They currently have a joint Life Insurance policy that covers them for a maximum of £180,000 if one of them were to pass away, which is not even enough to clear their current mortgage balance of £240,000.
They pay £30.93 per month.
We have advised them individual Life Insurance, rather than joint Life Insurance, which means they are both insured for £240,000 each, to cover their full mortgage balance.
We can get this level of Life Insurance for them at a cost of £31.99 per month.
Should the worst happen and they both passed away, their 2 children, one aged 2 and the other only 7 months, would now receive £480,000 instead of £180,000.
It’s not always about saving people money.
Most of our clients prefer the best cover for each other and more importantly their children.
They will only paying an extra £1.06 per month; however, they have increased their Life Insurance by an extra £300,000 to protect their children.
Furthermore, we have written this in Trust for them, at no extra cost to the client.
This means their Life Insurance will now bypass their estate to avoid any potential inheritance tax liability, it will avoid any delays with probate or a Will, which can take several months or years and it will make sure the correct people benefit from the money.
If you have joint Life Insurance or Critical Illness Cover, then we can definitely help you double your cover for a very similar cost and we would also write the Life Insurance in a Trust for you and no extra cost.