Life Insurance Brokers based in Essex
Goldmanread Life Insurance Broker Services
Whether you’re looking to buy life insurance to cover the mortgage, provide critical illness cover or protect your income, we can arrange cover from a wide range of reputable life insurance companies.
We have many years of experience as a financial company and enjoy good relationships with many well-known lenders, meaning we can take on the leg-work of negotiating and securing your life insurance policy.
Our experienced team at Goldmanread offer a five-star personal service. We will take time to fully understand your individual circumstances, provide you with sound advice to ensure you are financially protected.
What is life insurance cover?
There are various types of life insurance plans but in its simplest form, it is an agreement between yourself and the insurance provider to pay out a fixed sum in the event of a specific life event.
This could be in the event of death, diagnosis of a specific critical illness or long term ill health, meaning you are unable to keep up mortgage repayments. At Goldmanread, we have the contacts and knowledge required to advise on the type of policy which is right for your specific circumstances.
How does life insurance work?
At the outset, it’s important to work out what type of life insurance you need, whether it be life cover, critical illness insurance and/or income protection. A good life insurance broker will run through the details of these differing types of cover to recommend those which offer you the best form of financial security.
Once you have decided which type and how much cover you need, the next step is to obtain and compare quotes, then work out the life insurance cost. Goldmanread can guide you through the whole process to ensure that you secure the most suitable cover.
When you are ready to proceed it is time to make the life insurance application, which we will complete on your behalf. At this stage, it will be necessary to run through a number of health questions relating to your own personal circumstances, such as weight, height and any past medical conditions that will have an effect on the underwriting assessment of the life insurance company.
Once the medical information has been assessed the life insurance company will decide whether it is willing to take on the risk of the cover and will issue specific terms.
In the event of a claim the life insurance company will pay out as long as the conditions of the specific policy have been met, such as paying premiums on time.
Depending on the type of cover you have taken, the insurance company will either pay out a lump sum to you or your loved ones, or pay out a regular monthly income to ensure you and your dependents are protected from financial hardship.
Why it is important to have a life insurance policy?
Life and critical illness insurance cover ensures financial and emotional protection for your loved ones, should the worst happen. Your insurance policy will help cover various costs in the event of a payout, including:
The average funeral in the UK is between £3,000 to £4,000, a significant sum for your family to cover in the sad event of a death. A lump sum payout from a life insurance company can help cover the expense.
In the event that you are unable to work due to long term ill health, your policy will pay you a regular income to cover the cost of your mortgage and other outgoings. If you are diagnosed with a critical illness as specified in your policy, your insurance providers will pay out a lump sum which your family can use to cover mortgage costs.
As your life insurance broker, Goldmanread will look at the options that are best suited to your particular situation to ensure you have appropriate cover. We will take care of all of the necessary paperwork and checks to save you time and hassle, and provide you with valuable peace of mind.
Types of life insurance
There are different types of life insurance to choose from. The right one for you depends on your life stage, health, income, mortgage and family status.
Term Assurance Cover
This type of policy covers a specified period of time, perhaps to cover a mortgage term or a child’s education years. This type of cover can be set up in sole names or as a joint policy and can be taken out over an agreed ‘term’, typically between 5 and 25 years.
Family Income Benefit
This is a form of life cover designed to pay out a regular amount of income each year. It is ideal to offer family protection, eg. to cover a young family up until they reach an age of financial independence.
Mortgage Protection/Decreasing Term Insurance
This is a type of insurance cover that reduces broadly in line with the mortgage debt. As the debt reduces, it usually lowers the monthly cost and leads to cheaper premiums.
Critical Illness Cover
This type of policy that pays out in the event of diagnosis of a specific type of illness, eg. cancer, heart attack, stroke, multiple sclerosis, Parkinson’s disease, Alzheimer’s, brain tumour and a number of other medical conditions.
This cover replaces your income should you be unable to work due to longer term ill health eg. mental health problems, musculoskeletal conditions etc. Short-term income protection is also available.
Life Insurance FAQs
How long do you pay life insurance for?
Life insurance policy terms range widely from 5, 10, 20, 30 years, right through to Whole Life insurance cover.
Usually, the premium on life insurance relates to the specific term of the policy. For example, if you have taken critical illness insurance to cover the term of a 20 year mortgage, then the premiums will generally be payable over this time frame.
Is life cover needed after 60?
Broadly speaking, life insurance is designed to meet a specific need or goal. If this need extends beyond age of 60, then life cover is still required.
It is very common these days for mortgages to be taken to age 70 or 75, so having life insurance policies work beyond the age of 60 is important.
Clients may also consider buying life insurance to meet a number of goals beyond age 60, which may vary significantly depending on their requirements and that of their loved ones.
Is life insurance worth it?
We are all keen to cut costs these days, but life insurance is seen by most as an essential investment, providing financial protection when needed most.
It is an unfortunate fact that our lives are likely to be touched by critical illness as we become older, and many people find they have to take extended periods of time off of work due to ill health.
Anyone consider taking on a mortgage or other large financial commitment should seriously consider the consequences of covering repayments should something unexpected happen. The right cover will not only prevent financial pressure, but avoid your family suffering emotionally.
Why choose Goldmanread as your life insurance broker?
To ensure that you are getting good value for money when arranging life insurance, it is important to compare quotes. An experienced broker such as Goldmanread can research and negotiate the cost of insurance saving you time, hassle and money.
As opposed to a non-advised brokerage service, such as an online automated comparison site, Goldmanread prefer the human touch. You’ll get to speak with a real person that understands your needs and offers tailored advice, rather than a generic, automated quote service.
We will assess your needs and make a personal recommendation on the right life insurance policy for you. We’re with you through the entire process and will liaise with the insurer directly to ensure you receive the same level of high service from them.
We have well-established relationships with a range of insurers enabling us to conduct a fair analysis of the relevant market. Many of the insurance companies we deal with offer award winning service and offer a fast and well-oiled claims process.
Whether you are looking for term assurance, family income benefit, non-investment whole of life assurance, critical illness cover or income protection insurance, we can help.
Feel free to phone or message to arrange a call or appointment.