Life Insurance

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Life Insurance – No fee for this service

Below is a quick guide to the different protections available.

Thinking about what would happen to your family’s money situation if you weren’t around anymore is tough but really important. This guide is here to help you figure out if you need life insurance, what kinds you can choose from, and how to pick a good one without spending too much.

What kinds of life insurance can you get?

Choosing the right life insurance can be confusing, but all the options have one main goal: to help out with money problems if you were to pass away and someone needed to claim on your behalf.

The main point of life insurance, no matter which type you pick, is to help the people you care about by making sure they’re okay money-wise if you’re not around.

So, what kind are right for you? We’ve listed the different kinds to help you decide which one fits your needs the best.

Here are the main kinds of life insurance:

  • Level-term life insurance
  • Decreasing-term life insurance
  • Over 50s’ life insurance
  • Family income benefit
  • Whole-of-life insurance
  • Joint life insurance


Level-term life insurance is pretty straightforward. You pick how much money you want it to pay out (like £200,000) and how long you want the cover for (like 25 years). The payout amount doesn’t change for the whole time you’re covered.

The more money you want it to pay out and the longer you want the cover, the more you’ll pay each month. This goes on until the policy pays out if you pass away during the time you’re covered, or the time runs out. Usually, you can’t keep this cover after you turn 80.

Decreasing-term life insurance is also called ‘mortgage life insurance’ because it’s meant to cover your mortgage if you pass away while you’re covered. The payout gets smaller every year, just like how your mortgage balance goes down.

Since the payout gets smaller, it’s usually cheaper than level-term. But, if you want to leave behind a lump sum for your family to help with other things, level-term might be better, even though you can have both types.

Over-50s’ life insurance is for older people who might find other life insurance too expensive. You’re guaranteed to be accepted until you’re 80 or 85, even if you have health issues. But, it’s pricier and you can’t claim in the first year or two, so you might end up paying more than you get back.

Family income benefit gives a monthly tax-free amount for a set time, like £10,000 a year for 10 years. If you die halfway through, your family gets £10,000 every year for the rest of the time.

Some policies let you pay this to your mortgage company every month if that works better for you.

Since it pays out for a set time, and that time gets shorter, it’s usually cheaper than level-term.

Whole-of-life insurance covers you until you die, unlike level-term which has a set time. It’s often linked to investments and used to help with inheritance tax, so it’s pricier.

Joint life insurance covers you and your partner on one policy. It’s cheaper than two single policies but only pays out once, usually when the first person dies.

This kind is good if you only need to worry about your partner, but if you split up, you’ll need a new policy, which could be more expensive.

Do I need life insurance?

If you have a family, a partner, or anyone who depends on your money, you should think about life insurance. It can help make sure they have what they need if you’re not around.

But, you don’t have to get it. Think about if the monthly cost is worth it for you. Here’s what to keep in mind:

  • If you don’t have anyone who needs the money if you passed away, you might not need life insurance.
  • If you have dependants but they wouldn’t be in a tight spot money-wise without you, you still might not need it.
  • But, if covering expenses like the mortgage, food, and taking care of kids would be hard without you, life insurance could help a lot.

Some jobs give you ‘death-in-service’ cover, which pays out a chunk of your salary if you die while working there. This might be enough, so check what you have before getting more insurance.

Why get life insurance?

It’s all about peace of mind. Knowing your family won’t struggle with money if you’re not around can make you feel better.

It can help with big expenses like the mortgage or other debts, funeral costs, and everyday bills. It can also help cover future costs like college for your kids.

The cost of life insurance goes up as you get older, so keep that in mind.

What affects how much I pay for life insurance?

  1. How old you are – The rule here is pretty simple: younger people usually get cheaper deals. Even though they might end up paying for longer, the monthly cost is less, so they can save money over time.
  2. How much money you want it to pay out – More money covered means higher costs for you each month.
  3. How long you want the cover for – Wanting protection for a longer time will cost more, especially as you get older and the risk of needing to claim goes up.
  4. Your health situation – If you’ve got health issues, you’ve got to tell the insurance company. Not telling the truth could mean your insurance won’t work if you need it. Some health problems might make your insurance cost more, while others might not change much.
  5. If you want extra protection – Like for really serious illnesses. This adds more to your cover but be careful; these extras can have a lot of rules about what they do and don’t cover.
  6. How you buy your policy – Getting life insurance when you’re buying a house? The people helping you might suggest you get insurance through them. But this might not be the cheapest way. You can buy insurance without getting advice (cheaper but you need to know what you want) or with advice, which is good if your situation is complicated.

How much cover do I really need?

Figuring out how much life insurance you should get can be tricky. A simple way to start is to think about having enough to cover 10 times what you make in a year. This sounds like a lot, but it helps make sure there’s enough money for big things like your mortgage or rent, looking after your kids, or even saving for college, along with everyday costs.

Make sure your insurance covers:

  • Any money you owe, like your mortgage or loans.
  • Regular costs your family will need to keep paying.
  • Big expenses you were planning for in the future, like education.
  • Any extra costs that come up because of a funeral.


Thinking about all this helps make sure the people you care about are okay if you’re not around to help.

Sleep easy at night knowing your family is covered

Let’s dive into the process you’ll go through, step by step.

First things first, connect with a friendly mortgage broker who will help you figure out how much you can potentially borrow and which type of mortgage suits you best. They’ll make a mortgage recommendation and, if you’re happy to move forward, they’ll secure your Decision in Principle (DIP). The DIP is like a promise from the lender that they’ll grant you a mortgage for the specified amount, based on the information you’ve provided.

With a clear understanding of your budget, you can start your exciting property search. Explore listings from different estate agents as they often have different options available. Don’t hesitate to ask questions about the local areas and the condition of the properties you’re interested in.

When you finally find your dream home, it’s time to make an offer! The great news is that with your DIP secured, you’re in an excellent position to make a solid offer on the property. Once your offer is accepted, it’s time to move forward with your application.

Your mortgage adviser will guide you through the full mortgage application process. This is when the lender will also arrange for a mortgage valuation to ensure everything is in order

The solicitors or conveyancers will handle the legal side of things.
They will draw up contracts for the purchase and carefully check all the details to ensure accuracy. They’ll look out for any tricky clauses in the title deeds and examine leases for potential future issues.

Exciting times ahead!
Your solicitor and the seller’s solicitor will exchange contracts. At this stage, you haven’t made the full payment yet, but you have legally agreed to buy the property on a specific date. This is also when you hand over your deposit money and must have buildings insurance

The big day has arrived! Completion takes place once you’ve exchanged contracts and paid for your new home in full. The money is transferred to the seller’s solicitor, and finally, the keys are released to you. It’s time to celebrate and step into your new home!

Congratulations on taking the exciting step of buying your home with Moor Mortgages! We want to ensure that you have a relaxing and stress-free experience, so it’s important to be aware of some additional costs involved in the process. Don’t worry, we’ll break it down for you in a friendly and easy-to-understand way

If you’re a first-time buyer, you’ll only need to pay Stamp Duty if the property you’re purchasing is worth over £425,000. But even then, there’s good news – you’ll still receive some relief, unless the property is valued over £625,000. If you are moving house Stamp Duty bands are currently:

Nothing on the first £250,000
5% between £250,001-£925,000
10% between £925,001 and £1.5 million
12% above £1.5 million

Before your mortgage lender approves your loan, they’ll need to confirm the value of the property. As part of the process, they’ll arrange a valuation for lending purposes. The great news is that some lenders may not charge you for this, depending on the type of mortgage product you choose.

In addition to the valuation, you might also consider getting a survey. There are two types: a homebuyer report and a full structural survey. A homebuyer report includes a valuation and provides a detailed report on the state of the property, highlighting any necessary work. On the other hand, a full structural survey is more comprehensive and is recommended if you’re planning extensive renovations, or if the property is older or of unusual construction. We’ll help you understand which option is best for you.

Buying a house involves navigating through a maze of laws and legal requirements. That’s why having a reliable conveyancer or solicitor is essential. They’ll guide you through contracts and ensure everything is in order. Their role also includes liaising with the seller’s solicitor to keep the purchase on track. Conveyancing fees can vary, so it’s worth getting quotes from different providers.

At Moor Mortgages, we offer more than just mortgage advice. We’re here to make your home buying experience enjoyable and hassle-free. Your dedicated advisor will assist you throughout the entire application process, finding the best rates and ensuring everything is handled smoothly. We charge £199 fixed fee, payable only if you choose to apply for a Mortgage. Can’t say fairer than that.

When it’s time to move into your new home, you may need to budget for removal fees to transfer your possessions

We’re here to help you make informed decisions and navigate the exciting journey of buying your first home. Let Moor Mortgages be your trusted partner, ensuring a relaxed and enjoyable experience.

Why Stamford Home Finance?

Helen Dawson
Helen Dawson
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Peter is a pleasure to deal with and knows what he's talking about! We spoke about our upcoming end of fixed deal mortgage and Peter gave some great advice and guidance and whilst we could have made the changes ourselves, we felt much better knowing that Peter was handling it for us and it was in safe hands. The changes were dealt with swiftly and Peter is never too far away if we have a question. Thanks Peter and we'll look forward to continuing to work with you!
Jenny Sowerby
Jenny Sowerby
Buy To Let
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Peter comes highly recommended - he helped us apply for our first buy to let mortgage, there were lots of hoops to jump through but Peter made the whole process seem effortless with his excellent communication, knowledge and professionalism, we received an outstanding service and look forward to working with him again in the future. Thanks again Peter for all of your hard work, from everyone at JLK!
David Lowe
David Lowe
Home Mover
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Great service and speedy. Peter's communication is very good and going that extra mile., his knowledge of the sector is exceptional. He spent extra time to get the paperwork sorted to beat deadlines. I would not hesitate in recommending Peter
Carrie Brown
Carrie Brown
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Peter was very easy to make an appointment with and very flexible with how we could chat -in person or on the phone. Following a discussion about our needs he outlined how he could help and gave timescales. He came back to me earlier than planned and gave great advice. 100% would recommend.
Anthony Craddock
Anthony Craddock
First Time Buyer
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We had some very specific needs and needed someone who was going to research and help us through the process. Peter was so helpful and friendly. Really appreciate the time taken.
Malcolm Roberts
Malcolm Roberts
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Peter is a true professional who genuinely cares for his clients.
Imogen Oates
Imogen Oates
First Time Buyer
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As first time buyers we were nervous but Peter helped us the whole way. Highly recommend
Andrew Brett
Andrew Brett
Foster Carer
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Peter took the time to explain everything very clearly. Really good service.

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