Plan Insurance Blog

Why Life Insurance For Landlords and Property Owners Is Crucial

One of the main advantages of having life insurance in place for landlords or property owners is peace of mind, not just for yourself but for your loved ones too.

As a landlord, you may be used to juggling a million different things at once such as maintaining the quality of all your different properties, sorting out domestic issues facing tenants and being on call 24/7. But searching for life insurance should not be another thing you need to juggle. At Caspian Insurance, their team of mortgage protection specialists always ensure that choosing a life insurance policy that suits you, and your loved ones is a straightforward process.

At Plan we partner with Caspian Insurance to offer an extensive range of Life Insurance products. We also collaborate with J.Osborne Healthcare to source Private Medical Insurance from a wide array of leading suppliers.

Why do I need life insurance for my mortgage(s)?

Mortgage protection life insurance does what it says on the tin – financially protecting your mortgage(s), however many you may have, in the event of the policyholder’s death.

Think of the reasons why you initially decided to invest in property. Was it to ensure a regular income for yourself and your family? Maybe to give yourself a nest egg for retirement? Or perhaps it was to build a property empire to leave a financial legacy behind for your loved ones? Either way, all of this could be for nothing if you were to pass away without having any protection in place for your mortgages.

There are also extra additions that many people now add to their policies such as critical illness insurance. Having a mortgage protection policy with the addition of critical illness cover on it ensures you are not only protected if you were to pass away during your term length but also if you were to get a critical illness or become terminally ill. This option adds an extra layer of protection, ensuring more peace of mind when looking at life insurance.

What if I have different types of mortgages?

Not to worry, there are a few different types of mortgage life insurance policies. Mortgage protection policies can either be decreasing, level or increasing, all of this being dependent on which type of mortgage you have on the property. Decreasing life insurance is one of the cheapest life insurance policies you can get as the amount you pay decreases in line with your mortgage. If you have a repayment mortgage, the mortgage protection specialists would offer a level term policy.

At Caspian, their mortgage protection specialists will discuss a multitude of factors that come into play when choosing the best mortgage policy. There is always room for flexibility when discussing financial protection, meaning the advice you receive at Caspian will always be tailored to your specific budgetary needs.

What could happen to my mortgages if I were to pass away without financial protection?

If your properties are owned to provide regular income for your family then if you were to pass away and the properties to be sold – this could then leave your loved ones without a regular income.

However, if you were to have covered some of the mortgages on your properties, for instance, maybe your most profitable properties. This could significantly reduce the financial hardship your family could face if you did not have any financial protection in place at all.

Life Insurance – Summary

Considering financial protection for your mortgage with a life insurance policy, should be a must-do for landlords and property investors. To ensure that you obtain the most modern, comprehensive, and tailored policy for you, the experienced financial protection specialists at Caspian are on hand to help with any queries you may have. It is always important to seek advice from a protection specialist when looking at financial protection and the specialists at Caspian offer free and impartial advice on all things life insurance. Do not delay your search any longer – get a free quote today!

Find out why 96% of our customers have rated us 4 stars or higher by reading our reviews on Feefo.

To get a quote give our specialist teams a call on 0800 542 2743 or request a Call Back.

Already a client? Why not recommend us to your contacts in exchange for a £50 discount off your renewal with our Refer a Friend scheme.