About Life Cover
If you are the sole earner in your household, with children or dependents replying upon you and your salary, then Life Cover will provide for them when you cannot.
We all worry about our children, spouse, or other relatives, but even more so when they are dependent upon a single wage: yours. If the worst should happen, Life Insurance ensures that those you love will be protected financially, providing either a fixed ‘lump sum’ or regular payments. You can even decide whether to cover specific costs, such as mortgages or debt for added security.
Do I need it?
Life Insurance is recommended for those paying a mortgage, as Life Cover can pay off your remaining residential loan and provide extra comfort to your family at a distressing time should you die before your mortgage is repaid. Partners, spouses and children who rely upon your income will also benefit. It is also possible to include funeral expenses.
It may not be necessary if you have a ‘death in service’ benefit provided by your employer, however our team of advisers can assist in determining whether your existing policy will be adequate for your needs.
Types of Life Cover
Term Life Insurance plan – this is the most economical form of Life Cover, with a fixed duration of 5-25 years and paying out only if you die during the policy term. This policy does not pay as a lump sum when the term ends.
Whole of Life policy – if you have continually paid your premiums, this plan pays no matter when you die.
As with all policies, there are exceptions and exclusions that affect whether a Life Insurance policy will pay out, such as medical conditions that pre-date the policy or participating in high-risk sports or activities. As impartial, experienced financial advisers, Renshaw Mortgage Solutions can assess your circumstances, any risk factors and the available options to match you with the cover most compatible with your requirements.