Term life insurance. Affordable cover for your dependants
Term life insurance is the most fundamental type of life insurance available. It provides you with the flexibility to determine the amount and duration of coverage you desire. There are three variations of term life insurance:
Level term life insurance guarantees a fixed sum of money to your chosen beneficiary. If you were to pass away within the policy term, your dependents would receive the predetermined amount.
Decreasing term life insurance is commonly utilized to cover significant debts, such as a mortgage. As the coverage amount decreases in alignment with the debt, this type of policy tends to be more affordable. However, it is crucial to consider whether the remaining coverage would adequately support your family's financial needs if they rely on your income.
Increasing term life insurance allows you to leave a larger sum of money to your loved ones. The coverage amount increases over the duration of the policy. Therefore, if you were to pass away towards the end of the policy term, your beneficiaries would receive a substantially higher payout.
This document serves as a brief overview. A comprehensive policy document will be issued to you upon completion of the application process. The policy will outline the terms, conditions, and restrictions of the coverage offered within the plan.
Reviewing your mortgage options can also be a good way to find lower interest rates and better mortgage terms.
The determination of the necessary amount of term life insurance is contingent upon your specific requirements and your financial capacity. If you do not have any dependents and only seek coverage to settle your mortgage, then a level term or decreasing term life insurance policy should suffice. However, if you have a family that heavily relies on your income, it is crucial to consider the future and plan accordingly.
In the event of an accident, diagnosis of a critical illness, or unfortunate demise, it is essential to ensure that any significant debts, such as your mortgage and everyday living expenses, can still be paid. Although it may not be a pleasant thought, it is a necessity to plan for such circumstances, and we are here to assist you in doing so.
Term life insurance is typically the most cost-effective form of life insurance, providing your beneficiaries with the means to settle significant debts like your mortgage. However, it’s crucial to note that term life insurance only offers a payout in the event of your passing, leaving you vulnerable if you fall ill or are unable to work due to a serious illness. It’s essential to establish a solid plan, and we are here to assist you in obtaining the appropriate amount of life coverage at a reasonable cost. This way, you can rest assured that your family is safeguarded.
It is crucial to have a solid plan in place, and we are here to assist you in obtaining the right amount of life coverage at an affordable rate. This will provide you with peace of mind, knowing that your loved ones are well-protected.
© 2024 By EcMortgage. EC Mortgage Solution Ltd is an appointed representative of Beneficial Ltd, which is authorised and regulated by the Financial Conduct Authority, FCA number 736655. EC Mortgage Solution Ltd is authorised and regulated by the Financial Conduct Authority, FCA Number 974789.
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