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Life Insurance is a vague term as it covers much ground; there are several different types of life insurance, so this mortgage protection guide will explain to you what it is and why life insurance is essential to take out for any homeowner.
If you’re looking to take out life insurance, it’s worth speaking with a protection & mortgage advisor in Sunderland. We offer life insurance advice in Sunderland, and we would advise that you take the free insurance appointment that we provide to new/existing customers before making any drastic decisions as it may not match your circumstances.
Particularly if you don’t know what you are doing, there are many different types of life insurance. It can get complicated, and you also need to understand which is the best-suited policy that covers you best and how long the policy lasts.
Life insurance pays out a lump sum of money in the event of death. The money gets passed down to a family member or friend. In the event of a claim, the person who takes out the cover can choose to either pay out the whole sum insured at once or through regular payments.
The sum that is paid out changes depending on the type of cover that got taken out. Thankfully with life insurance in Sunderland, you can choose how the payout gets distributed. You select your specifics; for example, you may only want the money to get used to cover the remaining debts on the mortgage.
The total that you will pay monthly, will depend on the type of policy that you take out. Keep in mind that each policy is different, so you may not pay the same as other people.
As a protection and mortgage broker in Sunderland, we still see younger clients looking to take out life insurance policies. Your quote is calculated through lifestyle, age, and medical history.
If coverage is paid, the total can cover the full amount insured at once or through regular monthly payments. When you take out your coverage, you can decide how you want the lump sum to pay out.
One of the great things about life insurance in Sunderland is that as the insured, you can decide what your payment is used for. For example, when you take out the policy, you can choose whether you want to use the money on your mortgage, debt or something else.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.
Life insurance in Sunderland is a type of protection that is taken out to protect you and your family financially after you’ve passed away. If you want to make sure that those you love are well cared for financially, taking out life insurance in Sunderland is a way.
Your life insurance quote is unique to your personal situation. Before a policy is taken out, an expert protection advisor in Sunderland will ask a series of questions and review your options.
As a protection and mortgage broker in Sunderland, we recommend that you explore life insurance options although the cover is optional, it’s always handy in the long run, especially when circumstances have changed i.e., you have children or get married.
Unfortunately, these things can happen at any time, and if the situation comes unexpectedly, thus why it’s better to be covered. The last thing your family, partner, or loved one’s need is to stay with any unsecured debts and other finances, such as your mortgage. Having life insurance in Sunderland in place will not only protect you, but also protects the people you care about.
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Discuss possible relevant insurances you want to take with a dedicated protection advisor in Sunderland or that we can suggest to you.
Your protection advisor in Sunderland will run through your health background with you, collecting some initial information.
We will meet your available monthly budget and create a tailor-made plan that surrounds your current personal and financial situation.
Our team can search through 1000s of insurance products to find the most suitable fit, to protect you and your family.
Once we have found the right product for you and you are happy to continue, we will forward your insurance application to a policy provider.
Occasionally, the policy provider may return to us for further information before they will look at accepting the application.
We will be back in touch with you towards the end of your mortgage term and will also take the time to review any policies you have in place.
Circumstances change and the policies you took out at the start of your mortgage, may no longer be suitable for you at remortgage time.
If you want to learn more about our insurance services in Sunderland, it’s easy and quick to book your free initial insurance review to speak with one of our insurance advisors in Sunderland. From there, we can explain the different types of life insurance policies, and look into your personal and financial situation to determine which policies are best for your situation.
As a mortgage broker in Sunderland, we find that customers usually take out life insurance in conjunction with other insurance policies. This depends on your situation, and some policies may not be right for you, so we recommend speaking with an expert first.
We have many insurance providers on our panel who offer insurance products, your protection advisor in Sunderland will be able to search through these high street lenders to find the most suitable product for you.
Before recommending a product, we want to find the most suitable product for you and your personal and financial situation.
It can be difficult to know what sort of product to take out; that’s why our life insurance advisors in Sunderland will talk you through the policies and run through how each of them work.
If you aren’t considering life insurance in Sunderland, you may still benefit from a free protection review to learn about how they can help your loved ones financially, if you pass away.
We are open and available to answer your calls 7 days a week. If you would prefer to book a free initial insurance review rather than call us, you can do so by navigating to our book online button. Our life insurance advisors in Sunderland are looking forward to helping you get the correct insurance policy.
There are lots of various types of life insurance policies. It would be wrong to think of life insurance as just an “either/or” choice, as many people now have one or more of the different types of cover.
Affordability plays a large part, and whilst it would be fantastic to cover yourself for every potential opportunity, that’s not always possible.
With Level Term Life Insurance, you will still get a payout, however, you will only be covered for a fixed ‘term’. This policy only pays out if you die within your policies term. They usually run between 5-25 year terms in 5-year increments.
Term Life Insurance is often used to cover a mortgage. People usually take out this policy that’s in line with their mortgage term.
Therefore, if you were to die and still have your mortgage to pay off, the policy will pay out the This means that the mortgage payments will not fall to family members or any other name attached to the mortgage.
As a mortgage broker in Sunderland, we’ve found that this type of life insurance policy is the most popular. You may be asking, “why would you want to take out a policy that decreases in value?”.
Well, this policy is targeted at homeowners with repayment mortgages – which is the majority of people. This policy is usually taken 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 amount owed on your mortgage decreases, so does the sum insured.
Decreasing Life Insurance is typically taken out alongside other Insurance products depending on personal circumstances.
This is why we always recommend speaking to a mortgage & protection specialist in Sunderland, and we can help recommend the most suitable insurance for your needs.
This type of life insurance policy will still payout if you die within your fixed term. It works in the opposite way to Decreasing Term Life Policy.
The difference with Increasing Term Life Insurance is that you are covered for increases as your term goes on. It will increase by a fixed amount until your policy term ends.
This type of life insurance was introduced to protect the policy’s total value against inflation and is usually in line with the retail price index.
As a mortgage broker in Sunderland, we’ve learnt that the Whole of Life Insurance policy is not at the forefront of the insurance market. However, it is still helpful, and it may be the policy that suits you most.
The Whole of Life policy is the cover that lasts your whole life. When you die, the policy that you took will payout. The costs of Whole of Life Insurance will be a little more than a Level Term Life Insurance. However, you are covered for your whole life and not just a fixed term. Assuming that you’ve kept up-to-date with your life insurance payments, your cover will apply for your entire life.
This type of insurance is usually used for family protection and part of inheritance tax planning.
If you are in a relationship/married, you could consider taking out a Joint Life Insurance policy that will payout in the event of one of you dying. You could still have two separate life insurance policies if you want to. However, having a Joint Life Insurance policy is often cheaper than taking out two different ones.
This policy works because if one person dies, the policy pays out and then ends. This may seem like a downside to the policy, but if you initially took out the policy to pay off your mortgage, you would still be able to do so as the money will be released after the death of one of the policyholders.
This type of life insurance in Sunderland may be offered to you by your place of employment. Your company is not obligated to provide Death in Service cover. However, some do as part of their employee benefits package.
Death in service is usually a lump sum of cash paid out to an employee’s family or a person of their choice if they die. This sum can be up to 5 times their annual salary. There are no specific limitations on what can be done with the employee’s money.
Just because you are a single homeowner doesn’t mean that you should disregard all life insurance options.
If you have settled into a new place and are currently living on your own without children or a partner, it’s not unusual for people to forget about life insurance. People also sometimes choose to ignore it, and this is because it doesn’t always apply to single homeowners.
What you should think about, though, is that your circumstances could change in the future, and if they do, then life insurance could become an essential thing to have.
Please speak to one of our mortgage and protection specialists in Sunderland and determine whether taking out life insurance as a single homeowner could be beneficial for you.
We want to make sure that you have the right policies in place to allow you to leave your family in the best position possible if you die. Taking life insurance will give your family financial certainty and will take a little stress off them in an already difficult time.
As a mortgage broker in Sunderland, we know that life insurance, no matter the type of cover, is highly beneficial and can put you at ease knowing that your family won’t have to pay for your debt payments.
If you want to find out more about life insurance, take up our free Insurance consultation in Sunderland. We will explain the policies available to you and why they could benefit your family’s personal and financial situation in the future.
We always ask our customers to review us. We do this because our reviews reflect a complete picture of our service from start to finish and highlight how amazing our team is.
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Sunderlandmoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Sunderlandmoneyman 2025.
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Sunderlandmoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Sunderlandmoneyman 2025.
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