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Life Insurance Advice in Beverley

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Life Insurance Advice in Beverley

Life insurance, also referred to as life cover or life assurance, is a crucial policy that provides a payout in the event of your unfortunate passing or diagnosis of a terminal illness during the coverage period.


This payout serves as a financial safeguard, aiming to support your loved ones by helping with essential expenses such as childcare costs, mortgage payments, and bills after your demise.


If you are seeking to secure life insurance in Beverley, our team of expert Protection Advisors in Beverley is here to help you.


We understand that each individual’s circumstances are unique, and we strive to tailor our services to your specific needs.


By taking the time to thoroughly understand your situation, we can recommend the most appropriate insurance product that aligns with your requirements.


Whether you require guidance on selecting the right policy or have questions regarding the intricacies of life insurance, our dedicated team is ready to provide you with expert mortgage advice in Beverley.


Feel free to reach out to us to initiate a conversation about your life insurance needs in Beverley.


Together, we will navigate the available options and help you make an informed decision that brings you peace of mind, knowing that your loved ones will be financially protected.

Do I Need Life Insurance in Beverley?

While life insurance is not a mandatory requirement, it can be highly beneficial for individuals who have concerns about their financial responsibilities and dependents after their passing.


When considering life insurance, it is essential to evaluate if there are people who rely on you financially, such as children or other loved ones.


The policy can provide vital financial support to cover expenses and ensure your family’s well-being in the event of your demise.


By securing life insurance coverage, you can have peace of mind knowing that your loved ones will have the necessary funds to manage bills and other financial obligations during a challenging time.


It allows you to consider how your family and loved ones would cope financially if you were no longer there to provide support.


Making the decision to take out life insurance is a personal choice that depends on your specific circumstances and the level of financial protection you wish to provide for your loved ones.


If you have concerns about the financial impact of your passing, it is advisable to explore life insurance options and consult with a trusted advisor who can guide you in finding the right policy for your needs.

How does Life Insurance work?

As previously mentioned, there are various types of life insurance policies available, each tailored to different circumstances.


Therefore, the amount of coverage you will receive and the premiums you will pay depend on your individual situation and the specific policy you choose.


Generally, you will be required to pay regular premiums to the insurance provider throughout the duration of your policy.


In our experience as Protection Specialists in Beverley, we have observed that younger and healthier individuals tend to receive more affordable quotes.


Factors such as your lifestyle, age, and medical history are taken into consideration when determining your life insurance quote.


When it comes to the payout, you have the flexibility to choose between receiving a lump sum payment or opting for regular payments over time. The choice ultimately rests with the policyholder.


One of the advantages of obtaining life insurance in Beverley is that you have control over how the payout is utilised. Many policyholders use the funds to settle outstanding debts, such as a mortgage.


As previously mentioned, life insurance provides financial support to family members, replaces lost income, and helps pay off any outstanding debts in the policyholder’s name.


It serves as a safety net to protect your loved ones during a challenging time.

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Different Types of Life Insurance

As a Mortgage Broker in Beverley, we have identified a range of Life Insurance policies that are commonly chosen by individuals to meet their specific financial circumstances. These policies include:

Level Term Life Insurance

Term Life Insurance is a type of insurance that provides a payout if the insured individual passes away within a specified period, known as the “term.”


The duration of the term typically ranges from 5 to 25 years, in 5-year increments.


This policy is commonly used to cover a mortgage. It is often aligned with the term of the mortgage, ensuring that if the policyholder were to pass away during this period, the policy would pay out.


This ensures that the outstanding mortgage balance is cleared, relieving the family members or other beneficiaries from the burden of making mortgage payments.


By having Term Life Insurance in place, you can provide financial security for your loved ones, ensuring that they are not left with the responsibility of mortgage payments in the event of your untimely passing.

Decreasing Term Life Insurance

Decreasing Term Life Insurance is a popular choice among homeowners with repayment mortgages, and as a Mortgage Broker in Beverley, we often recommend this policy to our clients.


While some may question the benefits of a policy that decreases in value, it is specifically designed to align with the outstanding balance on your mortgage.


The main purpose of this policy is to provide coverage for the outstanding mortgage balance in the event of your passing.


As you make mortgage payments over time, the outstanding balance gradually decreases.


Similarly, the sum insured by the Decreasing Term Life Insurance policy decreases in line with your mortgage balance.


This ensures that the coverage remains in line with your financial obligations, providing peace of mind that your loved ones will have the means to pay off the remaining mortgage should anything happen to you.

Increasing Term Life Insurance

Increasing Term Life Insurance is a policy that offers an opposite approach to the Decreasing Term Life policy.


With Increasing Term Life Insurance, the payout amount remains fixed throughout the policy term and provides coverage in the event of your passing.


The key feature of this policy is that the insured amount increases over time as the policy term progresses.


This increase is typically aligned with the retail price index or another measure of inflation.


By adjusting the coverage amount to account for inflation, the policy aims to ensure that the payout maintains its value and adequately covers the financial needs of your loved ones.


By choosing Increasing Term Life Insurance, you can have the reassurance that the policy payout will keep pace with inflation, providing your beneficiaries with the necessary financial support, even in the face of rising living costs.

Whole of Life Insurance

While Whole of Life Insurance may not be the most popular option in the insurance market, it is still a viable and convenient policy that may suit your needs.


As a Mortgage Broker in Beverley, we understand that each individual has unique circumstances, and the Whole of Life Insurance policy offers certain advantages.


As the name suggests, this policy provides coverage for your entire lifetime. It ensures that a payout will be made upon your passing.


Unlike Level Term Life Insurance, which covers you for a fixed term, Whole of Life Insurance offers continuous protection throughout your lifetime.


Due to the lifelong coverage, Whole of Life Insurance tends to be slightly more expensive than other policies.


This cost is justified by the fact that you are covered for the entirety of your life, providing peace of mind and financial security for your loved ones.

Joint Life Insurance

If you are married or in a relationship, Joint Life Insurance can be a suitable option to consider.


This policy ensures that a payout will be made in the event of one of the policyholders passing away. While it is also possible to have two separate Life Insurance policies, opting for Joint Life Insurance often offers a more cost-effective solution.


With Joint Life Insurance, the policy pays out when one person dies, effectively ending the coverage.


Some may view this as a drawback; however, if the purpose of the policy is to pay off your mortgage, you would still have access to the funds necessary to fulfill this objective.


The money from the policy will be released after the death of one of the policyholders, allowing you to settle outstanding mortgage balances.


Choosing Joint Life Insurance provides the benefit of shared coverage and potentially more affordable premiums compared to separate policies.


It ensures that financial support will be available to the surviving partner or spouse when it is needed most.

Death in Service

Employer-provided Life Insurance policies are commonly offered as part of employee benefit packages, although it’s important to note that not all workplaces are obligated to provide this coverage.


Typically, this policy functions by offering a lump sum payout to an employee’s chosen beneficiary or family members in the event of their death.


The payout amount can be up to five times the individual’s annual salary. Importantly, there are usually no specific restrictions on how the funds should be utilised.


It’s worth mentioning that the payout from this policy is not contingent on the circumstances surrounding an employee’s death, such as whether it occurred in the workplace or not.


While the availability of employer-provided Life Insurance varies, it can be a valuable benefit that provides financial protection for employees and their families.


It is advisable to consult your employer or benefits department to determine if this coverage is offered and to learn more about the specific terms and conditions of the policy.

Taking out Life Insurance as a Single Homeowner

It’s important not to overlook Life Insurance options even if you are a single homeowner.


Sometimes, single homeowners may forget about Life Insurance, especially if they have recently settled into a new place and are living on their own without children or a partner.


While it may not always seem applicable to single homeowners, it’s crucial to consider whether Life Insurance could provide benefits if your circumstances change in the future.


If you find yourself wondering about the potential advantages of Life Insurance as a single homeowner, our team of Mortgage Protection and Insurance Specialists in Beverley is here to help.


We can provide guidance and information tailored to your specific situation, helping you in making informed decisions about Life Insurance coverage.

Our Insurance Advice Service in Beverley

Our team is dedicated to ensuring that you have the best possible Life Insurance policy that provides a financial safety net for your family in the event of your passing.


If you are considering Life Insurance in Beverley, we are here to help you navigate through the options and find the most suitable coverage.


Life Insurance in Beverley can offer valuable protection and peace of mind, regardless of the specific type of cover you choose.


It serves as a reassuring safeguard, ensuring that your family will have the necessary financial stability to manage any outstanding debts or payments.


To learn more about Life Insurance, we invite you to attend our free Insurance consultation in Beverley. During this appointment, you will have the opportunity to speak with one of our expert Protection Specialists in Beverley.


They will assess your unique circumstances and provide a range of policy options tailored to your needs and the needs of your family.


Based on our experience as a Mortgage Broker in Beverley, we have found that our customers often opt for Life Insurance alongside other policies, depending on their individual circumstances.

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