Life insurance is a type of insurance policy which pays out a tax free lump sum to your beneficiaries when you die.
It is designed to provide peace of mind that your loved ones won’t struggle financially in the event of your death and can be used to pay your mortgage off so your home is not at risk.
There are several different types of policy available, and the right one for you will depend on your individual circumstances.
- level term assurance
The amount of cover you have remains the same during the term of the policy. This kind of cover is often taken out alongside interest-only mortgages, as the capital you owe does not decrease over time.
- Decreasing term assurance
As the name suggest, the amount of cover you have reduces over time. Decreasing policies are often taken out at the same time as a repayment mortgage, so that the amount of cover you have decreases along with the capital you owe.
- Whole-of-life insurance
This protects you for your lifetime, but means you’ll pay premiums right up until the point you die and costs are steeper because you’re guaranteed a pay-out
MCB are fully committed to providing a professional service to ensure you have the most suitable option available for your circumstances and requirements to protect your home and family.
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When dealing with MCB, I've felt they put the customer at the heart of everything they do. In my own personal experience I received excellent customer service for my own mortgage, they sat down with me to understand my needs and showed a genuine interest on helping me achieve this. I was kept up to date throughout the whole mortgage process and would thoroughly recommend MCB to anyone needing guidance/reassurance on help their finances.
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