Macclesfield Insurance Services.
Existing Life Cover? It could
be time to consider a change!
If you have existing Life Insurance Policies which were taken
out some time ago it could be worth considering a change.
Most Life Companies have considerably reduced their premiums
over the last few years to take account of longer life expectancy
and the advances in medicine.
If there has been no deterioration in your health and as
long as your policy is pure protection rather than an endowment
or other form of investment product then it could be worth
getting a quotation - we think you will be pleasantly surprised!
Simply fill out your details on line and we will provide
you with a free no obligation quotation - what have you
got to lose?
Types of Cover
Explained:
1. UK Life Insurance
for your mortgage
If you are taking out life insurance for your mortgage
you will need either level term life insurance or
decreasing term life insurance. The type of plan you
need, will depend on the type of mortgage you have.
If your mortgage is an "interest only" mortgage
you will need level term life insurance. If it is
a capital repayment mortgage you will need decreasing
term life insurance. |
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An "interest only" mortgage
is one where you are only paying the interest on the loan
each month and none of the capital. The capital is normally
repaid when the mortgage comes to an end by the capital
built up in a savings plan. For example an endowment or
Individual Savings Account (ISA). You could use a whole
of life insurance plan but this could be more expensive,
Macclesfield Insurance do not sell whole of life plans.
A capital repayment mortgage is one where you are paying
both the interest and some of the capital each month. As
time goes by the capital outstanding decreases each month
so that when the mortgage comes to an end the original loan
has been repaid in full. This assumes of course that regular
payments have been maintained throughout the period of the
loan.
With a decreasing term life insurance plan the sum insured
decreases each year in line with the decreasing debt on
your mortgage. At the end of the plan the sum insured reduces
to zero and the policy comes to an end without value. You
could use a level term life insurance plan which in the
event of a claim would normally pay out more than enough
capital to repay your loan. Using a level term life insurance
plan is however more expensive than a decreasing term life
insurance plan.
Both types of plan are catered for on the Macclesfield Insurance
Services On-Line quote system including critical illness
insurance which can be added as part of the policy.
2. Life assurance to protect your family
If you are taking out life insurance to provide
funds for your surviving spouse/partner and dependent children
you will need to consider either level term life insurance
of whole of life insurance. The plan you choose will depend
on what you are trying to achieve. For example, if you want
to cover your family up to your retirement you could use
a level term life insurance plan set up to run for the number
of years you have to go before retirement age. If you want
to provide protection for all your life you would use a
whole of life insurance plan, please note Macclesfield Insurance
does not sell this product.
Macclesfield Insurance Services On-Line quote system caters
for level term life insurance. It also has the option of
being able to add critical illness insurance cover.
3. Life Insurance for your
business
If you need life insurance for your business we provide
both level term life insurance and whole of life insurance
for key man or key person cover and to provide death in
service benefits for employees. For death in service benefits
you would use a level term life insurance plan set up to
run until the employees normal retirement date. For key
man cover you would normally use a level term life insurance
plan but you could also use a whole of life plan although
Macclesfield Insurance services does not offer whole of
life products.
The Macclesfield Insurance Services On-Line quote system
offers level term life insurance with the option of adding
critical illness cover.
4. UK Critical Illness Insurance
This type of insurance cover pays a lump sum if you contract
and survive one of a number of specified critical illnesses.
The insurance is designed to provide additional financial
resources to enable you to reduce your monthly commitments
by paying off outstanding debts such as your mortgage and
any other loans. The cover can also provide useful funds
for special health care and convalescence.
For a list of Diseases which are covered:
Click Here
Unsure on what level of cover you
need?: Click Here
Claims Helpline: 01625 610
301
