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Providing for loved ones is always a major concern in family life and life insurance will help to protect them in the very worst case scenario.

Homes are bought on the expectation that either a couple’s combined salaries, or the main earner can meet monthly repayments.

It is a major responsibility and, as homeowners are all too aware, failing to make regular repayments on your mortgage could put your home at risk.

While income protection cover can help if you become unable to work due to illness – what about if the main breadwinner died?

Tragedies do happen and being prepared for the worst is sensible, not morbid, particularly where families are concerned.

Children, or even young adults or the surviving partner, could find themselves locked in a position where as well as losing someone they love, they also face losing their family home.

Life insurance can help to provide a security net in the event of a homeowner’s death, by providing the money needed to pay off the remainder of the mortgage. 

What is the process when it comes to arranging life insurance?

Basic life insurance protection takes two forms – a level term or a decreasing term. A level term means the payout will remain at the figure set regardless of how long is left to pay on the mortgage. Decreasing term insurance means that the sum insured reduced in line with balance on a repayment mortgage.

On taking out a mortgage your lender may offer you life insurance protection, however, this is often regarded as more expensive than other deals.

A mortgage broker will be able to offer you advice on a range of life insurance options and discuss which deal is the best for you and your particular circumstances.

How to find the best term life insurance rates

Finding the best life insurance protection rates depends on your personal circumstances, your age, your level of cover and the health of you and your immediate family.

A decreasing term mortgage life insurance protection is cheaper month on month, but will only provide enough money to pay off the remainder of the current mortgage, with little left over.

As with most life insurance policies, taking out protection insurance at a younger age results in a lower monthly premiums, however, competitive rates can still be available whatever age you are, dependent on circumstances.

To get the most suitable life insurance package for your needs,  speak to an advisor who has access to information and deals on a range of life insurance protection products.

A mortgage advisor will be able to give you an expert insight into what products and terms are available and advise which is best suited to your personal circumstances, to help with a completely bespoke package.

For help finding the best mortgage life insurance protection deal for you contact AMG Financial Solutions - Staffordshire on 01785 225983 or email stafford@amgfs.co.uk. 

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