Insurance - What protection should I consider?
Insurance products provide protection against the unexpected. It's important to think about what you and your family would do if something unexpected happens. There are a number of products available to help you through difficult times which are designed to protect your income or your borrowing such as Critical Illness Insurance, Mortgage Payment Protection Insurance, Income Protection Insurance and Life Insurance.
We can provide the following insurance products:
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Critical Illness Insurance
Critical Illness pays out a lump sum if you're diagnosed with a specified critical illness such as cancer, strokes and heart attacks as well as many other illnesses. You can use the cash lump sum that the policy pays out when you claim to pay off your mortgage, pay for medical treatment or anything else.
Income Protection Insurance
Income Protection can help to replace part of your income if you aren't able to work for a long time because of illness or disability.
It continues to pay out until you return to work or the policy ends whichever happens first. Income protection plans usually have a waiting period before they start and the longer waiting period you choose, the lower the cost of the monthly premium.
Life Insurance
If you die unexpectedly a life insurance policy will pay out a cash lump sum to your family. Term assurance is often taken out to cover a mortgage as it pays out an agreed lump sum within the term you've agreed. Mortgage protection is a type of term assurance where the amount of cover decreases over the term of the policy as it's designed to tie in with the outstanding mortgage amount on a repayment mortgage. Unlike term assurance, whole of life insurance pays out an agreed sum whenever you die and is often used to provide family protection.
There's a lot to think about when you're taking out a mortgage, whether it's your first mortgage or a remortgage to a new lender and reviewing the level of protection you need should be one of the first items on your to-do list. Don't assume the costs will be out of your reach; you may be pleasantly surprised by the cost.
Mortgage Payment Protection Insurance
Also known as Accident Sickness and Unemployment (ASU) cover, Mortgage Payment Protection Insurance help you keep up with your mortgage repayments if you can't work because of redundancy, accident or ill-health. Benefits are usually paid for 12 months although some providers offer 24 months cover.
Buildings and contents insurance
All lenders require that you fully insure the property for the total cost of rebuilding it. It is also strongly recommended that you take out contents insurance. We can arrange this cover for you.
