Life Insurance in Doncaster

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What is Life Insurance?

Life Insurance is a policy that you are able to put in place as a way of creating a financial safety net for your loved ones who are left behind when you die.

 

Life Insurance policies either have the option of being paid out as a lump sum or periodically over a chosen length of time, depending on how this was set up in the first place. We often see this money being used as a way for homeowners to pay off their mortgage payments, cover childcare costs or any other bills they leave behind.

 

For you to make the most out of your own Life Insurance policy, it is always recommended that you ask about setting up your own terms and conditions. A trusted and dedicated Protection Advisor in Doncaster can take at look at your circumstances and help you to recommend the best insurance deal for both your personal and financial situation.

 

Do I Need Life Insurance in Doncaster?

Perhaps you have concerns about the financial responsibilities that your loved ones will have to deal with when you die? If so, it will definitely benefit you to look at getting Life Insurance in Doncaster. The hope is that doing this will alleviate your worries and leave you feeling less stressed, knowing that your outgoing mortgage payments will be less of a financial burden on your family.

 

 

How does Life Insurance in Doncaster work?

It depends on your personal circumstances and the type of policy you choose. If you choose a more complex policy,it will likely cost more. On the flip side, a simpler policy will mean you’ll be paying less.

 

Your first Life Insurance quote will take a look at various things such as your lifestyle, age and medical history. If you are young and healthy, it’s likely you’ll pay less too.

 

It is completely your choice how your insurance is used. For example, you can choose for it to pay out in either a lump sum or periodic payments. Also you can decide that when you pass away, it will pay off your mortgage debt. Once again, this is your choice.

 

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Different Types of Life Insurance in Doncaster

There are a wide variety of types of Life Insurance policy for customers. As a Mortgage & Insurance Broker in Doncaster, here is a list of some of the most frequently used policies that we have come across:

Level Term Life Insurance

Level Term Life Insurance is a type of insurance that will only be covered for a set amount of time, known as your insurance ‘term’. The length of that term is up to you, as it will only last for as long as you decide. We often see people setting the term will last somewhere between 5-25 years.

 

You will typically find that a Level Term Insurance policy will go alongside a homeowners mortgage term. If the owner dies during their insurance term, the mortgage payments can be paid off using a lump sum. This means that the remaining family members or anyone else who is tied to the mortgage won’t have to suffer the financial burden of your mortgage.

Decreasing Term Life Insurance

Although the name may not make it sound very useful, it’s the most popular life insurance policy our there! This policy is aimed at people who have repayment mortgages – which is the majority of homeowners. Working similar to Level Term Life Insurance, it can be used to pay off your mortgage balance after you pass away.

 

The value of this type of policy tracks how much is left to pay on your mortgage. The more your mortgage payments decrease, so too does the amount that you are insured for. Get in touch with a an Insurance Advisor in Doncaster to learn more about this specialist type of life cover.

Increasing Term Life Insurance

This cover works in an opposite way to how Decreasing Term Life Insurance works. This policy means that if you pass away during your term, there will be a payout.

 

Increasing Term Life Insurance increases by a determined amount until your term is complete. This means that the amount of cover you have will keep on going up.

 

This type of Life Insurance helps to protect your insurance against things like inflation rates and tends to be in line with the retail price index.

Whole of Life Insurance

Whole of Life Insurance policy doesn’t run alongside your mortgage. It will also not go on for a set term. As the name would suggest, it will last for the duration of your life. Once you have died, the policy will be paid out.

 

As you might have thought, this policy is a lot more expensive than other types of life insurance. This is because this will not expire and there will always be a pay out. This is typically taken out as a way of paying inheritance.

 

For this Insurance to stay valid, you must keep paying per month.

Joint Life Insurance

If you are either in a relationship or you are married, a Joint Life Insurance policy pays out if one of you die, covering the other party financially. There is the option of taking out two separate Life Insurance policies if you want to, however, it may be a lot cheaper and more beneficial for you to have a joint policy.

 

The difference with this type, is that once it is paid out, it expires. This means that if your other half were to pass away and a lump sum has been paid out, there won’t be a payout when you die, unless you set up a new claim. This tends to be used to pay off a mortgage, so another payout isn’t always needed at that point.

Death in Service

This type of Life Insurance policy is something that might be offered to you by your employer. They aren’t required to offer you this type of insurance, though some may offer it as an employee perk.

 

Death in Service is typically a lump sum payment to the employee’s family or someone of their choice. This sum can equate to as much as five times the annual salary of the employee.

 

The payout is unrelated to anyone who dies in the workplace.

Taking out Life Insurance as a Single Homeowner

As expert providers of Life Insurance Advice in Doncaster, we recommend that if you are a single homeowner, you should still think about taking out your own policy.

 

You might only be living on your own, but you might still benefit from a policy being put in place. In any case, if you were to pass away without Life Insurance to your name and you had mortgage payments left behind, your family members would likely be responsible for them. Having a policy in place relieves them of that burden.

 

Contact a Mortgage Protection and Insurance Specialist in Doncaster. You’ll soon realise why having Life Insurance could be the best thing for your families future.

Our Insurance Advice Service in Doncaster

We always like to make sure that our customers are well protected with a suitable Life Insurance policy to their name. This means that if you have an untimely death, your family are safe knowing that your monthly repayments will be covered with your policies payout.

 

A Life Insurance Advisor in Doncaster will review both your personal and financial case before they look at recommending you the most suitable policy for you to take. They will always stay honest and open with you, ensuring you’re comfortable at all times. If there is anything you’re unsure about anything during your process of obtaining Life Insurance, your advisor will gladly go through it with you.

 

We offer everyone a Free Insurance Review in Doncaster. Book your free insurance appointment by using our online booking feature, our contact form or by clicking our phone number, and we will see how we are able to help you.

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