We are delighted to introduce London Life & GI, a trading style of Mortgagematch Home Loans Ltd. Established in 2001 by Ian Mcpherson and fully regulated by the Financial Services Authority in 2004. A directly authorised Life Assurance, Critical Illness and General Insurance brokerage specialising in and offering a fresh approach in the exciting and dynamic London and Home Counties area. For more information please email firstname.lastname@example.org.
Life insurance (also known as life assurance, life cover or death cover) is essentially a policy that pays out a lump sum of money to your dependants in the event of your death.
The policy will usually pay out no matter what the cause of death, as long as accurate and honest personal details are provided when the insurance is taken out. The amount of money paid out depends on the level of cover you decide to buy.
Because life insurance only pays out on death it is still advisable to consider additional polices such as critical illness cover – which can sometimes be built into life cover – or income protection.
Life insurance offers a relatively cheap and straightforward way of ensuring that the financial needs of your family or any other dependants are met in the event of your death.
It is usually essential for the parents of school-age children to have life cover and this requirement becomes even more urgent in the case of single parents. Couples without dependants will usually still wish to protect their partner and some people simply want an inexpensive policy which will ensure that their funeral costs can be met.
Life insurance cannot bring back a loved one, but it can provide reassurance that your dependants will be looked after if you’re no longer around to provide for them.
What are the different types of life insurance?
- Level term insurance policies pay out to your dependants if you die within a fixed term which is chosen by you – 25 years, for example. The premiums stay the same, as does the pay-out whether you die on the first day or the last day of the policy.
- Whole of life policies guarantees to pay out regardless of when you die, whether it be the day after you take out the policy or at the age of 103! One specific type of low-cost whole life insurance is the Over-50s policy, mainly designed for those looking to cover the cost of their funeral and little else.
- Decreasing term insurance policies are usually aimed at covering the remaining debt on a repayment mortgage if you die within a set number of years. The pay-out decreases over the policy term, usually in line with the remaining mortgage debt.
Within these policies, couples must also decide whether they wish to take out joint cover or two single life policies. Joint cover is cheaper, but only pays out once when the first partner dies. Two single policies should provide a greater level of protection to other dependants.
London Life & GI offers more information on the following tailored life insurance policies:
- Critical Illness Cover
- Family Protection
- Income Protection
- Mortgage Protection
- Over 50’s Insurance
- Whole of Life
If you are interested in life insurance or general household insurance why not email us?
We offer friendly, expert assistance. A member of our fully-trained team will contact you to discuss your needs in more detail. We will find the most suitable policy for you and get you the best possible discounted deal.