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Benefits ofTwo Single Life Insurance Policies
Saxon Mortgage Services is licence under the data protection act 1998 licence No. Z9726855
and Also holds a credit consumer licence No. 595189 from the office of fair trading
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Two Single Life Policies* give twice the life cover for the same cost
As a joint policy !
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| We are now able to offer life Insurance via major insurance companies. We are confident that we can offer you a better quote, if you want to save money we can quote on a like for like basis, but the option which is most popular is to keep the premiums the same but significantly increase the sum assured.
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| All Life Policies include Terminal Illness Benefit at no extra cost
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| Terminal Illness Benefit: If the life assured is diagnosed as being terminally ill (i.e. having less than 12 months to live) the life insurance company pays out the full claim. This benefit usually doesn't pay in the last 12 month of the policy.
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Most policies appear to have been written as joint life policies, whilst this may appear logical if you have a joint mortgage we can offer at no extra cost two single life policies. If you have a joint policy once you have claimed that is the end of the policy, but with to single policies the other policy remains in place.
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| Joint Policy Verses two Single Policies.
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Example £100,000 Total Cost is the Same
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If the Critical Illness option is chosen, in addition to the death benefit, the sum assured shown below would pay out where a critical Illness is diagnosed and the policy would cease.
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| Assume Mr dies
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Joint Policy
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| Two Single Policies
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Joint Policy Pays out
£100,000
End of Policy
Mrs Now has No Life cover
(She will now be older and
may have health issues
making a policy
more expensive)
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| Mr
Single Policy Pays out
£100,000
End of His Policy
| Mrs
Single Policy
Still in force
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| Assume they both die
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| Joint Policy Pays out £100,000 End of Policy
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| Mr Single Policy Pays out £100,000
| Mrs Single Policy Pays out £100,000
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Two Single policies provide £200,000 of cover for the same premium*.
With two single policies they can be written for different amounts and terms.
We would also advise that these policies are written in Trust at no extra cost to you but this does ensure the policy pays out promptly without needing probate, and funds go where you want.
Most policies are sold as joint policies and not in Trust as there is twice the paperwork involved for the adviser plus completing the trust document.
*When referring to policies we are comparing two similar policies i.e. same term and sum assured.
We reduce our commission on the 2 single policies so the total is equal to cost of a joint policy for premiums above £25
Level term policies= the sum assured remains the same throughout the term.
Decreasing term policies the sum assured decrease at a set percentage reducing to nil, these are used to cover a mortgage or loan where the amount is also reducing.
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| Details needed for initial quote are dates of birth, whether you smoke, occupation, any medical issues
Amount of Cover required. Term and do you require level term or decreasing term (for repayment mortgage)
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