Life insurance is something that primarily exists to provide peace of mind to anyone with a partner or family so that in the event of something happen to yourself or your spouse, your family is financially protected and if so desired, your mortgage can be paid off with the payout. There are a variety of different life insurance policies available, each offering varying degrees of benefit and overall cover.
Like any other type of financial product, an abundance of choice can be really confusing and make it difficult to find the right one for your needs. Here we take a look at the life insurance policies you’re likely to encounter when searching online for yours. Factors like how long you need your protection to last, how much you can afford and what sort of payout you need will all go into determining the ideal product for your specific circumstances.
Term & Whole of Life Policies
Whilst life insurance policies can vary greatly, as we’ve mentioned, they all fall within two main categories: whole-of-life-assurance and term insurance. The most popular of the two is term insurance, which can be set for a specific term – hence the name. Should you or your partner die within this time, you’ll get either a monthly income or a lump sum payout, however, if you don’t, you’ll get nothing.
Whole-of-life assurance, on the other hand, protects you over your whole life, however long that is and because it usually means a guaranteed payout, you’ll find the monthly premiums are that much more costly.
Joint Versus Single Life Insurance?
When choosing life insurance as a couple, you’re likely to have joint commitments, so you’ll have to decide whether you want to have a joint policy or a policy each. Joint life insurance policies tend to be cheaper, as when one partner dies the policy ends, whereas, with separate policies, the surviving partner remains covered. One drawback of a joint policy is that if you wish to remain covered after your partner dies, you’re likely to be a fair bit older, making it more expensive to take out another deal.
Why Life Insurance Is Vital
Life insurance, particularly when you have a mortgage and a family to support is vital as if you don’t, your relatives are left unprotected and facing all sorts of bills that they may not be able to meet. No one likes to think about their death but putting something into place that will likely pay off your mortgage and take the financial pressure off your family at what is a particularly difficult time for anyone, has to be a smart move.
Want an Expert’s Point of View?
At Yes Insurance Services we have a specialist insurance advisor amongst our team who is able to take care of all your protection needs, be it for life insurance, buildings and contents insurance or critical illness cover.If you’d like to find out more about life insurance, mortgaging, remortgaging or anything else relating to home purchases, we’d love to hear from you. You can either browse the website at your own speed or you can call us for free 0800 612 5596 to arrange a no-obligation consultation at a time of your choosing, whether that’s during the day or in the evening.
We are also contactable via our social media channels and via email – let’s talk soon.
At Yes Mortgage Services, we offer a comprehensive range of products from across the market.
Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.
Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.
We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.