What is life cover?
The most well-known type of insurance. This will pay out either a lump sum or a regular income should you pass away, to provide financial support to your dependants.
The cheapest form of cover is known as a ‘term assurance’ policy. You choose how long you want cover to last for, which could be until your children are no longer financially dependent on you, or you could align it with your mortgage term to ensure your mortgage is paid off.
The other main type is known as ‘whole of life’. This policy has no specified end date – it simply provides cover until you pass away so is useful to cover funeral costs for example.
Your adviser will be able to help you choose the most suitable option for you and your family.
Is life cover for me?
You should consider life cover if:
You have a partner or dependants and want to ensure they are financially secure should you pass away.
You want to ensure the mortgage is paid off should you die before the end of the mortgage term.
You want to ensure your partner or dependants’ rent can still be paid should you pass away.
Protection policies now typically offer many added features and benefits to increase the level of cover offered. Some of these are contractual and boost the coverage offered, others are offered in addition to the core product and can be used irrespective of whether there is a claim made. They can include things like:
- Health MOTs
- Access to remote GPs 24/7
- Retail discounts
- Gym and fitness device discounts
- Counselling and bereavement support
- Legal helplines
- Second medical opinion services
Get expert advice
iMAB have specialist insurance advisers who will review your personal and financial information to provide you with a recommendation. There is no fee for this advice or for handling any insurance application. The adviser will answer all your questions and will talk you through the different types of insurance options available and help you understand which are most suitable for your needs. At iMAB we believe that it’s our Mortgage Advisers’ job to help you buy your dream home, and it’s our Insurance Specialists’ job to make sure you understand what insurance policies are available to help you keep it – whatever life throws at you!
Coming to a decision
We understand that making a decision on what cover you should take to protect yourself and your family is important, and that’s why we encourage you to take your time and to ask your adviser as many questions as you like. Apart from buildings insurance, no other insurance policy is compulsory to take alongside your mortgage. Our advisers will only recommend the cover they feel is appropriate for you and your family. They will also make sure that any policies you choose to take are affordable and so will need you to confirm a budget you are comfortable paying.
Make an application
Once you have decided on the cover you wish to take, your adviser will compare all the relevant products available to you and will recommend the package which is most suitable and fits within your budget. They will provide you with a written illustration confirming all the key facts about the recommended product(s) and will carefully talk this through with you. If you then confirm you would like us to apply for the cover on your behalf, your adviser will arrange a mutually convenient time to do this with you.
Get in touch
Our team of friendly advisers are on hand to answer any questions you may have.
Would you like to give us a little more detail about your enquiry? Or would you prefer to arrange a face to face appointment? Send us an email and one of our advisers will be in touch.
Book an Appointment
You can book a video or telephone appointment via our online diary system. Or, if you would like to speak to a specific adviser, you can contact them through the Our People page. Face to Face appointments are also available. Please contact us for details.
Do you have a quick question or would you like to arrange a face to face appointment? Give us a call and we’ll be happy to help.