Life Insurance | Leicester
If you’re looking for a local Life Insurance broker in Leicester, you’ve come to the right place. At Mortgages by Anna, we can present a number of different options to you when it comes to Life Insurance. We can combine different perks with access to a number of insurers to ensure that you get the right policy for your circumstances.
What is Life Insurance?
If this is the first time you are researching Life Insurance, it can be quite confusing with all the different options available, decreasing term or level term, what does it all mean?
Let’s start from the beginning. Life Insurance is a form of insurance that is designed to pay your dependents money in the unfortunate event of you passing away. Of course, this is never a nice thing to think about, but by taking a Life Insurance policy, you provide your dependents with that financial reassurance, should the worst happen.
The amount that is paid out in the event of a claim, depends on the level of cover you purchase. You can also stipulate whether you would like it to be paid in lump sum or to be paid in monthly payments. Another option you have is to link the payments to cover specific transactions such as rental payments or a mortgage, for example.
Different types of Life Insurance
When considering a Life Insurance policy, the first decision you need to make is the type of policy you would like. You have two options to choose from, a term life insurance policy or a whole-of-life policy.
A term life policy will have a specific policy term, such as 5 years, 10 years, 15 or 20 years for example. This policy will only pay out if you die within the policy term and there would not be any lump sum due at the end of the term.
A whole-of-life policy will pay out at any point, should you pass away. Like any insurance policy this is dependent on you being up to date with your payments and in line with other terms and conditions.
Level cover or decreasing cover, which option is best for you?
This depends on how you would like your policy to perform, should the worst happen.
Level Cover
With this policy type, you’ll pay the same amount each month until your policy ends and in the event of a claim, the policy will pay out a set lump sum to your dependents.
Decreasing Cover
This type of cover is designed to help your loved ones clear a repayment mortgage or long-term loan if you pass away during the policy term.
Arrange Life Insurance Appointment
We have access to some of the UK’s largest insurers and therefore, have the ability to compare features and prices to find you the most suitable policy for your circumstances. If you’d like to arrange a protection review, simply give us a call on 0116 3262610 to arrange an initial consultation or click to submit a contact form and we will get back to you.
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