Life Insurance
The people who depend on you shouldn't have to worry about the mortgage if something happens to you. That's why we help families across Bicester and Oxfordshire put the right life insurance in place.
Protecting your family from the unexpected a life insurance policy is an absolute must-have
It’s important to take into account what kind of coverage you need as well as how much cover you will require.
Life insurance is one of the most straightforward ways to protect the people who depend on you. If you die during the policy term, it pays out a tax-free lump sum to your family – giving them financial stability at what would already be an incredibly difficult time.
It’s most commonly used to cover a mortgage, replace lost income, or ensure that childcare and household costs can continue without disruption. But it’s worth having even if your circumstances are simpler than that. If someone depends on your income, or would be left with shared debts or financial commitments in the event of your death, life insurance is worth considering.
Premiums are typically lower than people expect, particularly if you take out cover while you’re younger and in good health. The longer you leave it, the more it generally costs.
Level term assurance
With level term assurance, the sum insured stays the same for the entire length of the policy.
If you die at any point during the term, your family receives the full amount. It’s well suited to interest-only mortgages, where the outstanding balance doesn’t reduce over time, and to anyone who wants to leave a fixed lump sum regardless of when they die.
Decreasing Term Assurance
With decreasing term assurance, the payout reduces over the length of the policy – broadly in line with the reducing balance on a repayment mortgage.
Because the potential payout is lower in later years, premiums are generally cheaper than level term cover. It’s the most common type of life insurance taken out alongside a repayment mortgage.
Book a telephone appointment
Our advisers will talk you through which type of cover suits your situation, how much you need, and find the most competitive premium available. The consultation is free with no obligation.