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Life insurance provides individuals with a lump sum payout or monthly income after a high-earner is no longer able to work.
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If you are taking out a mortgage we highly recommend purchasing a life insurance policy.
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Usually you take out a specific policy according to your needs and pay a certain percentage every month. How this pays out for you and your family depends on the type of policy you take out.
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This depends on your age, your debt, your savings, your outgoing payments and what you hope to provide for your family in the future. If you travel a lot or participate in extreme sports this will also affect the policy.
Standard Life Insurance - Your family will receive a lump sum in the event of your death.
Joint Life Insurance - An insurance policy you can take out with your partner.
Seniors Life Insurance - Policies designed for individuals over the ages of 50 or 60.
Critical Illness Life Insurance - Pays out in the event of a critical illness.
Income Protection - Pays out a percentage of your income.
Family Income Benefit - Your family will receive a percentage of your income.
Term Life Insurance - Pays out if you die, become unemployed or injured during a certain time in your life.
Whole Life Insurance - Pays out if you die, become unemployed or injured at any time in your life.