Life Assurance

Life assurance, or life insurance as it’s also known, is an essential part of your fully protected mortgage. It’s not a very nice thing to have to think about, death, but when you have such a large loan secured against your home, it’s important that you do. You have to consider the possibility that you might die, and think about what would happen to the family who share your home if your income stopped suddenly. You need to think about what would happen in the event of your death, particularly if you have a family, and think about the situation you would want them to be in. In most cases, if one partner in a relationship died, the household income would drop suddenly, and the mortgage might become unaffordable. This would mean that the remaining family would have to move to a smaller house, or even risk the possibility of repossession.

Life assurance will pay an amount of money, you decide how much when you take the policy out, in the event of your death.

There are two types of policy available and those are (level) term life assurance and (decreasing) mortgage life assurance.

Term, or level cover, will pay out a fixed amount in the event of a valid claim. This is ideal if you have an interest only mortgage, as the balance on an interest only mortgage never reduces. Some people take level term life assurance to cover a repayment mortgage, and there are many good reasons why this might be prudent for you too.

Decreasing mortgage life assurance is designed to pay out enough to cover your decreasing mortgage balance on a repayment mortgage. In the event of a valid claim there would be enough to pay off your mortgage balance, as the amount of cover decreases in line with your mortgage balance over the term of your mortgage.

As with most insurance, you need to decide what’s important to you. There are lots of options, and lots of different things to consider. The Complete Mortgage Company has access to a wide selection of life cover providers with a wide selection of protection products. We don’t charge for advice, and we won’t charge you for setting your policies up either, there’s nothing to pay at all. Why not give us a ring to see what the best type and level of cover is for you.

If you already have life cover in place, why not see if we can beat the price you’re paying, with access to so many providers we’re sure we’ll save you some money.

Whatever your situation, please call us on 01480 393393, or use the enquiry form to speak to an adviser who will be able to help. We won’t charge you for arranging life assurance.