Specialist, we’ve seen many sole homeowners disregard the idea of taking out Life Insurance. Most sole homeowners don’t realise that their remaining debt, unpaid bills and mortgage payments will fall to their family if they die without cover.
We suggest that you think about your future circumstances and look to see whether things could change. For more information on how Life Insurance can affect you as a single homeowner, contact us and speak to one of our Mortgage Protection and Insurance Specialist in Nottingham. During your free insurance review, we can find out whether taking out Life Insurance as a single homeowner could be beneficial for you.
Our Mortgage and Protection Advisors in Nottingham want to make sure that you have the correct policy/policies in place so that you are leaving your family in the best position possible if you pass away. Taking Life Insurance in Nottingham will give your family financial certainty and will take a little stress off them in an already difficult time.
We have been working in the industry for 20 years and have learnt about each Life Insurance policy and how they work. Each cover has its own perks and limitations; we can recommend the best policy for you based on your personal circumstances, being transparent and honest at all times.
We value customer service; we want you to have the best experience possible. At Nottinghammoneyman, you will converse with your own dedicated Life Insurance Advisor who will be right by your side throughout the whole journey. Feel free to check out our excellent reviews by heading over to the review page.
If you are looking to take out more than one Life Insurance policy, we can help you with that too! Get in touch with our team and we can talk through all of your Life Insurance options.
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Marie
Absolutely amazing from start to finish. So helpful, every step of the way we was informed of what was happening. Cannot thank them enough.
Anonymous
Very pleased with the service. Chris and the Team have helped me through the mortgage process, making it as easy as possible. They have also managed to find an excellent mortgage deal.
Clare
Nottingham moneyman helped me with my first mortgage 5 years ago and I had a great experience then and now my mortgage is up I have had another great experience with sorting out what to do next. Couldn't recommend the company enough
Kunal
Professional, polite & thorough. I’m genuinely glad I found these guys. Thank you so much.
Rosita
Excellent service the help and support provided throughout the process was second to none. I would highly recommend this company for any of the services they provide. Dan Osman in particular was so supportive and invested in my family he was such...
Leslie
Excellent service from Tom for our second mortgage, supported us through the process with very quick turnaround. Cannot recommend Nottinghammoneyman highly enough!
Craig
Quick at responding and delivered on everything they promised.
Lisa
The Nottingham Money Man group have been fantastic in helping me to navigate the complicated waters of house buying and obtaining a mortgage and the relevant other insurances etc you need with this. They have taken their time to explain things...
Wayne
Well what can i say We dealt with Leo Shakespeare and Jo Parnell throughout all stages of Our Mortgage Application, they both discussed and went through every detail throughly and helped us immensely i couldn't of wished for anyone better to of...
Daniel
I couldn’t find a mortgage in principle anywhere that suited me because of Low credit scores and applying for mortgage alone, I honestly thought I was never going to able to buy a house but jason managed to work some magic and find me something...
Sindi
Very happy with the service, super friendly staff and extremely helpful.
Christopher
Charlie has been the ideal advisor in the months we've worked together. Knowledgeable, honest, personable and consistently happy to help. He and his team have made my experience as a first-time buyer a LOT less confusing!
Anna
Would and will be recommending this company. They (Conner) provided an extremely professional and efficient service in switching over our mortgage to a better interest rate. Always very contactable which quite frankly is something in this day and...
Alexander
Great service. Best value. We spoke to 3 brokers. Money man had the best deals so went with them. Service was fantastic. The mortgage we wanted was being pulled on the day so Paula went out of her way to ensure they had everything to send our...
Jan
first time I’ve used U.K. money man and I would like to say big thank you to Chris and Stacey who were helping us with our mortgage and made whole process smooth and easy for us from beginning to the end.Thank you 🙏
Jonathan
Very helpful and informative. Kept us in the loop and followed up with emails. Thank you!
Baljinder
Conor was excellent and efficient through the process and always helpful. Would highly recommend Moneyman.
Rosalind
Paula and Dan worked on our remortgage and we cannot recommend them highly enough. Dan initially handled the case and was very thorough, efficient and found us a great deal. We needed to remortgage around the time of Kwarteng’s mini budget so it...
Amy
Daniel was my mortgage advisor and he was excellent, friendly, efficient and honest in what was available to me in the current climate. Will continue to use Nottingham Moneyman for my remortgages.
Molly
Really happy with the care and support we received throughout our mortgage application! Communication was easy & response time was fast - thank you!