Life Insurance
Life Insurance protects your family and mortgage with a single lump sum if you die during the plan term. Monthly payments can be as little as £7.00 and your loved ones will get a guaranteed lump sum paid out if you die during the period of the cover.
Most people have life insurance to cover financial responsibility such as:
- Consumer debt
- Dependant (children) care
- College education for dependants
- Funeral costs
- Mortgages
- Spouse/partner
There are two types of life insurance for mortgage protection as follows:
Level Insurance
Level life insurance is where the cover amount remains the same throughout the life time of the plan. For example, if you take out a £200,000 worth of cover over 25 years, the amount payable would still be £200,000 in the event of your death during the term policy. This type of insurance are taken with customers whom have an interest only mortgage.
Decreasing Insurance
Decreasing life insurance is where the cover amount decreases during the cover. These types of insurance are taken with customers on a capital and interest mortgage (repayment). The insurance is generally cheaper than level insurance.
We Know Mortgages Ltd have access to the whole market for insurance. We Know Mortgages Ltd are agents with Aviva, Aegon, Friends Life, Legal and General, Zurich. We can source the best products at the best prices and can save you time and money. Speak to one of our experts.
We are based in Manchester city centre.
If you would like a quote on life insurance, please click here and submit your details.