Death insurance advice
We can't predict the future - which makes it all the more important we're prepared for whatever life may throw at us.
Life insurance (also known as ‘life assurance’) can be used to cover a mortgage, or other loan, or to support your dependants in the event that the worst happens to you, giving you peace of mind that they'll be financially protected when you're gone.
White Mortgages offer the following types of life insurance:
Level Term cover and;
Decreasing Term cover and;
Family Income Benefit(s).
Level Term cover
Taking out level term cover can insure you in a straightforward way. Basically, you make a monthly payment, which is normally guaranteed, and your dependants / beneficiaries receive a lump sum pay-out if you (as the policy holder) die whilst your policy is in force. You decide on the term of the cover, i.e. the number of years you want to arrange cover over, and the amount of cover you require, i.e. the size of the lump sum. These decisions will affect your monthly premium. Generally, the more cover you require and the longer the term, the higher the monthly premium. Premiums can also be paid annually.
Decreasing Term cover
Decreasing term cover, sometimes referred to as 'mortgage term insurance', is designed to give your dependants / beneficiaries a pay-out that's specifically calculated to help them pay off your repayment mortgage in the event of your death. Over time, as you make your mortgage repayments, the amount you owe on your mortgage will gradually decrease – so your dependants / beneficiaries shouldn't need as much money to pay off the remaining mortgage. Because of this, the premiums can be lower than those on policies providing level term cover, as above.
Family Income Benefit
A Family Income Benefit protection policy is designed to pay out a regular monthly income, rather than a lump sum, in the event you (as the policy holder) die whilst your policy is in force. The income continues until the expiry of the policy’s term – benefits cease thereafter. This type of cover is popular with parents wishing to protect their family against the financial implications of their death, to cover the cost of school / university fees and to cover childcare costs.
How we can help
Our expert advisers are here to help you understand what Life assurance is right for you. This will be discussed during your mortgage process so that you have peace of mind that you've explored cover for every eventuality.
As part of your mortgage process, your adviser will talk you through the most suitable cover for your needs, ensuring you get the best deal possible.