Life Insurance

Life is full of surprises and no one knows what is around the corner. Life insurance is a way of protecting your family so you can leave them with a tax-free lump sum. Most families use it to pay off a mortgage or to pay the living expenses of your family. 

Choosing to take out life insurance now can give you reassurance that you’ve done everything you can to protect your family both now and into the future. The benefit of acting sooner rather than later, is that life insurance premiums increase significantly as you get older.

Life insurance policies come in different shapes and sizes. Some of the decisions you need to think about include:
The term:

  • Life insurance can run for a certain amount of time, for example, Life Insurance can be as short as 5 years, or can cover you indefinitely until you die. The longer the term, the more expensive the policy will be per month
  • The amount: Choosing the amount is important. What debt do you have? Do you want your family to have the money for themselves or to pay off your mortgage/debt, Or both? You can insure for as little as £5,000 or in to the millions but the cost increases too.

• The payment: Who is the payment going to? You can specify who this money goes to as on death you would want your loved ones to have the money.

• Include the Full Package: Life insurance is great, but make sure you have a policy that is actually worth it. You need to make sure it includes terminal illness for the length of the policy, children’s cover, Accidental Death Benefit and much more.

Xact Mortgages Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority

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