Are you looking for more competitive life insurance? Carrington Carr Home Finance offer a range of solutions, exclusively from Legal & General, tailored to your specific needs and circumstances. Our insurance quotes are specific to you and include the type, period and amount of cover and your premium.
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Life Insurance, also known as Term Assurance or Mortgage Term Assurance is designed to cover you in the event of your death during the policy term. Life Insurance can help cover the costs of a funeral, the payments outstanding on a mortgage, or financially help your loved ones.
What Types of life Insurance policies are available?
Mortgage Decreasing Term Assurance: This type of life insurance may be suitable for covering a repayment mortgage as the sum assured is designed to reduce approximately in line with the outstanding amount on a repayment mortgage. However there are some circustances when the sum assured will not be enough to pay off your mortgage in full. This could happen if the interest rate on your mortgage rises above the interest rate applied to your decreasing cover.
Level Term Assurance: This may be suitable for those wishing to cover the risk associated with an interest-only mortgage or requiring a set level of cover for a set period; the sum assured remains unchanged during the policy term.
Indexation Option: because of inflation, the actual value of money may decrease over time – consider what might have been attainable with £1000 in 1990, for example, and what the same sum might buy today. To counter-act this, Level Term Assurance has an option allowing your cover to increase each year on the policy anniversary, in line with an increase in inflation, measured by the Retail Prices Index. Premiums will also increase annually. If you decide that you do not want to accept the increased premium at any point, the sum assured and premium will remain the same for the rest of the policy term.
What is the difference between critical illness cover and life insurance? Life insurance policies will pay out a benefit if the policyholder dies or is diagnosed with a terminal illness during the policy term. You may wish to include Critical illness cover, which pays out on diagnosis of one of the specified critical illnesses during the policy term. A life and critical illness cover policy will only pay one claim and will then end. Terms and conditions apply.
How much does Life Insurance cost? The cost of life insurance is based upon a number of factors which include:
Will I get my money back if I survive the policy term? Insurance arranged through Carrington Carr Home Finance offers no cash in value, and if you survive the policy term, without claiming, you will not receive any of your money back.
Should I take out Single or Joint Life Cover? Either of the types of cover above can be taken on a single or joint basis. Whether you have a single or joint life plan, the cover will cease at the end of the policy term, or once a claim has been paid, if earlier. Terms and conditions apply.
Can I take life insurance out for the benefit of someone else? Placing your life policy in trust is one way of helping make sure that the proceeds of your life policy are given to those you want it to, without unnecessary delays.
Alternatively, your policy can be arranged on a ‘life of another’ basis. This is where a policy on the life of one person is effected and owned by someone else. Ask us for details.
Will medical information from my doctor be necessary to get life insurance cover? In some circumstances, medical information from your doctor may be requested by the insurer before an underwriting decision is made, this is generally due to your medical history, or if the sum to be insured is a large amount.
Will I need a medical examination? A medical examination may be required, again due to your medical history or sum insured, and may be with a doctor, paramedic or a nurse. For some applications, additional tests may be needed which include urine, saliva or blood samples. Full details will be sent to you if these additional tests are required.
Will I get an immediate decision? You may be able to receive an immediate decision on your life insurance cover over the telephone. If an immediate decision is not available, this may be due to the insurer requiring a medical questionnaire, a medical examination or having to seek further information from your general practitioner prior to the insurance being granted.
Can I cancel the cover if I no longer require it? A policy may be cancelled at any time. However you will not receive any money back if you cancel after the 30 day cancellation period that applies at the start of your policy.
Do you offer other types of insurance? We are also able to recommend the following plans, that cannot be described as life insurance, as they are designed to pay a monthly benefit in the event of either unemployment or accident/sickness, not death or critical illness. The monthly benefit amount is based upon your mortgage payments or earned income:-
Mortgage Payment Protection Insurance Through our association with Legal & General.
Income Protection Benefit Plan This policy is designed to pay you a regular monthly benefit if you cannot work due to incapacity caused by an illness, or injury resulting in a loss of earnings. You may also take out this policy if you do not work, and it can be used towards meeting some of your outgoings, depending on your inability to carry out certain activities.
All policies are arranged exclusively through Legal & General
Carrington Carr Home Finance Limited is an appointed representative of Legal & General Partnership Services Limited which is authorised and regulated by the Financial Services Authority for advising on and arranging mortgages and insurance.
Carrington Carr Home Finance Ltd, Reynard House, 37 Welford Road, Leicester, LE2 7AD. Registered in England No. 2105488. Registered Office: Reynard House, 37 Welford Road, Leicester, Leicestershire, LE2 7AD