Mortgage Life Insurance - Red Sky Insurance

Mortgage Life Insurance

Mortgage Life Insurance

How much do you owe on your mortgage?  Do you have a repayment or interest only mortgage?  Single or Joint policy?

When it comes to mortgage life insurance you don’t legally need it to get a mortgage, although some mortgage providers might insist you take it out. If you do want to take out mortgage insurance to help cover your mortgage, speak to us and we will advise you of the most suitable option based on your circumstances.

Mortgage protection life insurance provides you with reassurance for the future. Getting a mortgage is a big commitment because of the impact it has on you financially. However, getting yourself mortgage protection will help to reduce the financial stress at a difficult time, which can be beneficial to your loved ones. If anything was to happen to you, the lump sum could be used to pay off the remainder on your mortgage.

The cost of mortgage life insurance will depend on factors including your age, health, medical history, lifestyle and additional information like the details of your mortgage. In most instances you pay the insurance premium monthly and you can fix the price so that you know what you will be paying over the long term. If your circumstances change it is important to review your cover to make sure that your
policy is still suitable for you.

Things To Consider

  • How much do you owe on your mortgage?
  • Do you have a repayment or interest only mortgage?
  • Single or joint policy?
Enquired recently on getting some life…
Enquired recently on getting some life insurance in place. The whole experience from start to finish was welcoming, professional and thorough. Everything was dealt with quickly and efficiently. I now have insurance in place that I’m not paying over the odds for and have peace of mind that myself and my family are protected. Thank you!

What will your policy cover?

A standard policy will cover you in the event of death or diagnosis of a terminal illness. Other options are available to enhance your cover. Talk to an adviser to find out more

 

  • Lump Sum Payout
  • Fixed Premiums
  • Level Term
  • Decreasing Term

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    FAQ’S

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    You may want to consider life insurance if you have a mortgage and you want to leave a debt free estate, or if there are people who rely on you financially, like your partner or children. Life insurance can also help cover the cost of funerals, or even if you want to leave your children something when you pass away.
    Life insurance can be set up to cover a specific length of time or even for the whole of your life. Various factors will determine the cost, such as age, health and level of cover. You can control who the money will be paid to and for how long you want the policy to be in place.
    Under current tax rules, pay-outs for critical illness, terminal illness and death claims are usually free of personal liability to pay income tax and capital gains tax. However, in some circumstances your pay-out may be subject to inheritance tax. You can normally help avoid this by putting your plan in trust. Bear in mind that the law relating to tax may change in the future. (For tax planning, we act as introducers only)
    When you choose to take out a life insurance policy with one of our providers, they pay us a commission. Our service is always fee-free.
    This depends on your individual circumstances as the amount of cover required is often different for each family. If you are married, have a large mortgage and four children then you are likely to need more cover than a single parent living in a rented flat with one child.
    Yes, you can have more than one life insurance policy.
    Many couples take out joint life insurance policies, due to the convenience and in order to save money, as it is cheaper than taking out policies on an individual basis. However, joint life insurance usually only pays out once, on the first death, leaving the surviving partner without cover.

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