Life Insurance

It’s often said that as a professional advisor it’s our job to find you a mortgage but it’s our duty to find you insurance. It’s all very well arranging a mortgage for you that is probably the biggest financial commitment you will ever have. But it would be failing in our duty if we didn’t help you to protect that commitment with appropriate insurance.

Life insurance will pay you a lump sum upon death to pay off the mortgage (and more if you require). Here are four common approaches:

1. Don’t like insurance and want to avoid.
2. Don’t understand insurance and have avoided.
3. See the importance of insurance but don’t feel can afford it.
4. Appreciate the importance of insurance and want to get it sorted.

And here’s a response to each of these:

1. Usually the minimum insurance you can have is buildings insurance on your home and third party insurance on your car. That is what your mortgage lender / the law require respectively. Anything else is beneficial but optional. However we don’t have insurance because we like it, we have it because we dislike the consequences of lack of insurance all the more. I remember years ago the months of trying to get my car back on the road when I only had third party cover and the guy who hit my car wasn’t properly insured. I go comprehensive now and it has saved me a lot of hassle. Likewise, life insurance gives you the peace of mind that your mortgage will not be a burden for your surviving spouse / partner / family.

2. Insurance can seem like a minefield. Lots of jargon and lots of options. This is where a friendly, professional advisor can help. Start by taking a look at the other pages on this site, and then give us a ring. We’d be happy to talk on the phone or to arrange an appointment. We will only recommend a particular insurance if it meets your requirements and is suitable for your circumstances. If it doesn’t then we won’t recommend it! We want you to understand, and for the insurance to suit your situation. Have the conversation and then decide.

3. OK, you realise that insurance is important, but are not convinced about the cost. Well, life insurance to protect your mortgage  could work out at just a few pounds a month. It all depends on your age and the size of your mortgage, plus your health of course. For a healthy, young person with not too large a mortgage, then sorting out life insurance early in life can work out pretty cheap. And for everyone else, we will do our best to find sufficient insurance for your situation and still come in on budget. It could easily be much less than your monthly TV or mobile contract. And we don’t charge a fee for insurance advice!**

4. Give us a call now on 0207 183 3703 with your date of birth and size of mortgage. We can give you an initial quote from our panel of 12 leading insurance companies. If your situation is a bit more complicated, then let us know and we will work hard to find you the most suitable insurance. We’re here to help!

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**We do not charge a fee for advising on or arranging insurance. We are paid commission by the insurer.

Your home may be repossessed if you do not keep up repayments on your mortgage.