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Bestmortgage4u

Bestmortgage4u

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Insurance Services - Surrey Broker

Life Insurance

What is it?

This is a Policy that pays out a lump sum or income to dependants in the event of your death.

Why do you need it?

The loss of a spouse or parent can leave dependants with additional issues to cope with other than the emotional. If you are inadequately insured, your dependants may be left with a dramatically reduced household income, which could affect their quality of life. Potentially there may be reduced opportunities for children such as the ability to pay for a university education or difficulties in maintaining mortgage repayments on a reduced income.

In the event of your death, a lending institution will not write off your debt. Rather, they will continue to pursue the debt through your dependants and could, ultimately, foreclose on the loan meaning the loss of the family home.

What will the State provide?

The main benefits the State may provide are the Widowed Parent’s Allowance and Child Benefit. Depending on whether the widow(er) qualifies for Income Support, the State may or may not help with paying the mortgage interest.

The method for calculating the exact benefits an individual may qualify for is extremely complicated. More information is available at the Department of Work and Pensions website www.dss.gov.uk.

Things to bear in mind

There are many different types of Life Insurance that are designed to address different shortfalls.  These include:-

  • Level Term Assurance – Pays out a set amount of money in the event of a successful claim. These are good for personal or family protection or to protect interest only mortgages
  • Decreasing Term Assurance – Pays out a lump sum that decreases annually as the policy term progresses. These are good for repayment type mortgages
  • Family Income Benefit – Pays an income benefit that can be received monthly or annually

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

 

A fee of £100 may be payable after an initial assessment in order to source you an appropriate mortgage. A fee of £200 is payable when we submit an application to a lender on your behalf. We will receive commission from the lender in addition to the fee you pay. We will obtain your agreement to proceed before any fees are payable. All fees are non-refundable.


Bestmortgage4U is a trading style of John Edward who is an Appointed Representative of Mortgage
Intelligence, which is authorised and regulated by the Financial Conduct Authority under number 305330 in
respect of mortgage, insurance and consumer credit mediation activities only.


We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman.
Our advice is covered under the Financial Ombudsman Service.