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Life Assurance

It should be a serious consideration to protect your mortgage should the worst event happen.  Although this type of insurance isn’t appropriate for every one with a mortgage, it’s certainly what we would recommend as minimum type of cover for couples or those with children.  The mortgage is normally the largest monthly payment.  It’s hard enough to lose a loved one; however, can you imagine the financial devastation of not being able to afford to pay your mortgage and having your home repossessed. This can be avoided by having life assurance that pays out a tax free lump which is designed to clear your mortgage in the event of death.  Mortgage Advice Centre offers advice on Life Assurance from a wide panel of famous providers to get you an excellent quote.

To protect your mortgage, call or contact Mortgage Advice Centre now, and speak directly to one of our friendly advisors.

What’s the right policy for me?    

Should you have a policy that stays the same and does not decrease (level term) or a policy that decreases over the life if your mortgage (decreasing term) should it be 20 or even 30 years? The correct answer lies with your mortgage. Whether you are considering life assurance to protect an existing mortgage or a new mortgage our friendly and experienced mortgage and protection advisors will always recommend (where appropriate) to cover the mortgage for the remaining term. If you have an interest only mortgage, we will recommend level term cover, and if you have a repayment mortgage we will always recommend Decreasing Term Assurance.

 What is a Trust?

It’s a sad fact that most people with life assurance in the UK do not have their policies written into trust.

Having your policy in trust ensures that the benefit is paid out exactly according to the wishes of the deceased.  Furthermore, as a policy written in trust falls outside of the legal estate for tax purposes, it is not factored into the calculation of inheritance tax payable and lengthy probate does not need to be granted before the life company can pay out.  This means that your surviving spouse or children can quickly receive the much needed financial assistance in the event of death.

Mortgage Advice Centre believes every life policy for a single individual should be written into trust. Helping you to complete your trust forms for life insurance is all part of the service that we offer and ensures you are getting the right advice.

For a free, no obligation insurance review contact us immediately for a face to face or telephone appointment

*For insurance business we offer advice on products from a choice of insurers.

*Some trusts are not regulated by the Financial Advice Authority.

Trust Services Promoted here are not part of the Openwork offering and are offered in our own right. Openwork Limited accept no responsibility for this aspect of our business.

 

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