Life Insurance
Life insurance ensure our family can afford what they need without your financial support, should you die.
How Much Life Cover Do I Need?
Many people are unsure of the level of cover they need, however there is no set answer. It depends on a number of factors including:
Your Mortgage
Your mortgage is probably your most important outgoing, for most of us, it’s the biggest financial commitment we make. Ensuring our family’s home is theirs should we die is one of the biggest drivers for life insurance. You should think about how much is outstanding on your current mortgage, as this should be paid off by your life insurance.
Your Children
If you have younger children, you’ll probably need to consider increasing the amount of cover you have, than if your children were older. Additionally, younger children needing childcare and older ones that might go to university all need to be factored in. It could also be that you’d planned on helping them out with a car, or house deposit.
Bills and Expenses
Whilst you should make sure you cover your mortgage, you might want to make sure you’ve covered your other bills and expenses, like utilities, car costs, and insurances.
Lifestyle
You might want to ensure your family live in comfort should you pass away. This goes beyond just covering the essential payments, but affording any luxuries you might want your families to have, like holidays.
Harry Jackson2024-03-05Matthew, Kirsti and Katie were all really helpful. Made sure that, as first time buyers, we understood everything that was going on and were always there to help if we needed them to. 100% would recommend you use them!
Michael Clarke2024-03-04Karen and Kirsti have been invaluable in helping us through the mortgage application process for our first home. We would thoroughly recommend their services - it has saved us a lot of stress! Swift and considerate guidance and support throughout the process.
Ioana Tomut2024-03-02We have worked with Karen and are extremely happy with how she handled our account. This was the second time we have attempted to buy our first house and we have worked with another mortgage advisor before. While both were excellent in terms of service and communication, Karen's suggestions for solicitors and survey were significantly cheaper to what we were quoted last time. I greatly recommend them.
R Findlay2024-02-29Thank you very much to Richard at Regal Finance for making our first home purchase run as smoothly as possible. Richard was available to provide us advice throughout the whole process and I would highly recommend using Richard at Regal Finance Group!
Sue Vecchione2024-02-29Well worth the fee. Mortgage sorted in less than 48 hours. Fantastic service with great communication. Much recommended 😀
Sarah Carter2024-02-19Absolutely brilliant! Alwasy go over and above and feel thoroughly looked after. Highly recommend.
Joe Alsford2024-02-05I can not speak highly enough of the service I received from Richard Powers at Regal. Gave excellent clear advice, continually negotiating the best deal available. Went above and beyond, fantastic to have in your corner in what can be a stressful process!
Kiran2024-01-15Cannot recommend Regal Finance enough! Matthew and Kirsti were amazing and completely took the stress out of the process. They were always available to answer questions and guide us through everything. I found they had access to a wider range of products than other advisors I had used in the past. I will be recommending Regal Finance Group to everyone I know!
L Fowler2024-01-04Matthew and his team have gone above and beyond to help us with our mortgage. As first time buyers we decided to seek advice from a mortgage advisor. After having an offer accepted on a house we needed some support with the mortgage fairly quickly and Matthew managed to fit us in out of usual hours to suit us. We had a very detailed call with him and all our questions were answered. From this point onwards Kirsti managed our application and the whole process was fast and effortless as they managed everything. We made the best decision using Regal finance. If you choose to go with Regal you’ll be in good hands.
Jamie Wells2024-01-04I can’t recommend regal finance group enough. Kirsti and Matthew have been amazing. They are so quick to respond and the advice they give has been so helpful. Don’t hesitate to get in contact if you need a mortgage. Thanks Jamie and Lauren
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How Long Do I Need Cover For?
The length of your cover depends on what it is you want to protect. Taking into account the remaining term of your mortgage, the age of your partner and children helps you work out how long you need cover for.
Life Insurance Cover
Whilst there are many life insurance products available, many have similar basic benefits and exclusions. It’s important to speak to an advisor to work out what cover is right for you.
Lump Sum Payment
If you were to die, your family would receive the amount as a lump sum payment.
Terminal Illness
Some products will payout on your claim at the point your condition is diagnosed as terminal.
Flexible Cover Terms
Different products have different terms of cover. Some policies end when you reach a certain age, others are for a set time period, for example, 50 years.
Common Exclusions
You would typically find your policy becomes void if you fail to make your premium payments, or obviously once your term ends. Additionally, most policies will not payout should you commit suicide or evidence self harm within the first year of the policy.
Life Cover Over Time
Depending on the type of product you go for, the amount you’re covered for over time can change. The difference is known as increasing or decreasing life insurance.
Increasing Life Insurance
The amount you are covered for increases over time, to protect your family in line with inflation. Your premiums, however, increase at the same rate. Increasing life insurance gives your family more complete protection should you die.
This type of insurance helps your family to maintain their lifestyle as well as have the mortgage paid off. It’s common for these policies to have a cap on how much your policy will increase by.
Decreasing Life Insurance
Decreasing life insurance pays off a certain amount, like a loan or mortgage. You pay the same amount over the period, but your level of cover decreases in line with your mortgage balance reducing.
Unlike increasing life insurance, it doesn’t protect your family’s lifestyle.
Get A Mortgage With Regal in 3 Easy Steps
Step 1
Complete an enquiry form and an advisor will call you back.
Step 2
Send us the documents we need.
Step 3
Receive a Decision in Principle from one of our lending panel.
