Sometimes, the terms life insurance and life assurance are used interchangeably but it is important to realise that they are very different products.
Life Insurance is sold for a fixed term, very much like insuring any other risk, such as your home or car. Should you die during the term of the policy, then the policy will pay out. In short, there could be a claim.
Life Assurance is sometimes referred to as ‘whole life’ and it is usually taken out for the whole period of your life. Not a fixed term. However, some policies allow those that reach an old age (perhaps 85 years) to stop payment and still be entitled to a pay out when they die. In short, there will be a claim.
Life Assurance policies are often used as collateral for mortgages and loans. Life insurance will almost certainly be required (or advisable) when you have dependents and a large debt liability or other expenses that need to be met.
Our trained advisors are available to talk through the options explaining the cover, benefits and of course the costs.
To speak to our mortgage protection team contact us on 01628 507477.
Download our Free First Time Buyers Guide
Recent posts
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
Landlords could face a new tax this autumn
3 days ago
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.
More than a quarter of UK adults in long-term relationships (26%) have reported that despite living together, they keep their finances separate from one another.
There has been a rise in both rent and mortgage costs over the last three years, with renters seeing a greater increase in their monthly payments than those with a mortgaged property.
Delayed Start Mortgages
26 days ago
The new Delayed Start Mortgage launched by Skipton Building Society allows first time buyers to postpone the first three mortgage payments. This product has been designed to help soften the blow of moving in costs for first time buyers.
Green Mortgages | Rewards and Benefits
28 days ago
Mortgage lenders are starting to recognise their “Green” responsibilities when it comes to the different products they offer.
A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.
More information
Trusted by
