What is life insurance?
Life insurance (also known as term assurance) pays your family a tax free lump sum should you pass away within the policy term.
Life insurance can be used in a few ways:
- To retain your loved ones’ living standards;
- contribute to health and living costs if you become terminally ill
- Pay your children’s tuition or university fees
- Continue to keep up mortgage repayments.
There are two types of life insurance:
Level cover –
Your premium and amount of life cover stay the same for the term of the policy.
Decreasing Cover –
The amount you pay stays the same but the amount paid if you pass away reduces during the term. This is a popular option when protecting a mortgage or long term loan.
- Most Policies will have guaranteed premiums, these won’t change unless you make changes to your policy.
- Please remember that if you stop making payments, your cover ends and you won’t get anything back.
- Our advisors at Willow Brook Mortgages have access to multiple 5* defaqto rated insurers to ensure you get the best policy that suits your needs.
What is family income benefit?
Family income benefit will pay your family and loved ones a guaranteed tax free amount each month should you pass away and this will continue for the remainder of the term. You just have to choose the amount you think your family would need to cover costs such as mortgage payments, utilities, council tax, shopping.
“As with all insurance policies, conditions and exclusions will apply”