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Critical Illness

Income Protection

Life Insurance

The life insurance market is broad, with so many products to choose from. Your adviser will take the confusion out of life insurance and present impartial options, allowing you to easily make sense of what is available.

Life Insurance Cover in Bristol

Life insurance meets your demands and needs if you want to have a lump sum or regular income paid to protect against the consequences of death or diagnosis of a terminal illness during your chosen term.

You can choose the amount of cover you have, the length of the plan (up to a maximum age) and the type of cover. 

Some examples of life insurance would be a decreasing term to protect a mortgage, level term, or increasing term assurance. 

The benefit would grow in line with inflation to ensure the sum assured is always relevant.

We will tailor a benefit and recommendation that suits your needs and fulfils your wishes should the worst happen.  

What are the three main types of life insurance?

Term assurance pays a lump sum if you die within the policy term, either level, decreasing or increasing. Family Income Benefit pays out a regular income to your beneficiaries should you die within the policy term. A Whole of life policy pays out a lump sum whenever you die, so long as your policy premiums are up to date. 

How does life insurance work?

Do I need life insurance for a mortgage?

There is no legal requirement for you to take out a life insurance policy for a mortgage. Some lenders may require a life insurance policy as a precondition for you to borrow money from the lender. For most people with a mortgage, the financial protection that a life insurance policy provides makes sense.

You obtain a life insurance quote based on the amount of cover needed, the kind of policy that meets your needs. You pay a premium to an insurance provider for the duration of your policy. If you die within the policy term while maintaining the premiums, your beneficiaries will receive a pay out.   

What happens to life insurance when a mortgage is paid?

If you have paid off your mortgage, consider whether you have any existing debts, such a credit cards or loans. Check the amount of life cover you need, along with the time you need the cover, the type of cover and whether the level of cover should be decreasing or level. If your existing cover meets your needs, then carry on with the life insurance policy. If your needs are different, you can look into a new life insurance quote to compare and decide. Remember, a new pure protection policy could be more expensive due to an increase in your age, along with any medical issues you may have experienced since you took out your original policy. Please seek advice before cancelling your policy. 

Life Insurance Questions

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A lump sum can be used to repay an outstanding mortgage balance in the event of death or terminal illness so that your partner and/or family can remain in the property. 

Alternatively, the life insurance provider can pay a regular sum can be paid to replace, for example, a salary to provide for your loved ones.

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How does life insurance work if you don't die?

Many life insurance policies provide a payout if you die within the policy term but do not have a cash value at any time. At the end of your policy term, you stop making payments, and your cover ends. Having the policy during the term would provide peace of mind of knowing your beneficiaries could have received a payout had you died. Some life insurance policies, such as a Whole of Life policy, may have a cash value to which the insurance company can provide you with details.

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