Life Cover

Protect your loves one during uncertain times. Speak to our specialist advisors for how best to set your family up for success during the worst case scenario.

What is Life Cover Insurance?

Life can be unpredictable, and mortgage life insurance helps ensure your family’s security if the unexpected happens. A specialised type of insurance that pays off your remaining mortgage balance if you pass away. 

This means your loved ones inherit your home free and clear of mortgage debt, eliminating a significant financial burden during a difficult time. There are two main options to consider:

  • Level Term Life Insurance:  These policies run for a fixed period of time, usually 10, 15 or 25 years. They pay out a lump sum if you pass during the insurance term.
  • Decreasing Term Life Insurance: This payout decreases over time, mirroring the decreasing balance of a repayment mortgage
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Why Do I Need Life Insurance?

Life insurance for your mortgage isn’t mandatory, but it’s a thoughtful way to safeguard your family’s future. Here’s how it can help:

  • Financial Protection: Protects your family or co-borrowers from inheriting mortgage debt, ensuring they can keep the family home.
  • Joint Mortgages: If you share a mortgage with a partner, life insurance protects the surviving partner from having to shoulder the entire mortgage payment alone.
  • Coverage for Investment Properties: If you own rental or investment properties, this insurance can cover mortgage payments in your absence.

Choosing the right mortgage life insurance can be complex, especially for first-time buyers or those unfamiliar with life cover options. Consulting with a specialist at Town & Country can help you select a policy that meets your needs and provides the necessary protection for your family and investments.

FAQ: Life Cover

Life insurance provides a lump sum payment to your designated beneficiaries upon your death or, in some cases, upon being diagnosed with a terminal illness. This can then be put towards paying off the mortgage held by the policy owner.

Life cover and life insurance are the same. Providing financial protection and support to your family after your death.

The amount of Life insurance you will need will vary person to person. We would usually aim for covering between 10-12 times your annual income to help support your family’s current lifestyle. One of our advisors will be able to help find you a policy that is best for your current budget and personal lifestyle.

Discover More in Our Expert Guide.

Unravel the complexities of Buildings and Contents Insurance with our detailed guide. Designed for homeowners and renters alike, this comprehensive resource offers insights into the nuances of home insurance, ensuring you make informed decisions for your property and belongings.

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