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LIFE INSURANCE

Helping you to support those who matter most When You are Gone

These plans will have no cash in value at any time and will cease at the end ofthe term. If premiums are not maintained, then cover will lapse.

Life insurance ensures that you can enjoy your life to the fullest with the peace of mind that your loved ones are protected should the worst happen. There are lots of different types of life insurance policies to choose from and they all work in different ways. For example, cover for individuals or couples, cover which will pay off the outstanding balance on your mortgage and cover which provides a cash lump-sum on top of the mortgage outstanding balance.

In contrast to using a comparison website which only asks basic questions and contains a select number of providers. Ailes Mortgage Solution Limited have knowledgeable Protection Advisers who will examine and discuss your specific needs and search every provider in the marketplace. This means that you can be sure that you have the right cover in place to contribute towards expenses like your mortgage, personal debts, and leave some cash for your other needs.

Do not worry, as insurance does not have to be pricey or complex. We will provide guidance throughout the process on all the different options available and personalize the cover to suit you individual budget and needs.

Mortgage life insurance pays out a tax-free lump sum hence the outstanding mortgage balance on your home can be repaid to the mortgage lender (Bank) in the event of death of the life assured person (Mortgagor)

Having life insurance cover for your mortgage provides you a peace of mind that you or your family will be left with a house not a debt.

Mortgage Life Insurance is optional however, it provides you and your family the peace of mind that the mortgage will be paid off should you or a key family member (an Earner) die before the end of your mortgage term which can have a significant impact on the financial burden of the person left behind.

In addition to paying off the mortgage you may wish or able to ensure that your family receive income after your death or a lump sum which this sort of policy can also offer.

Decreasing Term Insurance

A decreasing term assurance policy is usually beneficial if you would like to cover a repayment mortgage or other type of debt whereby the amount of debt reduces over the term of the loan or mortgage (Suitable if you only want to cover the mortgage in case something happens to you).

For the reasons mentioned above Decreasing term tend to be the least expensive type of insurance as the amount of potential pay-out reduces over time whilst payments remain the same (Potential pay-out will only cover the outstanding mortgage). Unless there is a claim before the end of the term the insurance will simply expire.

There is no investment element to these forms of policy as the whole objective of mortgage life cover is to pay off the outstanding mortgage amount should death occur.

Level Term Insurance

A level term insurance policy pays out a tax-free lump sum in the event of death of the life insured for a specific term which is typically the term of the mortgage. The sum you are covered for stays the same throughout the term of the policy. This type of life insurance policy is most suitable where the mortgage debt does not reduce all the way through the term of the mortgage. This could be when the repayment vehicle is an investment policy such as an endowment policy which intends to pay off the mortgage at the end of the term.

Whole of Life

Another option is to take out a life assurance policy called a whole of life policy. This type of policy will pay out whenever you or the life assured dies. Premiums are more expensive than term insurance as the premiums are investment linked.

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