There are many types of cover available on the market today
Mortgage Payment Protection
One of the most common protection options people choose as the mortgage payments are the largest monthly commitment
Also known as Accident, Sickness and Unemployment cover (ASU), provides cover in the event of redundancy or illness, for your mortgage payments.
Most mortgages have no cover included so it is important to consider insurance and protection yourself to ensure you are able to meet your financial commitments whatever happens.
Income protection provides cover for your essential repayments if you are unable to work through accident or sickness
Without any cover you would be reliant on state benefits to cover your outgoings and this alone is unlikely to be sufficient to cover your basic outgoings. The cover provides a tax free monthly payment until your return back to work.
Life insurance provides an amount of money either as a lump sum or a monthly payment in the event of death. This gives you the peace of mind knowing that loved ones will be provided for should you die. There are many different options available and we will discuss your needs to find the right cover for you.
The two most common forms of life insurance are either level term or decreasing term. The level term cover provides a set amount of cover over a chosen term, decreasing cover has an amount which reduces over the term of the policy and is usually in place to cover a mortgage with a balance that is also reducing
Critical Illness Cover (CIC)
Critical illness cover or serious illness cover is similar to life insurance but it pays out on diagnosis of certain types of illnesses. You can also have a policy which pays out on both life and critical illness, whichever happens first.
As with life insurance there are many types of cover and different options available and we will discuss your requirements and needs to make sure you gave the right cover for you.
Buildings and Contents Insurance
Buildings and contents insurance is not compulsory but the majority of lenders will insist the buildings are covered as this is their security for the loan. For purchases this cover will need to be in place for exchange as this is when you become legally responsible for the property. Such events covered by buildings insurance is flood, subsidence and fire. This covers the bricks and mortar and any fixtures and fittings, contents covers all your possessions within your home. You can also add specific items of value to your home insurance.
We suggest discussing your needs for buildings and contents insurance to get the best cover to suit your needs
Because we play by the book we want to tell you that…
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.