This cover is taken out with a mortgage and ensures that, in the event of your death, your mortgage repayments will be cleared. In other words, it is life assurance that is usually linked to a bank loan. Generally, a mortgage protection policy is the cheapest form of life cover.
The price is always fixed so your premium will not increase as you get older. But, the amount of life cover reduces as the loan is repaid, resulting in no life cover at expiry.
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Term Assurance means you insure your life for a specified period of time. It is life assurance that gives you a fixed level of cover for a specified term. If you die before your term expires, your named beneficiary receives a payout.
Term Assurance is a little more expensive than a mortgage protection policy but it is a more comprehensive option. By availing of Term Assurance that is linked to a mortgage, any surplus, once the mortgage has been repaid, is returned to your estate in the event of a claim.
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In this day and age we all know of someone facing a life threatening illness. Should you develop such an illness there are many consequences for you and your family, not least of which, is the additional financial burden that the illness places on you.
It is possible to insure against this eventuality and such cover will help you with medical costs, loss of earnings and may, indeed, generate a lump sum for you to spend as you wish.
If you were asked to name your most valuable asset, ‘property’ would probably spring to mind. However, this is not generally the case. Your income is by far your most valuable asset!
Have you considered how your income would be affected if you were unable to work in your current position? Whether you are an employee or are self-employed, your income will not continue indefinitely should you be out of work through ill health.
You may be surprised to know that employers are not obliged to pay you should you be out sick. How would you survive if your only source of income were social welfare?
It is not all doom and gloom, however. Thankfully, there are very cost effective and tax efficient ways of protecting your income.
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As premiums on life policies are generally less expensive for younger people, the sooner you take out your policy, the cheaper it will be in the long run.
The premiums on mortgage-related life policies are generally fixed for the life of the policy so even if you clear your mortgage early you can keep the policy going.
Talk to us early if you are planning to take out cover as we can get the paperwork sorted and confirm a commencement date at a later stage.
If you are a homemaker, try to imagine the financial cost of your work at home. How much would it cost to get someone else to do this role? It is worth considering.
If you are self-employed you can link your life cover to your pension and claim tax relief on the contributions.