Family Protection
If you have a young family and die, paying off the mortgage only isn’t usually enough...
You need to have a life policy that also provides capital/income to your widow/er, so that they can continue to live the lifestyle you were living.
Most policies should be index-linked as, unlike a fixed mortgage debt, the cost of living goes up.
For some people, insuring until the kids are grown up is sufficient. Other people want their cover to be in place for longer.
Like mortgage protection policies, you can include critical illness, have split policies, guaranteed premiums and buy two single policies rather than one joint one.
Family cover (unless joint) should always be placed in trust, so that any payout doesn’t inflate your estate for Inheritance tax purposes and is paid out without having to wait for probate.
60 Second Case Study: Many thousands of pounds saved...
Mrs J had just lost her father and was about to instruct a high street bank to do the estate administration for an exorbitant fee. Luckily, she spoke to us first and we put her in touch with a probate specialist who did it with a saving of £14,500 on a £500,000 estate.
If you want to benefit from a lower-cost, fixed-fee probate service, please do get in touch.