LIFE INSURANCE
Ensure Your Loved Ones Are Protected
Providing Your With Peace Of Mind
Roots Contractor Mortgages offers a variety of Protection policies to help keep our clients protected.
Our protection policies are tailored to fit the employment patterns of contractors. Our aim is to find you a policy that fits your situation perfectly, offering you suitable protection in the case of specific events.
Life Insurance
Though it might not be pleasant to think about, in the event of your death, having the right policy in place can help protect the people closest to you.
Roots Contractor Mortgages has access to a range of life insurance policies that allows you to rest easy knowing that if the worst does come to pass, your family is protected from a financial perspective.
With traditional employment models, the employer typically offers a workplace life insurance policy. But when working as a contractor it is down to you to arrange this.
As such, Roots Contractor Mortgages can help you secure the ideal life insurance policy for your circumstances. You can secure a policy tailored to your requirements and work practices.
What is covered?
Death from natural causes such as age or illness
Accidental death (unless taking part in an excluded high-risk activity)
Suicide (Most policies won’t cover suicide at the start of the policy)
What is not covered?
Pre-agreed excluded conditions which relate to pre-existing health issues
High-risk activities (sky diving, base jumping etc)
Death during criminal activity (such as driving under influence)
Fraud (if you lie to your provider in your application, they aren’t likely to pay out)
Are there different types of insurance?
Decreasing term policies – these have a pay out which decreases over time which usually follow a mortgage balance. The rate of decrease is set to account for rate fluctuations. At the end of the term, the pay out reaches zero.
Level term policies – these have a fixed pay out for the whole duration of the policy. No matter when during the policy you pass away, your beneficiaries would receive the full amount assured.
What are the Pros and Cons to the different types?
Decreasing term pros – usually cheaper than level term. Suitable for protection of a mortgage or debt.
Decreasing term cons – the pay out decreases over time. Little to no pay out left once the debt has been paid off.
Level term pros – premiums stay the same. You know how much your policy will pay out.
Level term cons – premiums are more expensive than decreasing term. It doesn’t account for inflation (unless index linked)
What do I need to get a quote?
Information about your health – to include your immediate family’s health and medical history including any pre-existing medical conditions.
Information about your lifestyle – to include drinking habits and whether you smoke/have smoked previously.
Your age and occupation – these determine risk and price.