Life assurance

Life Assurance

Life Assurance is an insurance policy against your death where money is paid out if you die (or are diagnosed with a terminal illness) which can be used to clear the mortgage debt and/or provide funds for the family towards their living costs.

A policy can be:

  • Level term - where the amount remains constant over time
  • Increasing term - where the amount increases in line with inflation to remain constant in real terms
  • Decreasing term - where the amount decreases in line with the outstanding mortgage balance

It is also possible to take the benefit as an annual income rather than a lump sum - this is known as Family Income Benefit and can provide a more cost effective strategy.

We can advise on the best cover in light of your mortgage/family arrangement and source from a whole range of providers to get the best price.

Mayfield Mortgages Limited is an appointed representative of Financial Limited which is authorised and regulated by the Financial Services Authority. Mayfield Mortgages FSA no. 480912.
Your home or property may be repossessed if you do not keep up repayments on your mortgage or loans secured against it.