Life Insurance Plymouth – Protecting Your Home & Loved Ones
Buying a home is one of the biggest financial commitments you’ll ever make, and ensuring you have the right life insurance in place is just as important as securing the right mortgage. At Mortgage HQ, we help homeowners in Plymouth find the best life insurance policies for them to provide peace of mind for the future and potentially benefits for them during their lifespan such as gym memberships and other benefits.
What is Life Insurance?
Life insurance is a policy designed to pay out a lump sum to your loved ones in the event of your passing. This ensures they are financially secure and can cover outstanding debts, including your mortgage. When purchasing a home, many lenders strongly recommend life insurance to protect your investment and dependents that you may leave behind. Knowing that they will be safe and looked after in the case of your passing.
Do You Need Life Insurance to Get a Mortgage?
While life insurance is not legally required to secure a mortgage, many mortgage advisors and lenders recommend it as a safeguard. Some workplaces offer a form of life insurance if you were to pass, usually known as Death in Service Benefit, please let us know if you or a partner has this benefit as it may negate the need for life insurance or reduce the amount needed, although if you do leave this job it may be worth getting back in contact to rearrange your cover.
If you were to pass away unexpectedly, life insurance ensures that:
✔️ Your mortgage repayments are covered, preventing financial strain on your family.
✔️ Your loved ones can stay in the home without the risk of repossession.
✔️ Outstanding debts associated with the property are taken care of.
Types of Life Insurance for Homeowners
When choosing a life insurance policy in Plymouth, it’s important to select the right cover for your needs:
- Decreasing Term Life Insurance (Mortgage Life Insurance)
- Designed specifically for mortgage holders.
- The payout reduces over time, matching your decreasing mortgage balance.
- This type of life insurance is usually the cheapest in monthly premiums and if this is the right policy for you, we’ll recommend it and put it in place for you.
- Level Term Life Insurance
- Provides a fixed payout amount throughout the policy term. Usually the amount of your mortgage i.e. if your mortgage amount was £200,000 the payout amount would also be £200,000. If you were to pass and the balance on your mortgage was only £50,000 you would still receive £200,000.
- Ideal if you want to leave a lump sum for your family beyond mortgage protection.
- Whole of Life Insurance
- Covers you for your entire lifetime.
- Guaranteed payout whenever you pass away. No quibbles on these products, life assurance and whole life insurance products have nearly a 100% pay-out rate.
- A top rated product for those who want long-term financial security for their family.
Why Choose Mortgage HQ for Your Life Insurance?
At Mortgage HQ, we understand that securing a mortgage and protecting your home go hand in hand. Here’s why homeowners in Plymouth trust us with their life insurance and mortgage needs:
✅ Tailored Advice
We don’t believe in a one-size-fits-all approach. Our advisors take the time to understand your circumstances and recommend the best life insurance policy for you.
✅ Access to the Best Deals
We compare policies from a wide range of top UK insurers to ensure you get comprehensive cover at the best possible price.
✅ Seamless Mortgage & Insurance Process
We can arrange both your mortgage and life insurance in one seamless process, making it easier for you to move into your new home with confidence.
✅ Friendly, Local Expertise
As a Plymouth-based mortgage and insurance broker, we provide personalised, face-to-face service so you always know who you’re dealing with. Online and Phone appointments are also available making it easy for you to get an appointment when it suits you.
Get Expert Life Insurance Advice in Plymouth
Securing life insurance doesn’t have to be complicated. Whether you’re a first-time buyer, home mover, or remortgaging, we’re here to help you find the right policy.
Protect your home, protect your family – let Mortgage HQ find the right life insurance policy for you. Get in contact with us using the contact form at the bottom of this page and arrange an appointment today.