Helping to cover the cost of outstanding mortgage and looking after loved ones.
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Life insurance offers peace of mind, knowing your loved ones will still be able to cope financially if you're gone. Paying off debts, mortgages and maintaining the standard of living you want for your loved ones.
Financial Support: The payout can help cover expenses like mortgage balance or payments, childcare or education costs. Debt Repayment: If you have outstanding debts such as credit cards or loans it can be a good idea to have the value of these covered as well, preventing them from becoming a burden on your family. Maintaining Lifestyle: The payout can help your beneficiaries maintain their current standard of living. Future Planning: The money can be used for future goals like your children's education or a dream vacation for your spouse.
Term Life Insurance: This is the most common and affordable option. It provides cover for a fixed period (the term, typically designed to tie in with the length of your mortgage). If you die during the term, your beneficiaries receive the payout. If you survive the term, the policy ends. Level Term: Payout amount from level term assurance (LTA) remains constant throughout the term, no matter at what point you claim during the term of the policy. Decreasing Term: Payout amount from a decreasing term assurance (DTA) plan gradually decreases over time, typically mirroring a mortgage balance that would be being paid off.
This plan offers lifelong cover. Premiums are typically higher than term insurance as there is no specified end date, as long as the monthly premiums are maintained the policy will pay out needed. This policy also pays out a benefit to your beneficiaries when you die.
Term Length: Choose a term that aligns with your needs, such as the duration of your mortgage or until your children are financially independent. Policy Type: Term life insurance is generally more affordable for pure death benefit needs. Whole of life offers lifelong cover and a cash value benefit but comes at a higher premium. Medical History: Your health and lifestyle habits significantly impact premiums, whether it be yourself or hereditary conditions that can increase the risk to yourself. Pre-existing health conditions, a higher BMI or being a heavy smoker or drinker can increase the monthly premium. Financial Situation: Ensure the premiums are affordable and won't strain your budget. Added Benefits: Many of our providers are able to offer access to online GP appointments and other benefits to support you medically during your protection policy.
As a whole of market mortgage and protection broker, we are here to guide you through not only your mortgage application process but also, we’ll support you to ensure you have the right amount of cover for you. Working with your needs and budget.
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Gloucester Mortgage Centre are authorised and regulated by the Financial Conduct Authority, FCA registered (http://www.fca.org.uk/register) under reference 300783.
The Financial Conduct Authority does not regulate Buy to Let Mortgages.
Gloucester Mortgage Centre may charge a fee for arranging your mortgage. Typically £495, the actual fee will depend on your circumstances.
Your home may be repossessed if you do not keep up with the repayments on your mortgage.
Information contained within this website is subject to UK regulatory regime and is therefore targeted at UK consumers.
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