Sometimes life can be unpredictable, but we’re here to ensure that your home, remains yours.
When you take out a mortgage, you understand the importance of keeping up your monthly payments. You now have a home, but how do you ensure it remains yours? Although we don’t like to think about it or think that it will never happen to us, sometimes unfortunate events can happen in life that can change your financial situation. But have you thought how you would you protect your mortgage, if you were sick, injured, or developed a serious long term illness? And if you have dependants, how would they cope financially if you died unexpectedly? It is your responsibility that you keep up your mortgage payments, otherwise your home may be repossessed.
We are specialists in arranging mortgages and helping people buy their new home but we are also dedicated to ensuring that you can keep your new home if the worst were to happen. Don't get caught out.
Why should I consider protection insurance?
Each individual has different needs and circumstances, however some common reasons why you might decide to purchase protection insurance include:
• To protect your family financially should you die.
• To pay off specific financial commitments in the event of your death, such as a mortgage.
• To provide a lump sum or income if you are seriously ill.
• To provide sick pay cover. Statutory Sick Pay is currently £96.35 per week.
• To ‘top up’ sick pay cover provided by your employer.
• To continue to be able to pay outgoings in the event of accident or illness.
• To avoid having to use your savings in the event of accident or illness.
Life Insurance pays those who depend on you money as a lump sum or as regular payments if you die. It is designed to provide you with the reassurance that they will be looked after if you’re no longer there to provide and can help to keep a roof over their heads by covering mortgage or rent, or pay for other living expenses.
The amount of money paid out depends on the level of cover you buy. If you have a serious health problem when you take out the policy, your insurance may exclude any cause of death related to that illness.
This is an insurance policy to help you if you can’t work because you’re ill or injured. It replaces part of your income and pays out until you can start working again, or until you retire, die or the policy ends - whichever is sooner or for a pre-agreed set period. There’s a waiting period before the payments start. The longer you wait, the lower the monthly payment.
Critical illness cover, also known as critical illness insurance, is a long-term insurance policy to cover specific serious illnesses listed within a policy. Examples of critical illnesses that might be covered include: Heart attack, stroke, certain types and stages of cancer and conditions such as multiple sclerosis. It pays out a lump sum, and in the case of most policies, only pays out once and then the policy ends. Remember, it’s always worthwhile building up a savings buffer to help you cope in the short term. There are policies where a smaller amount is paid out for less severe conditions with the policy continuing, these are known as partial or additional payments.
What’s covered and what’s not, will be set out in the policy details so make sure you’re fully aware of them and that they cover your needs.
Critical illness insurance can be complicated. Our advisers can help you decide whether a critical illness policy matches your needs.