Decreasong Term Assurance
Mortgage Life Cover
Why is it so important to have cover?
Whether you need Life Insurance will depend on your individual circumstances and shouldn't be ignored. For example, Life Insurance can provide Peace of Mind for people with Children, Partners, or Spouses that depend on them financially, as well as people with a mortgage on the Family House.
"It is our job to discuss Insurance, it is not our job to inform your family you didn't have any".
Mortgage Life Cover is the sum assured that you agreed upon in the policy usually the amount of the mortgage loan amount, and the policy also decreases every year at a certain rate. So, in the case of Decreasing Term Insurance, the sum assured at the time of maturity of the plan will be zero
THIS IS NOT A SAVINGS OR INVESTMENT PLAN. NO CASH IN VALUE AT ANYTIME
There is no cash in value unless a valid claim is made of the deceased or is diagnosed with Terminal Illness.
​
The policy can be held jointly with your chosen insurer. You must have an insurable interest for the policy to go live. This means should either of the party pass or be diagnosed with Terminal Illness (12 months to live or less). The policy will be paid in full and then will be closed.
​
MAKING A CLAIM
In the event of a claim, the proceeds will be FREE from Capital Tax and Income Tax. Upon claim, it usually pays the outstanding amount of the mortgage within days once they have all the supportive documents. It has been said, that you can assign the policy to your mortgage lender. This can be beneficial to most, as it lessens the burden on the surviving partner. Read about our Funeral Plan.
​
ALTERNATIVE USES
You could also use this type of policy if someone had borrowed a loan from you or vice versa (insurable interest), or maybe you wish to pay off your Loans/Credit Cards and other credit commitments.
​
PREMIUMS REMAIN THE SAME
Premiums are guaranteed and will not change unless you make changes to the policy
​
ADDED BOLT-ONS​
​
You have the option to add Critical Illness Cover at an extra cost when you take out your life insurance policy. This will cover you for Heart Attack, Stroke, or Cancer. Many insurers cover an array of illnesses.
​
Waiver of Premium is also an added feature and will pay your monthly premiums should either of you become unable to work
​
Insurers have many add-on features at extra cost such Mental illness as an example.
​
At Rockstar Mortgages, we value all of our Existing and New clients. Duty of Care is in our hearts. Looking after your interests.
But Wait... There's More
FAQs
Does Decreasing Term Assurance have any cash in value?
Only upon a successful valid claim​ of Death or diagnosis of a Terminal Illness.
​
Can I have the policy in Joint names?
Yes, you can - Now both of you are now part of a waiting game.​
​
What do we receive at the end of the policy term?
Congratulations! You've survived. You and your partner/family will not receive any benefit on maturity. It is designed to protect your or your partner should the worst happen.​
​
Does this pay my mortgage amount in full?
Yes - Your Mortgage Consultant will guide you for the amount that is recommended and makes sure you're fully protected. It is designed to help protect a repayment mortgage, so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.
​
How much life cover can I have towards my mortgages
You choose the amount of coverage you need to match your mortgage and choose the number of years you need the cover for. It can be taken in single or joint names.
​
Is this far the cheapest form of life insurance?
Yes, mortgage life insurance is typically cheaper. This is because the amount of coverage decreases over time so the potential payout is less than life insurance, which is fixed. However, there are many factors that determine life insurance premiums – and whether you can get a policy at all – including your age, overall health, smoker status, and alcohol consumption
​
Are there many insurance companies that offer Mortgage Life Cover?
Yes. Your mortgage broker should be registered with many providers, always ask. You may have a preferred insurance provider to cover you. Just let us know.
Can you arrange Decreasing Term Assurance?
Yes, we can. You can Call Us, Book an Appointment or Scan/Click the QR code, and one of our consultants will be in touch.
