What is life insurance?
Life insurance pays out in the event of your death. It provides peace of mind and reassurance that your family has a financial safety net if you die during the policy’s life.
They can use the money in any way they wish. Many use it to:
- Pay off outstanding debts, such as mortgage repayments
- Cover general day-to-day living expenses and household bills
- Cover funeral costs.
Do you need life insurance?
Whether you need life insurance depends on your personal circumstances. Our life insurance advisers often raise the question: Would your family experience any financial hardship if you were to die?
Let’s say you’re the breadwinner of your household, your income would stop if you died. How would your family cover essential bills? Do you have any savings they can fall back on?
During hard times, ensuring your family is financially supported is important. Life insurance can offer some much-needed relief from potential financial burdens.
Protect your mortgage
It’s common for mortgage advisors to ask if you have life insurance to ensure your monthly repayments are covered if you die during the mortgage term.
If you’re a first-time buyer, our mortgage advisers can provide advice on buying life insurance at the same time. If you’ve already got a mortgage, it’s worthwhile considering life insurance. Get in touch with us and we’ll help you get a policy up and running.
Free extra benefits with your life insurance
Life insurance is more than a payout to your family when you die, you can utilise your policy from day one. Many UK life insurance providers offer a great range of extra benefits alongside your core policy, such as:
- Virtual GP services
- Discounted gym memberships
- Fitness and nutrition advice
- Second medical opinion services
- Free prescription delivery
- Mental health support and consultations.
The best bit? You won’t pay a penny extra.
At Mortgage Synergy, we can compare all the insurers available on the UK market on your behalf. If any of the aforementioned benefits stand out to you, we’ll find you a policy that offers them.
Our life insurance advisers at Mortgage Synergy
There are many policy options and personal factors to consider when buying life insurance. We know these policies like the backs of their hands. So, we’re here to help ensure you pick the right policy options for your unique circumstances.
From choosing the type of life cover and the level to cover to nominating your beneficiaries, we’re on hand every step of the way. Not sure which type of life insurance is right for you? Got a budget in mind for your monthly premiums? Considering a joint policy? Our team of experts can advise on all of these, and much more.
We’ll get to know you, your finances and why you’re considering life insurance to help us identify the most suitable policy. We offer fair, expert advice and recommendations based on your situation.
With our wealth of knowledge, you can leave it to us. We’ll find you the best life insurance cover for the best price. Our life insurance advisers want to make sure you pay for a policy that serves you and reassures you your family is protected.
FAQs
To ensure the payout is received by the intended recipient, you will have to nominate your beneficiaries. Your insurance provider will send you a form to complete, in which you’ll name who you want your life insurance benefit to go to. If you choose more than one person, you’ll also need to clarify what percentage of the payout each beneficiary will receive.
You don’t have to buy life insurance when you get a mortgage. It is highly recommended by mortgage lenders and advisers, though. Should you pass away before you finish paying for your mortgage, the life insurance payout can cover it. This will help to relieve the pressure from your family.