Many consumers are shocked to discover that life insurance is not a mandatory condition of a mortgage offer. However, we are obliged by the Financial Conduct Authority to stress the importance of considering life insurance cover. Adequate life insurance cover will redeem a borrower’s outstanding mortgage in the event of his/her fatality. We offer free consultations to discuss suitable life and income insurance. Our process for advising and arranging life and/ or income insurance is showcased below.
Our Process – Life / Income Insurance
Mortgage Offer - #1
Most of our insurance applications originate from mortgage arrangement. If we have arranged your mortgage, our systems will notify you of life and income insurance when you have received your mortgage offer. At this stage, we will know the mortgage sum to be insured. We will also have details of your occupation for income insurance. For new clients, the process starts with Insurer Research.
Insurer Research - #2
Our advisers will contact you to acquire the basic details required to generate competitive insurance quotes. Such basic details include whether you are a smoker, your weight, occupation type, sums required, etc. For life insurance, age, occupation type and health status have a significant impact on your monthly premiums. Read our articles on Life Insurance and Income Insurance to learn more.
Free Consultation - #3
At the consultation, your adviser will explain your life and income insurance options. For life insurance, ‘Level Term’ and ‘Decreasing Term’ quotes will be discussed. For income insurance, ‘Standard’ and ‘Low-Cost’ quotes will be discussed. Your consultation can occur over the phone or by video correspondence – free of charge.
Decision Making - #4
After the consultation, the adviser will leave you with the insurance quotes of interest. You have no obligation to proceed with any of the adviser’s recommendations. After the consultation, it is your responsibility to decide whether you would like our staff to arrange your insurance. If you would like to proceed with a quote, simply call our office on 01508 483 983.
Policy On-Risk - #5
As soon as the policy is on-risk, you are covered for the duration of the policy. If you would like to review your policy at any time, our advisers would be happy to assist. For most consumers, as they progress higher up the housing ladder, they require larger mortgages. Therefore, it is important to ensure that your life insurance covers outstanding mortgage balances by actively reviewing it.
Insurance Completion - #6
When your life and/ or income insurance begins, you can sleep well knowing that you/ your family are financially protected from an unexpected fatality or accident, sickness and illness. Sadly, many consumers cancel their life/ income insurance within 6 months of placing it on risk. In an ideal world, you will never see the benefits of the insurance. It is important to view insurance as a long-term investment for your protection.