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Life Insurance Advice in Birmingham

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Life Insurance Birmingham

Life insurance, also known as life cover or life assurance, is a policy that is paid out when you sadly pass away or are diagnosed with a terminal illness while covered by the cover. There is a range of types of Life Insurance policies out there designed to financially support your loved ones with paying childcare costs, mortgage payments and bills when you pass away.


Get in touch with us if you are looking to take out Life Insurance in Birmingham to speak to one of your expert Protection Advisors in Birmingham. Our team will get to know your situation and find the most appropriate insurance product for you.


Do I Need Life Insurance in Birmingham?

The policy is ideal for those eligible who are worried about what is financially left behind after they pass.


Taking out cover is not necessary, however, this policy is beneficial if people depend on you financially like children. As mentioned, the policy can cover loved ones with finances like bills, therefore, you need to think if your family and loved ones would manage if you passed away.


How does Life Insurance work?

As mentioned, there are different types of policies that fit a range of circumstances. Therefore, the amount you will receive and the premiums you have to pay will depend on your personal circumstance and the kind of policy. It’s likely you would pay a premium to the insurance providers for the duration of your policy.


Through our experience as a Protection Specialist in Birmingham, we find that the healthier and younger you are, the cheaper the quote may be. Your lifestyle, age and medical history will be taken into account when generating your life insurance quote. There are two ways to pay this out, you can either pay the whole sum in one time or you can provide regular payments; it’s up to the person who takes out the cover.


The benefit of taking out Life Insurance in Birmingham is that you have the choice on what your payout is used for. Many people use the payout for debts, like a mortgage.


As mentioned, Life Insurance is a policy that can financially provide support for family members, make up lost income and pay off any outstanding debts owed in the person’s name.


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Different Types of Life Insurance

There is a range of Life Insurance policies that fit a range of financial circumstances. Here are the policies that we find, as a Mortgage Broker in Birmingham, people regularly take out:

Level Term Life Insurance

This type of insurance allows you to get a payout, however, this will only be covered for a fixed ‘term’. The duration of the term usually range between to 5-25 years in 5 year increments. This policy pays out if you die within your policies term.



Generally, this type of policy is often used to cover a mortgage. This policy is commonly in line with their mortgage term which means if you were to die and still need to pay your mortgage off, the policy will pay out.



By doing this, your family members or anyone attached to the mortgage aren’t left with paying any mortgage payments.

Decreasing Term Life Insurance

Decreasing Term Life Insurance is something as a Mortgage Broker in Birmingham we find to be the most popular.


Some people might wonder the benefits of taking a policy out that decreases in value. The policy is aimed towards homeowners with repayment mortgages- which is a lot of people. Usually, people take out to pay off the outstanding mortgage balance should you die.


The policy’s value mirrors the outstanding balance remaining on your mortgage. As the sum insured decreases, the amount on your mortgage decreases too.

Increasing Term Life Insurance

This type of policy allows the amount to still payout if you die within fixed term. This is seen to be the opposite of Decreasing Term Life Policy.


The policy works by the amount that you are covered for with increases as your term goes on. Your fixed amount will increase as your policy term ends.


Increasing Term Life Insurance is designed to protect the policy’s total value against inflation and is usually in line with the retail price index.

Whole of Life Insurance

We find as a Mortgage Broker in Birmingham that the Whole of Life Insurance policy is not the most popular one in the insurance market, but it is still convenient and it may be the policy that is appropriate for you.


As mentioned in the name, this policy will cover you for your whole life. The policy will payout when you die. Unlike Level Term Life Insurance, this type is normally a little more expensive. This is usually because you are covered for all your life instead of just being a fixed term.

Joint Life Insurance

You could consider this if you are married or in a relationship and this Joint Life Insurance will payout in the event of one of dying. There is still the option for you to have two separate Life Insurance policies if you prefer this however this option is often cheaper than both of you taking policies out separately.


This policy works by paying out and ending when one person dies. This could be seen as a drawback with this policy, however, if taking out the policy was so you can pay off your mortgage, you would still be able to do this with the money as this will be released after the death of one of the policyholders.

Death in Service

It’s common for this policy to be offered to you by your employer. This won’t be the case for all workplaces as they aren’t obliged to but it can be a part of an employee benefit package.



This type of policy usually works by being paid our through a lump sum which is paid out to an employee’s family or a person of their choice if they die. The amount can be up to 5 times your annual salary. Again, there isn’t any specification on what this money is used for.



One factor of this policy is that the payout has nothing to do with if an employee died in the workplace.

Taking out Life Insurance as a Single Homeowner

You shouldn’t disregard Life Insurance options if you are a single homeowner.


This can be something single homeowners do forget about especially if you have settled into a new place and are currently living on your own without children or a partner. In some cases, people choose to ignore it and this is because it doesn’t always apply to single homeowners.


One question you should be asking yourself is if your circumstances change in the future could Life Insurance be a benefit to you?


If you are looking at Life Insurance and wanting to know if this would help you if you are single homeowner, get in touch with one of our Mortgage Protection and Insurance Specialist in Birmingham.

Our Insurance Advice Service in Birmingham

Our team want to make sure that you have the best policy that can provide a financial blanket to your family in the event that you pass away. Pursuing the option of taking our Life Insurance in Birmingham will help your family form any financial stress in this difficult time.


Life Insurance in Birmingham could be the perfect option if you are exploring options for Protection Advice in Birmingham. Regardless of the type of cover available, this can be very beneficial and can reassure you that your family will be financially stable to pay off any of your debts or payments.


Attend our free Insurance consultation in Birmingham if you wanting more information on Life Insurance. In your appointment, you will be speaking on one of our expert Protection Specialist in Birmingham who will provide a range of policy that they feel will be helpful for you and your family and fit within your circumstances.


Through our experience as a Mortgage Broker in Birmingham, we find that our customers usually take our Life Insruance along with other policies, depending on their circumstances. Check out our other Insurance options here:

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