When you buy a home in Brentwood, one of the most important steps you can take is making sure it is properly protected. Life insurance, sometimes called life cover or life assurance, offers peace of mind that if something were to happen to you, your loved ones would be able to stay in the home without worrying about mortgage repayments.
Alongside life insurance, many people also consider critical illness cover. This type of policy pays out a lump sum if you are diagnosed with a serious condition listed in your plan, such as certain cancers, a heart attack or a stroke. It is designed to help you manage household costs, medical expenses, or mortgage payments while focusing on your recovery.
There are several types of life insurance, each designed to meet different needs. Here is a simple guide to three of the most common options available to Brentwood homeowners.
What is Term Life Insurance and How Does it Work?
Term life insurance is straightforward. You choose how long you want the cover to last, for example 10, 20 or 25 years, and if you pass away during that time, the policy pays out a lump sum to your loved ones.
Many homeowners in Brentwood choose term life cover to make sure the mortgage can be paid off if something happens within the term of the loan. You can also add critical illness cover to many term life policies, giving you an extra layer of financial protection if you were unable to work due to a serious illness. This can also pay out smaller amounts for less serious illnesses or even extended stays in hospital.
How Does Decreasing Term Insurance Work with a Mortgage?
Decreasing term insurance is often taken out alongside a repayment mortgage. The amount of cover reduces over time, in line with your outstanding mortgage balance, which means it can be a more affordable option.
This type of policy is ideal for homeowners in Brentwood who want to ensure the mortgage would be fully repaid if they were to pass away before the end of the term. It is also possible to combine this cover with critical illness protection so that the mortgage is covered whether the issue is death or a serious health condition.
Choosing the Right Life Cover in Brentwood
The best life insurance for you will depend on your mortgage type, family circumstances and long-term financial plans. Including critical illness insurance as part of your protection plan can make a big difference to your financial security if illness stops you from working.
At Worths Mortgages, we offer friendly, straightforward advice to help you find the right life insurance and critical illness cover in Brentwood. Whether you are buying your first home, moving, or remortgaging, we can guide you through your options and arrange a policy that works for you.
Call us today on 07880 722052 or email info@worthsmortgages.co.uk to arrange your free initial consultation
Frequently Asked Questions about Life Insurance in Brentwood
Do you offer home visits in Brentwood?
Yes, we are happy to meet you in the comfort of your own home if you prefer. We also offer appointments at our office or via phone or video call, so you can choose the option that works best for you.
Is life insurance compulsory when getting a mortgage?
It is not a legal requirement, but many lenders strongly recommend it. Having the right cover in place ensures your loved ones would not be left with the mortgage debt if something happened to you, which can make a difficult time more manageable.
Can I add critical illness cover to my life insurance?
Yes, in many cases you can combine life insurance and critical illness cover in one policy. This means your plan could pay out if you pass away or if you are diagnosed with a serious illness, giving you broader protection.
Can I change my life insurance if my circumstances change?
Yes, it is a good idea to review your policy if you move home, remortgage, get married, or have children. This helps to make sure your life cover still matches your financial commitments and family needs.
How much life cover should I have?
The right amount will depend on your mortgage balance, income, and family commitments. We can help you calculate the right level of protection so you are covered without paying for more than you need.
What is the difference between life insurance and life assurance?
Life insurance usually covers you for a set period of time, while life assurance, such as a whole of life policy, covers you for your entire life. We can explain the pros and cons of each so you can make an informed choice.
