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Life Insurance is a policy that you take out to provide financial support to your next of kin when you pass away. Life Insurance policies will either pay out a lump sum or release money in intervals over a set period. The money is usually used to cover mortgage payments, childcare costs or bills left by the policy owner.
To get the most out of a Life Insurance policy, you should ask to set your own terms and conditions. A Life Insurance Protection Advisor in Sheffield can help you with the specifics and assist you when you’re trying to find a deal that is best suited to your personal and financial situation.
If you are concerned about leaving behind your financial responsibilities and history when you pass away, you should consider Life Insurance to prevent your family from receiving all of it. It can put you at ease knowing that you have a plan in place that will cover any remaining payments that you have yet to pay off.
It all depends on your personal circumstances and the type of policy that you choose. The more complex and specific the policy is, the more you will have to pay. On the other hand, if you are younger and healthy, these costs shouldn’t be too expensive.
Your first Life Insurance quote will consider your lifestyle, age and medical history. In the event of a claim, the cover can either pay out a whole sum insured at once or through regular payments; this is up to the person who originally took out the policy.
Upon taking out the policy, you can also choose what the payout can be used for, for example, you may only want the money to be used to repay debts such as your mortgage.
There are lots of different types of Life Insurance policies, as a Mortgage Broker in Sheffield, here are the most popular policies that we see people take out:
With Level Term Life Insurance is only covered for a fixed ‘term’, therefore you will need to choose how long you want your policy to last. This policy will only payout if you pass away within your term. Typically, terms run between 5-25 years.
People usually take out Level Term Insurance policy’s that run in line with their mortgage term. If the policy owner passes away during the term, the lump sum can cover the remaining mortgage payments. This means that the remaining payments will not fall to family members or other names attached to the mortgage.
For a Life Insurance policy that sounds of no use, it’s our most popular! This policy is targeted at people with repayment mortgages – which is practically every homeowner. Similar to Level Term Life Insurance, it can help pay off your remaining mortgage balance if you were to pass away.
The policy’s value tracks the outstanding balance left on your mortgage. As the amount owed on your mortgage decreases, so does the sum insured. Contact our team for more information on this specialist insurance cover.
This cover works in a reverse way to the Decreasing Term Life policy. The policy will payout if you pass away during your fixed term.
Increasing Term Life Insurance will increase by a fixed amount until your policy term ends. This means that the amount that you are covered for will keep increasing.
This type of Life Insurance can protect the polices value against inflation rates and is usually in line with the retail price index.
Whole of Life Insurance policy doesn’t run alongside your mortgage, end after a set term, it’s exactly what it says, it lasts your whole life. After you pass away, your policy will pay out.
As you can predict, this policy costs more than other Life Insurances policies as it doesn’t expire; you will always receive a pay out. People take it out to protect their family from their debt or for part of inheritance tax planning.
For the Insurance to be valid, you will still have to maintain your Life Insurance payments.
If you are in a relationship/married, a Joint Life Insurance policy pays out in the event of one of you passing away. You can take out two individual Life Insurance policies if you want to, however, it could be cheaper and more beneficial for both parties to take out one.
The policy will expire upon it paying, however. You will not be able to release another lump sum if you pass away. Usually, the cover is used to pay off a mortgage, therefore, another pay out may not be necessary.
This Life Insurance policy may be offered to you by your place of employment. Employers are not required to offer it, however, some will as part of their employee benefits package.
Death in Service is usually paid out through a lump sum to the employee’s family or the person of their choice. The sum can be as much as five times the employee’s annual salary.
The payout has nothing to do with if an employee dies in the workplace.
As an Insurance Specialist in Sheffield, we would recommend that all single homeowners still consider Life Insurance options.
Just because you are living on your own, it doesn’t mean that an Insurance policy won’t benefit you. Unfortunately, if you pass away without a policy in place with remaining mortgage payments, they will all fall to your family members. It can put you at ease knowing that there is a safety belt just in case something happens.
Contact a Mortgage Protection and Insurance Specialist in Sheffield and find out whether taking out Life Insurance as a single homeowner could be beneficial for you and your personal situation.
We want to make sure that you have the correct and best policy in place so that if you pass away, your family are in the best position possible. Having a Life Insurance policy in place can give you and your family financial certainty and take some stress away during an already difficult time.
A Life Insurance Advisor in Sheffield will review your personal and financial situation before recommending certain policies. They will be open and honest with you at all times and make sure that you feel comfortable with everything that is going on. If you have any questions about Life Insurance throughout the process, ask your advisor and they will be able to help.
We offer a Free Insurance Review in Sheffield. You can easily book an insurance appointment by getting in touch with our team. Book an appointment online, over the phone, or drop us an email.
4.95 Rating179 Reviews
Guiseppe
Happy with the service received from Meghan and Tom. Helped my partner and I secure a mortgage offer during the most difficult economic time seen in decades. Took a lot of the worry and concern away from us and available to offer carefully guided...
Abigail
Wendy and Jason couldn’t have made this process any easier for us. Quick replies and chasing the lender and solicitor on our behalf. We got the best deal we could have hoped for which really will be life changing for us and our daughter....
Christine
Dan was extremely helpful and knowledgeable from start to finish. Would definitely recommend.
Gareth
From the very start, Charlie was an absolute god send. Took his time explaining every detail of the process and was very upfront about what timescales were going to look like. Even when he was away on holiday, still took time to drop me a quick...
Rachel
These are a fantastic mortgage brokers, they are very knowledgeable and break it down so you understand everything. They keep you up-to-date all the time with anything that happens. They have saved us quite abit of money too. They been...
Emily
Tom, Chloe and the team have all been very helpful in securing us a mortgage! They explained the process extremely well as we are first time buyers and so didn't know what to expect. They were always prompt with their responses and were happy...
Luke
Amazing service! To say I have a bad credit history would be an understatement and UK Moneyman helped me get my life turned round in 3 months! Would recommend them to anyone wanting a mortgage. Thankyou Wayne for the amazing help.
Keith
Very good advi e and assistance to help us find the right deal
Jun
We are so lucky to find the best broker team here to help us buying a house,after they submitted the application,they will still help you every step and monitor the mortgage progress,let you know what happened immediately,You can absolutely...
Natalie
Amazing service, thank you so much.
Luke
Very helpful from start to finish. Polite, understanding and willing. Talked us through all of our options and the products available to us and stayed in contact at every step to keep us updated. Very friendly and will 100% use them again when it...
Andrew
Very personable, friendly service and easily accessed. Second time I've used as was happy with the service I received.
Graeme
A completely flawless service. Malcolm and the team were responsive, helpful and effective in securing our mortgage. The only broker you need.
Anonymous
Fantastic service. Thom and Meghan answered any of our questions as we didn't have a clue what we were doing. Really quick to process our mortgage as first time buyers.
Bryan
Brilliant Service with Easy and Friend advisors
Paul
We are so thankful to Wayne and the admin team for securing a mortgage on our new home. Wayne source us the best deal for our circumstances, and the admin team made sure our application was submitted and reviewed as quickly as possible. We...
Albert
Great from the start. No stone was left unturned, every aspect of the process was expertly explained and not once did I feel like I didn't know what was going on. Definition of professionalism. I'd specifically like to give special thanks...
Daryl
Our mortgage advisor has been Tom - we couldn’t have asked for anyone better. We’re first time buyers and didn’t know much about the process and steps we had to take in order to get a mortgage and buy a house. Tom has been there...
Zara
I couldn’t recommend Sheffield Money Man enough! I was dealt with by Matt and Megan. They were both so friendly and helpful and have made the process stress free for me! A number of my family members have used their services and I will...
Dominic
I met with Jason to get some advice as a first-time buyer and he has been so helpful. I was not sure how the process worked and Jason answered all my questions. During the process of applying for the mortgage, Jason and Chloe have continued to...
4.95 Rating179 Reviews
Guiseppe
Happy with the service received from Meghan and Tom. Helped my partner and I secure a mortgage offer during the most difficult economic time seen in decades. Took a lot of the worry and concern away from us and available to offer carefully guided...
Abigail
Wendy and Jason couldn’t have made this process any easier for us. Quick replies and chasing the lender and solicitor on our behalf. We got the best deal we could have hoped for which really will be life changing for us and our daughter....
Christine
Dan was extremely helpful and knowledgeable from start to finish. Would definitely recommend.
Gareth
From the very start, Charlie was an absolute god send. Took his time explaining every detail of the process and was very upfront about what timescales were going to look like. Even when he was away on holiday, still took time to drop me a quick...
Rachel
These are a fantastic mortgage brokers, they are very knowledgeable and break it down so you understand everything. They keep you up-to-date all the time with anything that happens. They have saved us quite abit of money too. They been...
Emily
Tom, Chloe and the team have all been very helpful in securing us a mortgage! They explained the process extremely well as we are first time buyers and so didn't know what to expect. They were always prompt with their responses and were happy...
Luke
Amazing service! To say I have a bad credit history would be an understatement and UK Moneyman helped me get my life turned round in 3 months! Would recommend them to anyone wanting a mortgage. Thankyou Wayne for the amazing help.
Keith
Very good advi e and assistance to help us find the right deal
Jun
We are so lucky to find the best broker team here to help us buying a house,after they submitted the application,they will still help you every step and monitor the mortgage progress,let you know what happened immediately,You can absolutely...
Natalie
Amazing service, thank you so much.
Luke
Very helpful from start to finish. Polite, understanding and willing. Talked us through all of our options and the products available to us and stayed in contact at every step to keep us updated. Very friendly and will 100% use them again when it...
Andrew
Very personable, friendly service and easily accessed. Second time I've used as was happy with the service I received.
Graeme
A completely flawless service. Malcolm and the team were responsive, helpful and effective in securing our mortgage. The only broker you need.
Anonymous
Fantastic service. Thom and Meghan answered any of our questions as we didn't have a clue what we were doing. Really quick to process our mortgage as first time buyers.
Bryan
Brilliant Service with Easy and Friend advisors
Paul
We are so thankful to Wayne and the admin team for securing a mortgage on our new home. Wayne source us the best deal for our circumstances, and the admin team made sure our application was submitted and reviewed as quickly as possible. We...
Albert
Great from the start. No stone was left unturned, every aspect of the process was expertly explained and not once did I feel like I didn't know what was going on. Definition of professionalism. I'd specifically like to give special thanks...
Daryl
Our mortgage advisor has been Tom - we couldn’t have asked for anyone better. We’re first time buyers and didn’t know much about the process and steps we had to take in order to get a mortgage and buy a house. Tom has been there...
Zara
I couldn’t recommend Sheffield Money Man enough! I was dealt with by Matt and Megan. They were both so friendly and helpful and have made the process stress free for me! A number of my family members have used their services and I will...
Dominic
I met with Jason to get some advice as a first-time buyer and he has been so helpful. I was not sure how the process worked and Jason answered all my questions. During the process of applying for the mortgage, Jason and Chloe have continued to...