Planning ahead - What do you need to protect?
It’s important to bear in mind what would happen to you or your loved ones if for any reason you become unable to pay your mortgage – and to be prepared in the best way possible. This is where our expert team are able to help you, by advising you on a range of insurance products and services – from Income Protection to Critical Illness, Family Income Benefit to Life Assurance – we advise you on the best policies to suit your specific requirements, lifestyle and budget.
What cost may be involved
The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased. If you need further protection such as Income Protection and Critical Illness Cover additional cost will need to be factored in your budget.
There is no one standard cost for everyone. It purely depends on what you and your family need. Talk to us, we can help find the best policy for you.
We offer Life, Critical Illness, Income Protection and Whole of Life products from a panel of leading insurers. Ask us for a list of insurers we offer insurance from.
Get it right the first time
Your Protection Needs
Types of Protection Products
Life assurance gives you peace of mind that your loved ones will be provided for should you die. There are many different ways to arrange life cover and our advisors can help you find the most suitable deals available.
Life assurance ensures that in the event of death your mortgage will be repaid and the costs not passed on to your dependents or loved ones.
There are a few different types of life assurance that you can take:
This offers customers the security of knowing that their essential repayments will be made if anything happens.
For example, if you are in an accident and are unable to work for a while, a lack of comprehensive income protection cover means you will rely solely on state benefit - around £70 per week - which is unlikely to be sufficient to meet your mortgage repayments.
This is where income protection can help as it provides a tax free monthly payment until you are able to return back to work.
Critical Illness Cover
Critical illness cover pays a cash lump sum on diagnosis of a specified critical illness and can be the solution to your financial worries at this time. For this relatively small cost, you could help your family cope for a while without income to pay household bills and debts.
This type of cover will pay out a lump sum which could pay for other things like:
Accident, Sickness and Unemployment
Accident, sickness and unemployment cover can give you peace of mind knowing that in the event of redundancy or illness your mortgage payments will be made and your home will be safe.
Most standard mortgages do not have any protection insurance included, so it's important to decide what kind of separate cover you need. Accident, sickness and unemployment cover insures you against changes in your circumstances due to redundancy, disability, or illness.
Usually payments are made for up to a maximum of 12 months. If you would like to be covered for longer than this you may want to consider taking out income protection. This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk.
For impartial advice on insurance, please visit www.moneyadviceservice.org.uk