LIfe Assurance from Dorset Financial Planning
Winston Churchill was quoted saying "If I had my way, I would write the word ‘insure’ upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever."
"It is the duty to arrest the ghastly waste, not merely of human happiness, but national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders and the women and children and the estates are left to struggle in the dark waters of a friendless world."
Everyone should anticipate life events that can have a serious effect on how they or their dependants live. Everyone with a mortgage should consider property insurance, and in nearly all cases the lender will insist on this as a condition of the mortgage.
There are various life products which can be used with mortgages and in addition to a mortgage.
If you have loved ones relying on you, as well as the mortgage being paid off in the event of your passing away, how would they cope without your income? How long will the cover be needed?
Types of Life Insurance
Life insurance can pay your dependents (husband or wife and/or children) money as a lump sum if you die. It can be used to pay off your mortgage or as additional financial protection and provides reassurance your loved ones will be looked after if you are no longer there.
There are two main types of life insurance:
- Term life insurance policies: pays out a lump sum if you die within the agreed ‘term’ (the amount of time you have chosen to be covered for). Suitable for mortgage protection or while children are financially dependent on you.
- A whole-of-life policy: will pay out no matter when you die, as long as you keep up with your premium payments.
Life Assurance is important if you have:
- Children who depend on you.
- Husband or wife who depend on your income.
- Need to pay for funeral expenses.
The Money Advice Service warns that you cannot rely on the government to take care of your family – the money they would get from the state is much lower than you’d probably expect.
If you are not sure whether you need cover, call Dorset Financial Planning today on 07862 708429.
You may already have Life Insurance
You may have death in service with your current employment. However, you need to consider how long you will be with your employer and if you are going to stay with them until the end of the term you need protection for. You may still need independent life insurance.
As your mortgage adviser, we have a duty of care to make sure you are protected against life’s unexpected events and we discuss this at your initial meeting.
Using expert product knowledge, our mortgage advisers can help you find the most appropriate solution for you. We can access high quality products from a range of handpicked providers; Aviva, Legal and General, LV=, MetLife, Vitality and Zurich; whom we have selected because they are proud to stand behind claims when it matters the most.
A helping hand
Our adviser or mortgage broker at Dorset Financial Planning understands income protection better than most and can help you find a product that is right for you in terms of cost, benefits and service.
Contact us today on 07862 708429 and a mortgage and protection adviser will contact you to arrange a suitable time to discuss this and make sure you have the adequate protection in place for you and your family.