Life insurance can be a tough choice to make, given the number of insurance options available in the market these days. There are numerous factors that you need to consider if you want to get the most suitable life insurance policy based on your financial and personal circumstances.

A life insurance policy is cover which pays your family a certain amount of money if you happen to die during the term of the cover so that your remaining debt and other relevant expenses can be paid off.

There are various types of life insurance policies that you can choose from.

Level term insurance – this type of insurance is a fixed term policy that pays you if you happen to die during the term. It usually provides cover for fixed long-term debts such as a mortgage.

Decreasing term insurance – As the name implies, this type of policy is fixed term wherein the amount of payment which you will get, keeps decreasing annually according to the amount of your mortgage. That is, this policy is suitable for those who keep remortgaging and hence have their overall loan repayment reduced with time.

Family income benefit insurance – Similar to level and decreasing term insurance, this policy offers a constant stream of income rather than a lump sum to your family for the remaining term that is left after your death.

Whole-of-life insurance – With this policy, you are covered for the rest of your life and your family gets a payment regardless of when you die.

The first thing that you will need to consider is the cost of a particular policy that you will be buying. The cost, will be in terms of monthly payments called premiums and this will, in turn, depend upon the amount of cover that you need.

In general, the older you get, the more cover you might need and hence the premium payments may rise accordingly.

However, things like age, monthly incomes, personal lifestyle, debts, number of dependents, and other similar factors will be taken into account when determining the amount of cover that you may need.

The insurance firm may also look at your medical history to determine the amount of premium that needs to be charged.

As mentioned earlier, the amount of cover will depend upon various factors. Nevertheless, for the purpose of simplicity, let’s assume that you have a mortgage of £100,000, and that you need life insurance to cover this up.

Hence, you will need insurance cover so that you are able to pay off the outstanding mortgage. Also, if you have any existing insurance cover, probably from your employer, you will then need to factor this in your calculations as well in order to arrive at the appropriate cover amount.

Mortgage Advice Place has an incredibly qualified team of experts who are highly experienced in providing advice with regards to the most appropriate life insurance policy based on your needs.

The professionals have dealt with a number of clients who seek life insurance policies that are affordable and effective. As such, our experts provide comprehensive advice so as to help you get the right policy that offers you a long-term benefit.

Furthermore, our advice is based on objective research which allows us to see the number of alternatives available in the market and then letting us choose the one which best suits your circumstances.

Hence, you can rest assured that Mortgage Advice Place will handle all the necessary formalities required for getting a reasonable life insurance policy, allowing you to enjoy a hassle-free service that you will relish for years to come.