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Leading independent advisors Bristol Mortgage Broker release new 'jargon-free' guide to Life Assurance and the importance of sufficient life assurance cover when buying property.
(PRWEB) January 08, 2013
Independent mortgage advisors BristolMortgageBroker.co.uk have just published a new 'jargon-free' Life Assurance guide to help individuals and families make informed financial decisions about their life cover, particularly with regard to property purchases.
“While discussing the finances of buying or selling a home, it all too often becomes evident that many clients haven’t given enough thought to the matter of life assurance. It’s something that, perhaps understandably, people don’t really like to think about,” says Graham Cox, founder of the site, based in Bristol, UK. “None one likes to talk about their own mortality, but there’s no escaping the importance – and the practical benefits – of taking the time to make arrangements for what will happen if you or your partner die.”
Cox also argues that the sometimes impenetrable jargon of life assurance – term assurance, whole-of-life, with profits, unit-linked, and so on – can be off-putting to people. “ That’s the advantage of discussing your assurance needs with a qualified, professional advisor: not only will they help you understand the things you need to know about taking out a policy, they can provide advice about the best type of life assurance to meet your unique needs.”
Most life assurance policies can be described as either term assurance – which provides cover against the death of the insured party within a fixed period such as ten or twenty years – or whole-of-life, which describes policies that will pay out no matter when the named party dies.
A decreasing term assurance policy reduces in payout value over the agreed term, and this type of policy is often used to provide life assurance protection in connection with a mortgage: as the mortgage balance reduces over the years, so does the value of the policy you’re using to protect it in the event of an unexpected death.
The broker encourages its clients to review their life assurance arrangements at the same time as taking out a mortgage. “For most of us, buying our first home or moving house are the most significant financial commitments we’ll make in our lifetime,” says Graham Cox. “It makes excellent sense to take the opportunity to review all aspects of your finances, including savings plans, insurance policies and, perhaps most importantly, life assurance.”
To read Bristol Mortgage Broker's jargon-free' guide to Life Assurance click here. The company offers fully independent, whole-of-market mortgage advice. Alternatively call 0117 321 0420 to speak to an expert and get a no-obligation mortgage quote.
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