When you buy a house or flat and take out a mortgage, you are making a serious financial commitment.
You need to be confident that if something unforeseen happens, you will be able to keep up your repayments.
You therefore need to make sure that you have the appropriate insurance in place.
We have years of experience advising clients on the kind of insurance you need – we can help you with your insurance at the same time as your mortgage.
If something were to happen to you, what would happen to your family?
Life insurance will give them financial protection when needed.
It will pay out a cash sum if you die during the policy term.
This means added peace of mind for you and protection for them.
There are two types of life insurance typically used to protect a mortgage:
1. Decreasing Life Cover
A decreasing policy aims to pay off the mortgage in full in the event of death.
The policy is designed to protect a repayment mortgage as the amount of cover decreases over time in line with your remaining mortgage debt.
2. Level Term Assurance
The level of life insurance cover remains the same throughout the term of the policy and so is appropriate if you have an interest only mortgage.
Critical Illness Cover
Critical Illness Cover pays out a cash lump sum if you’re diagnosed with one of a number of listed critical illnesses, including some types of cancer, a heart attack or stroke, multiple sclerosis or the loss of limbs.
The illnesses covered, and illnesses excluded from cover, vary widely between insurers, so it’s vital that you talk to us for advice.
Plans may not cover all the definitions of a critical illness. The definitions vary between providers and will be described in the key features and policy document if you go ahead with a plan.
Income Protection Insurance will pay out if you’re unable to work due to an accident or sickness. This means you continue to have an income with which to pay your mortgage.
We’ll review your income, age and financial situation and recommend the most suitable policy for your needs.
Payment Protection Insurance will repay outstanding loans if you can no longer earn an income. Your mortgage is probably the biggest financial commitment you will ever make, so it’s important to ensure that you can maintain the repayments in the event of unforeseen circumstances.
Protection plans typically have no cash in value at anytime and will cease at the end of the term. If premiums are not maintained then cover will lapse.
Buildings and Contents
When you work hard for your money to buy the things you want, it’s important to ensure you have insurance against unforeseen circumstances, such as accidental damage, fire, loss or theft.
As well as being mortgage specialists, we are also experts in arranging the necessary insurance cover for you, so call us today on 01428 729849