Life Insurance
Passing away is never an easy topic of conversation or something people want to think about. But now you have secured your mortgage objectives its vital you can protect this dream with a suitable life insurance policy
Life cover is an insurance policy on your life, which means a payout will be made if you die during the policy term. Life insurance can be based on the size of your mortgage and decrease in line with your mortgage (decreasing cover) or it can be arrange to pay out a fixed lump sum (level cover). Life insurance is a great way to protect you and your family for the future. For example, your mortgage may begin at £200,000 and you can select a decreasing mortgage term at £200,000 and an additional level policy of £100,000 to leave behind. This additional cover can be used for anything from funeral arrangements to paying off debts
Life cover is easy for us to arrange and can usually be completed with an over the phone medical questionnaire. In some rate instances, the providers we work with may require a medical but this is usually linked to any historical or ongoing health conditions declared
Life insurance pays off the agreed amount if you were to pass away or if you are diagnosed with a terminal illness and are given less than 12 months to live
Whilst life insurance is not legally required, it is a vital part of your overall protection package and is often considered the bare minimum requirement if you are looking to secure yours and your family’s future
Income Protection
Many house buyers today have less purchasing power than they have had historically due to increasing costs and higher interest rates and this withers away savings of individuals and households. If you were off work due to sickness, illness or injury how would you be able to keep up with your mortgage payments ? This is where income protection benefits you
Income protection pays out if you are forced to take time off work due to sickness, illness or injury and is deferred for a certain number of weeks depending on your sick pay. This means after your deferred period has passed your will receive a tax free, monthly benefit direct to your bank account to help with mortgage payments and general expenditure if you were off work. Being off work can be caused by a variety of reasons, income protection protects against everything from accidents to illnesses
Income protection cover is very straightforward for us to arrange and can usually be completed with an over the phone medical questionnaire, in some rare instances the providers we work with may require a medical but this is usually linked to any historically or ongoing health conditions declared
Critical Illness Cover
In today’s world an increasing number of people are impacted by a critical illness earlier on in life. Critical illness cover is designed to protect you and your family in the event of you being diagnosed with a serious illness. Whilst life insurance is a good foundation, critical illness cover provides so many more benefits because unlike life insurance, the pay out comes on diagnosis rather than passing away
Critical illness cover pays out a lump sum upon diagnosis (free from tax) to help with your mortgage payments, ongoing commitments and general expenditure if you were to be diagnosed with a critical illness. We can advise whether to set the cover to be linked to your mortgage value, or a set amount, or both
Critical illness cover can usually be completed with an over the phone medical questionnaire, in some rare instances the providers we work with may require a medical but this is usually linked to any historically or ongoing health conditions declared
Buildings and Contents Insurance
Adequate buildings insurance is legally required by the lender. We can source a competitive insurance policy for you when we discuss your mortgage requirements, this will start on completion of the purchase of your new home
We can also customise your policy to cover contents, including high value jewelry and other specified items ensuring that your home and valuables are well protected