Mortgage Protection
If you require more specific help on this or any other of our products, please contact us either by email or telephone. To obtain a quote select "Get Quote"
What is a Mortgage Protection?
It is a Life Insurance plan designed to pay off the balance of your mortgage should you die before the mortgage is repaid. The level of life insurance cover will fall as the mortgage reduces, so that you only pay for the cover that you need. Where your mortgage does not reduce during the term of the loan (ie stays level) you should take a level term policy.
Can a Life Insurance plan be taken out as a joint plan?
Yes. However, the cash sum payable will normally be on a first death basis, they can also be written on a second death basis, particularly where tax planning is concerned.
Will the insurance payment be subject to tax?
Under the present rules, no tax will be deducted from the claim payment. However, depending on your individual circumstances, life insurance claims may be subject to inheritance tax as part of your normal estate and that the level's, basis and relief's from taxation may be subject to change. (Please contact us to see whether or not the policy can be written under trust to avoid part or all of the benefit being subject to inheritance tax).