Mortgage life cover

Peace of mind for your mortgage

Buying a home is a significant milestone, often accompanied by a mortgage. While exciting, it’s crucial to consider the unexpected. Mortgage cover provides a crucial safety net for homeowners, ensuring financial stability for your loved ones in the event of unforeseen circumstances like illness, injury, or death.

What is mortgage life cover?

Mortgage life cover provides peace of mind by offering a safety net. If you were to unexpectedly pass away during the policy term, this insurance can help your family pay off the remaining mortgage, allowing them to remain in their home. Mortgage protection is usually called decreasing life cover and is a form life insurance. This type of cover typically decreases over time, mirroring your decreasing mortgage balance, making it a cost-effective solution. We can also customize your coverage to include protection against critical illnesses or even cover your children.

Decreasing Coverage: Most mortgage protection plans feature decreasing coverage, mirroring your declining mortgage balance. This makes it a cost-effective solution as your premiums typically remain consistent while your coverage gradually reduces.
Peace of Mind: Knowing your mortgage is protected provides peace of mind, allowing you to enjoy homeownership without the constant worry of financial instability.

Enhance your mortgage cover with critical illness benefits

Critical illness cover: This provides financial support if you are diagnosed with a serious illness, allowing you to focus on your recovery without the added stress of financial strain.
Children’s cover: Some plans offer coverage for your children as well.

How to choose your right plan?

Selecting the right mortgage life cover plan is crucial. Factors to consider include the size and term of your mortgage, your age, health, and your family’s financial situation. Consulting with an expert will help you navigate your options and choose the plan that best suits your unique needs and circumstances.

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Schedule your no-obligation appointment today and discover how we can help you navigate your mortgage process, and find the right protection policy for you and your family.

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What is trust?

A Trust is a legal arrangement that allows you to leave money and things you own (your ‘assets’) to a person or people (the ‘beneficiaries’) when you die. A trust can be managed by family, friends or a solicitor (the ‘trustees’). All your assets put together form your ‘estate’. Your life insurance is an asset and can be put into a trust in the same way as anything else.

Why is it important to put your life insurance into trust?

Putting your life insurance in trust is a way of protecting the payout your loved ones could expect to claim if you were to die unexpectedly. A trust can separate your policy from the rest of your assets, protecting any potential pay-out from inheritance tax.

Key Benefits of Putting Life Insurance in Trust:

Control: You determine who receives the pay-out and how it’s managed.
Speed: Faster pay-out to beneficiaries, as probate delays are minimized.
Tax Efficiency: Potentially reduces inheritance tax liability by keeping the policy out of your estate.

By placing your life insurance within a trust, you can ensure your wishes are fulfilled and your loved ones receive the benefits of your policy more quickly and efficiently.

We as expert protection advisers can help you navigate the process of setting up a trust for your life insurance and ensure it meets your unique needs.

Trusts are not regulated by the Financial Conduct Authority.