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Personal recommendationsAs part of our mortgage process, we will help you understand and establish the shortfalls you have in cover, and will understand what you see as a priority. Our recommendations are personal to you, and your circumstances. Below are some of the things we will look at together to ensure you and your family can stay in your home no matter what happens.
Life insuranceProbably the best known cover when taking out a mortgage. Should the person on the policy die, the policy will pay out the amount insured. Typically for a mortgage we will look at two types of policy. Level term assurance: this is where the amount insured for a set period of time does not decrease, making it ideal for an interest only mortgage.
Mortgage term assuranceThis policy will decrease in cover as the mortgage debt decreases on a capital repayment mortgage. Policies can be set up as single or joint, and we will recommend the most cost effective way of arranging your policies.
Critical illness coverCritical illness will pay out if you contract a specific/specified critical illness. Policies vary on what they cover, and what severity of the illness needs to be contracted. Prices therefore significantly vary due to this. We will establish what is important to you, and make a recommendation accordingly. Critical illness policies can be set up on a level or decreasing basis also.
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Income protection insurance
Often confused with the accident, sickness and redundancy policies or PPI that have gained so much bad press in recent years. An income protection policy is designed to replace your income, potentially up until you retire if you were off long term sick. The point at which it starts paying out is usually tied in with your sick pay received from your employer. This can be a complex policy to arrange and as such is only available via an advised sale with most providers.
The good news is over time we have set up hundreds of these policies and are experts in establishing how much you need to cover on a monthly basis, to not only cover your bills, but your whole salary taking into account all benefits from your employer.
Buildings and contents insurance
Buildings insurance may be compulsory if you have a mortgage. Leasehold properties usually include the cover within the ground rent charges.
Contents is an individual choice, and we will discuss with you how much cover you feel is necessary to replace all of your possessions should unforeseen events occur.
Whilst protecting yourself with things like life cover is very important to consider, it can all be in vain if you do not ensure that it goes to the correct people should you die. We will discuss with you the importance of having a will, and introduce you to specialists who can get this underway for you at a reasonable cost.
Rather than being tied to a single insurer for all of the cover types mentioned above we work with a panel of insurers to search for the best deal for you; not only on price but on level of cover. It is important to us that we are confident you are getting the right cover at the right price for your budget.
Wills are not regulated by the Financial Conduct Authority.
As with all insurance policies, conditions and exclusions will apply.