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Life Insurance/Mortgage Protection
What is Life Insurance?
Life Insurance is a policy designed to provide financial protection for your loved ones if you die during the term of the policy.
It pays out a lump sum (or sometimes a regular income) to your chosen beneficiaries, helping them maintain financial stability by covering expenses such as mortgage payments, household bills, childcare, or other ongoing commitments.
Life Insurance offers peace of mind that, should the worst happen, your family or dependants will be financially supported.
How does it work?
When you take out a Life Insurance policy:
- You choose the amount of cover (the sum insured) and the length of the policy term.
- You pay a monthly or annual premium to the insurer.
- If you die during the policy term, the insurer pays the agreed benefit amount to your chosen beneficiaries or into trust.
There are two main types of cover:
- Level Term Life Insurance – pays out a fixed lump sum if you die within the policy term.
- Decreasing Term Life Insurance – the payout reduces over time, often used to cover a repayment mortgage, as the outstanding balance falls.
Other options include:
- Whole of Life Insurance – covers you for your entire lifetime, paying out whenever you die (often used for estate planning).
Joint Life Policies – cover two people, paying out on the first death or sometimes the second.
Benefits of Life Insurance
Protects your family’s financial future.
- Can help clear debts or mortgages.
- Provides a tax-efficient lump sum if written in trust.
- Offers peace of mind knowing dependants are looked after.
- May include optional extras, such as critical illness cover or terminal illness benefit.
Who is it for?
Life Insurance is suitable for:
- Individuals or families who want to ensure financial security for dependants.
- Homeowners with a mortgage or other large debts.
- Parents and couples looking to protect living standards for children or partners.
- Business owners seeking to protect company interests (e.g., through Key Person or Shareholder Protection).
Tax treatment
Premiums are paid from after-tax income (for personal policies).
- The payout is tax-free for beneficiaries if the policy is written in trust (otherwise it may form part of your estate for inheritance tax purposes).
- For business life cover, such as Relevant Life Policies, premiums may be tax-deductible when structured correctly.
Complete the form
Submit the details of your insurance requirements here