Life Insurance

• Secure Your Loved Ones Future with Life Insurance
• Life Insurance can be a vital tool in protecting you and your family when buying a home. It provides financial security and peace of mind to individuals and their families when making one of, if not the largest financial decision of their life.

What is Life Insurance?

• Life Insurance in the simplest terms is a policy which will pay out to the beneficiary in the event of the insureds death during the term of the policy.
• When taken out to protect a Mortgage, this would enable the beneficiary to pay off the Mortgage debt with the proceeds, meaning the house can be retained Mortgage free and the family are not subjected to financial strain at a time of great upset.
• There are different types of cover, Decreasing Term is usually arranged in conjunction with a Repayment Mortgage, but a Level Term policy can offer a level payout during the term.  Whole of Life policies and other types of Insurance are available – contact us to discuss your needs and we can find an appropriate solution.

Why Do You Need Life Insurance?

• Life Insurance is incredibly important and more so at various stages of life, such as buying your first home, when starting a family, or for other reasons.
• Life Insurance can replace lost income, cover debts such as Mortgages, and fund long-term goals.

Types of Life Insurance Policies

• Life Insurance can be set up to pay a lump sum in the event of death, either a set figure which stays constant over the term (Level Term) or a Decreasing Term policy whereby the sum assured reduces over the term in line with the Mortgage.  This can be more cost effective for protecting a Repayment Mortgage.  Payouts can be in the form of a one off lump sum, or a regular monthly figure (know as Family Income Benefit).  
• Critical Illness cover can be included with the policy, or set up on a standalone basis.
• As well as Life Cover, Income Protection policies can be a real lifeline to protect your income in the event of being unable to work through accident or illness.  The premiums for this Income Protection will vary depending on various personal factors, and also policy conditions such as the excess period before you can claim.  Talk to us about the options to ensure a long-term illness does not mean a loss of your home or other financial difficulties.
• Whatever type of policy you are thinking of, ask yourself how you would pay your Mortgage/bills without some form of protection.

How Much Life Insurance Do You Need?

This will vary considerably from one person to another.  Do you just need to clear the Mortgage?  Do you need to allow for your partner to take time off work to look after children for a few years in the event of your death or to pay for extra childcare to allow them to continue working without reducing their hours?  No two situations will be the same – we will help you come up with an appropriate plan to protect who and what is important to you.

How to Get Started

Please get in touch on 07870 611914 or info@nvfp.co.uk to discuss your requirements and we would be happy to help.