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Protection:

Life Insurance

Life insurance provides a financial safety net for your loved ones in the event of your death. It can help cover expenses such as mortgage payments, living costs, and funeral expenses, ensuring your family is financially protected.

Application Process:

  1. Assess Your Financial Needs: Consider how much cover you need based on your financial obligations, such as a mortgage, debts, and living costs.

  2. Choose a Type of Policy: There are two main types: term life insurance (which covers you for a set period) and whole-of-life insurance (which covers you for your entire life).

  3. Submit Your Application: You’ll need to provide personal information, including your age, health status, and lifestyle (e.g., smoking or drinking habits).

  4. Medical Underwriting: Many insurers require a health questionnaire or medical exam to assess your risk.

  5. Receive Your Policy: Once accepted, you’ll receive a policy that outlines the payout terms and premiums.

Factors Insurers Consider:

  • Health & Lifestyle: Pre-existing medical conditions, smoking, alcohol consumption, and lifestyle choices affect your premium.

  • Age: The younger you are when you apply, the lower your premiums tend to be.

  • Cover Amount: The higher the payout amount, the more expensive your premiums will be.

  • Policy Type: Term insurance is usually cheaper than whole-of-life insurance due to its limited coverage period.
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Top Tips

  • Consider a Joint Policy: If you and your partner both need cover, a joint policy can be more affordable.

  • Review Regularly: Update your policy if your circumstances change, such as after having children or buying a home.

  • Start Early: The younger and healthier you are when applying, the better your chances of securing lower premiums.

Mortgage repayment calculator

Work out your repayment

£

10%

1%

5.25%

£1421

Monthly Payment

Principal & Interest £1421

Monthly Taxes £1421

These results are for a repayment mortgage and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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