While it’s not a thought that any of us like to dwell on, it’s important to consider how your mortgage would be paid if the main earner in your family was to suddenly pass away.

Life insurance is particularly important for people with dependants, a partner or family looking for financial security and is typically bought to cover a mortgage in the event of the policy holder’s death. It gives peace of mind that your family will benefit from a cash lump sum that will provide financial security if you’re no longer around.

For insurance business we offer products from a choice of insurers.

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    Types of Life Insurance

    Level insurance

    Level term life insurance is where the premiums and amount of cover stay the same during a policy term, regardless of when the insured person passes away.

    Decreasing insurance

    Sometimes known as mortgage life insurance, decreasing insurance means the payout amount reduces each year. It’s generally used to help pay off a repayment mortgage.

    Increasing insurance

    The payout amount goes up over time, as does your monthly payment. Many choose it to protect the value of the payout against inflation and the rising cost of living.

    Family of Mum, Dad and two young boys sitting on sofa and reading stories

    How much cover should I have?

    A rule of thumb is to cover 10 times the main breadwinner’s income. If you have a partner or children to consider, it's important to consider the financial impact if you died. The aim is to have enough cash to cover the lack of income if you're gone.

    You’ll need to ensure that you take out enough cover to repay your mortgage. For example, if you’ve got a 25 year mortgage for £450,000 and take out mortgage life cover for £300,000, you’ll be at risk of underinsuring your mortgage. This means your family will be left with a shortfall to cover the outstanding mortgage.

    Young boy hugging his Mum's leg

    Should I write my life policy into trust?

    Writing a policy in trust means that the payout from the policy will be paid directly to the beneficiaries rather than your estate. Because the policy is held within trust it means that the payout won’t be subject to inheritance tax. It also means payment to your beneficiaries will probably be quicker, as the money will not go through the probate process. Instead, the insurer can arrange the payout once they’ve received the death certificate and any other required documents.

    At Rettie we understand.

    At Rettie Financial Services we understand that everybody’s situation is unique. That’s why we’re with you every step of the way. Whatever your mortgage, insurance or other financial needs, and however complex your challenges, we have the expertise and experience to provide a tailored service that will deliver for you.

    Outstanding Customer Service

    At Rettie Financial Services we excel in speed, expertise and customer satisfaction. Our commitment to you extends beyond transactions, providing both financial and emotional support throughout your journey.

    Personalised Solutions

    We bring a personal touch to every interaction, taking time to understand and address your unique financial requirements. No matter how complex and intricate your insurance or protection needs, we have the experience and know-how to identify and deliver an innovative personal solution that’s right for you.

    A Proven Approach

    Our highly experienced Mortgage & Protection Advisors have a proud track record in delivering a supportive, quick and hassle-free service, evidenced by a constant stream of 5 star reviews from our satisfied clients.

    Rettie Financial Services Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

    Rettie Financial Services Ltd. Registered Office Address: Deuchrie, Dunbar, East Lothian, United Kingdom, EH42 1TG. Registered in Scotland Number: SC711925.

    There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

    For insurance business we offer products from a choice of insurers.

    Your home may be repossessed if you do not keep up repayments on your mortgage.