Everyone has a unique financial and personal situation in most cases it is quite likely that you will need some form of Life Insurance to protect against your death, Critical Illness Protection to cover against you suffering a serious condition or payment protection insurance if you have a mortgage to cover. We will assess your situation for you, especially if we are completing a new mortgage application for you and recommend the most appropriate contract to suit your needs and your budget.
This cover pays out a lump sum to your beneficiaries so that they have money available to repay any outstanding debts (normally a mortgage) if you were to die. This protection can also just be used as family protection to help with ongoing living costs for the family members left behind. There are two main types of life cover:
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LEVEL TERM ASSURANCE
You can use this cover to protect you, your family, your mortgage, or a business, for a fixed monthly premium throughout the recommended term. The amount of life cover you have chosen will be paid out as a lump sum if you die within the term. This would typically be taken out alongside an interest only mortgage.
DECREASING TERM ASSURANCE (MORTGAGE PROTECTION)
This cover is typically used to protect a repayment mortgage and is usually cheaper than Level Term Assurance. The plan provides a guaranteed sum of money if you die within the term. The amount decreases over the term of the policy roughly in line with your outstanding mortgage debt.
OPTIONS TYPICALLY AVAILABLE WITH TERM ASSURANCE
WAIVER OF PREMIUMS (WOP)
In the event of long-term ill-health, either through sickness or accident your premiums will be paid by the insurer.
TERMINAL ILLNESS COVER
If you are diagnosed with a terminal illness and are eligible to claim during the plan, and are given less than 12 months to live, your policy will pay out a lump sum to help you to sort out your finances. This cover does not normally apply during the last 18 months of the term.
CRITICAL ILLNESS COVER
Critical Illness Cover (CIC) will pay out a lump sum if you are diagnosed with one of the specified critical illnesses and are eligible to claim. Most CIC insurers cover over 40 illnesses, typically including heart attack, stroke, cancer, kidney failure, major organ transplant, coronary artery bypass surgery and multiple sclerosis.
BUILDINGS & CONTENTS INSURANCE
We can research Buildings and contents insurance for you to ensure that you have the most appropriate cover for your home and possessions at an affordable price. This service is normally used alongside the mortgage service however we will happily review any client’s current policies to check if you have sufficient protection in place should you ever need it.
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