Life Insurance Advice in Newcastle

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Life Insurance Newcastle

For those looking to protect their family from financial stress when they pass away, Life Insurance is most likely the best option.


Life Insurance is an insurance policy that covers your next of kin with financial support when you pass away. Life Insurance, depending on the policy that you take out, can pay out in different ways and circumstances, however, most of them are designed to pay out a lump sum when you pass away. This lump sum is usually used on things such as mortgage payments, childcare costs and bills.


Before taking out a Life Insurance product, we would recommend speaking with a qualified protection advisor in Newcastle. At Newcastlemoneyman, we will work with you and look at your personal and financial situation in order to find the most suitable insurance product for you.


Do I Need Life Insurance in Newcastle?

If you are concerned about what you leave behind financially when you pass away, maybe you should consider taking out Life Insurance in Newcastle. Whether you take out Life Insurance is completely up to you, it is also not compulsory to take it out with your mortgage, even though most people do. You need to do what is best for you and your personal and financial situation.


How does Life Insurance work?

Life Insurance is a policy that pays out when you pass away. The policy and premiums that you will pay entirely depend on your personal circumstances and the kind of policy that you choose. Every Life Insurance policy is different, no two people will have the exact same policy.


As qualified protection specialists in Newcastle, we have worked with thousands of clients in the past looking to take out Life Insurance. Typically, we find that the younger and healthier you are, the lower your premiums are. Your final Life Insurance factor in your lifestyle, age and medical history.


You may also get the option for the policy to release in regular payments rather than in a lump sum; check with your provider or protection advisor in Newcastle if you would rather do this.


With Life Insurance, you are able to select what your payout is used for. This provides relief for those taking out a policy, as they can pick exactly what they want the money to be spent on, for example, existing debt, mortgage payments, childcare costs etc.


In Newcastle, if you are looking to take out Life Insurance, you need to remember the basis of the policy. It is used to provide financial support for family members, replace lost income or pay off any outstanding debts owed in the person’s name.

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Different Types of Life Insurance in Newcastle

You will find that there are many different types of Life Insurance, our protection advisors in Newcastle can help you work out which one is the best option for you. Sometimes another type of insurance may be more suitable for you.


In terms of Life Insurance policies, here are the most popular policy’s that we come across:

Level Term Life Insurance

Level Term Life Insurance only covers you within a fixed ‘term’, therefore, if you passed away within the policy’s term it would pay out, if you passed away outside of the policy’s term, it would not pay out. This type of Life Insurance policy usually runs between 5-25 year terms in 5-year increments.


Term Life Insurance is normally used to cover a mortgage, where the fixed term runs in line with your mortgage term. If you were to die within the policy’s fixed term and still have your mortgage to pay off, the policy will pay out. This means that your remaining mortgage payments will not be left for your family or any other name attached to the mortgage.

Decreasing Term Life Insurance

As insurance specialists in Newcastle, we have seen that this type of Life Insurance policy is the most popular.


This type of Life Insurance is more suited to property owners with repayments mortgages. And, the majority of people will have repayment mortgages, that is why it is popular!


Your policy value will mirror the outstanding balance remaining on your mortgage; as the amount owed on your mortgage decreases, so does the sum insured. It will also run in line with your mortgage, therefore, when if you pass away during your policy and mortgage term, the amount that pays out will allow your family to pay off the rest of your mortgage.


People like to take out Decreasing Life Insurance in conjunction with other insurance products, as it can work well with income protection and critical illness. If this is something that you would like to discuss with a qualified insurance advisor in Newcastle, feel free to get in touch and book a free insurance review online.

Increasing Term Life Insurance

This policy works in the opposite way to Decreasing Life Insurance, as you would expect it to. It still pays out if you pass away during your mortgage term, however, the value increases over time. It will increase by a fixed amount until your policy term ends.


If you pass away after your policy has ended/after you have paid off your mortgage, the policy will not pay out.


Increasing Term Life Insurance was introduced to protect the policy’s total value against inflation and is usually in line with the retail price index.

Whole of Life Insurance

Whole of Life Insurance policies are not as popular as Term Insurances, however, it does provide the highest level of financial protection for when you pass away. Remember that it is about finding the right policy for your personal circumstances.


It works exactly how you would expect it to; Whole of Life cover lasts your whole life. When you pass away, the policy will always pay out. Due to the fact that this policy will always pay out, the costs per month are a little more than Level Term Life Insurance.


It is important that you keep up-to-date with all of your payments, otherwise, the policy can become void, no matter how long you have been paying it prior to your missed payments.

Joint Life Insurance

If you are in a relationship/married, a Joint Life Insurance policy may be more suitable for you. This policy will pay out if one of you passes away.


Some couples still prefer to take out individual policies, and this is because once one of you passes away, the policy pays out and becomes terminated, therefore, it will not pay out again. If you had two individual policies, each one would pay out.


It may seem like a downside if the policy only pays out once, however, if you originally took out the policy to pay off your mortgage, you would still be able to do so as the money will be released after the death of one of the policyholders.

Death in Service

Death in service can be offered to you by your place of employment. Not all companies will offer Death in Service cover as your company is not obligated to provide it. Those who are offered it may receive it as part of their employee benefits package.


Death in Service usually pays out a lump sum of cash to an employee’s family or a person of their choice if they pass away. The lump sum can be up to five times their annual salary. There are no specific limitations on what can be done with the employee’s money.


Death in Service has nothing to do with if an employee dies in the workplace.

Taking out Life Insurance as a Single Homeowner

Generally, single homeowners don’t feel the need to take out Life Insurance. Sometimes, they just forget about it and never take it out, however, this can cause problems in the future if the homeowner passes away without a policy in place to cover their finances.


If you are a single homeowner and don’t have a Life Insurance policy in place, if you pass away and still have remaining mortgage payments, they may still go to your next of kin. This could leave financial stress on your family.


Speak to one of our mortgage protection and insurance specialist in Newcastle and find out whether taking out Life Insurance as a single homeowner is the best option for you and your future.

Our Insurance Advice Service in Newcastle

Our job is to help protect your and your family’s future by making sure that you have the right insurance policies in place for when you pass away. Taking Life Insurance in Newcastle will provide a financial blanket for your family if you pass away.


Getting protection advice in Newcastle can help you work out which Life Insurance product is the best for your personal and financial situation. Taking out the wrong cover can cause problems further down the line when you aren’t covered for something that you thought you would be. This is why we recommend not shopping around online trying to find the ‘cheapest’ deal, it can be better to speak with a professional in Newcastle to make sure that you take the right cover for you.


We offer a free insurance review with a protection and insurance specialist in Newcastle. It is easy to book a review, simply book online or give our team a call to pick a date and time that best suits you. We work 7 days a week so that we can work around your personal and working schedule.


We are a Mortgage Broker in Newcastle, and we do also help customers take out policies alongside their mortgage to make sure that they’re covered. It’s all about making sure that you are protected in the future and that your family have financial security if you were to pass away.


We also offer menu plans to our customers, allowing you to take out more than one different type of insurance policy under one plan. Get in touch to receive a free quote for your insurance menu plan.

Reviews Stars5.00 Rating13 Reviews

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