Life Insurance Advice in Birmingham

Whether you are a first time buyer in Birmingham, a Buy to Let Landlord in Birmingham or ready to Remortgage in Birmingham, looking into insurance is always greatly beneficial.

Life insurance is designed to pay out, usually in a lump sum, in the event of death.  With regard to your mortgage, the sum assured should be enough to pay off your outstanding balance.

Here is some information about the most popular types:

• The whole of Life Insurance.
• Term Assurance.
• Family Income Benefit.
• Joint Life Insurance.
• Death in Service.

Importance of Life Insurance in Birmingham

The whole of life insurance does not have an end date, therefore, providing premiums is being met the policy will payout. Generally speaking, this type of insurance is used for family protection and also as part of inheritance tax planning. 

Term Assurance

Term assurance is the most popular type of family insurance used to cover a mortgage.  Our Advisors will recommend the sum assured and term of the policy, usually to run in line with your new mortgage. The providing that all premiums are maintained, the sum assured will be paid out if you were to die during the term.

There are various types of Term Assurance available, such as decreasing and increasing cover. As part of our personal protection review, the most suitable policy for your needs will be recommended.

Family Income Benefit

This is another version of Term Assurance, where instead of the sum assured is paid as a lump sum on death, it’s paid as an agreed monthly payment. This is very good for families looking to insure an income.

A good Mortgage Advisor in Birmingham will usually recommend a mixture of insurance types tailor-made to match your personal and family requirements. 

Joint Life Insurance

If you are part of a couple, you could consider taking out a single life policy that will payout in the event of one of you dying. This can be cheaper than paying the premiums on two separate policies, but bear in mind that joint policies only payout on the first death, after that the cover ends. If you had two separate policies, the second policy would remain in force even after a claim had been made on the first.

Death in Service

Many companies offer their employees family a lump sum payment if the staff member dies while they are employed by the firm. Although this doesn’t mean the death has to be at the workplace or in any way related to the job done. This cover will most likely end as soon as you leave the company.

Our Insurance Advice Service in Birmingham

It’s very important to us that all of our customers are given an equal opportunity to take out insurance through ourselves. We wouldn’t be doing our job right if we didn’t mention it.

We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability. We’ll then recommend which products, including Critical Illness Insurance and Income Protection Insurance that meets your needs. If required, we’ll then tailor the plan to match your available monthly budget.