When you need peace of mind you need to be protected!
Life is full of risks and uncertainties, but when it comes to keeping a roof over our heads it’s important to know we’re covered if the worst should happen.
Therefore, it’s reassuring to know that insurance markets exist to provide you with the option of covering yourself against lifes ill-winds.
brings peace of mind.
Of course, insurance comes at a cost and the products can be extremely complex and hard to understand but that’s where a well-informed protection adviser can help with the right advice and in finding the best priced products for you.
Why is protection important?
Our hope is that life will be kind to us, or perhaps we think it won’t happen to us, but invariably we all know of someone who has suffered the pitfalls of unemployment, periods of illness or who has sadly died prematurely.
These events can be difficult to cope with but if you have a mortgage secured against your home they can spell disaster if you have failed to protect against them.
So whilst you may be employed and healthy now the future is uncertain. That is why it makes sense to plan ahead and make sure you, your family and your home are protected against the unexpected events that may come your way.
Good planning now can protect you and your family against an uncertain future.
What should I protect against?
Whilst purchasing your own home is likely to be the biggest financial commitment you will ever take on, you at least have the option of fully protecting your mortgage to cover against the unexpected.
Any of the following events could seriously impair your ability to pay your mortgage and leave your home at risk of repossession.
Thankfully you are able to protect yourself and your home from the financial issues caused by these events by using a combination of insurance products. With a fully protected mortgage you can have the peace of mind from knowing you will retain your home whatever might happen in the future.
Call us now on 01392 927327 or use our contact form for more information.
This type of policy is designed to pay out a lump sum if one of the insured persons dies. The benefits of the life policy can used to repay the entire mortgage balance leaving the property mortgage free. So should the worst happen at least your family will not have the worry of losing their home.
Critical Illness Cover
Critical Illness cover is often combined with life insurance and is designed to pay a lump sum in the event of suffering a defined serious illness such as heart attack, stroke or cancer - specific definitions apply. These policies can also include permanent and total disability within the cover. With more and more people now surviving these events it is more important than ever before that the loss of income does not lead to the loss of your home.
"...your family will not have the worry of losing their home."
In the event that you are unable to work due to illness or injury this type of cover would pay a regular monthly benefit to replace the some of lost income. Income protection varies from critical illness cover in that it does not only pay out for a range of defined serious illnesses but instead covers you if you are unable to work due to almost any disability or illness. You can arrange the cover to provide enough to meet your monthly mortgage payments and related expenditure but these policies are normally limited to covering no more than 65-70% of your income. The cover can continue until you are able to return to work or reach the end of your mortgage term.
This type of cover is designed to protect against involuntary redundancy or cessation of a self-employed business. The regular monthly benefits paid out under the policy can be set up to provide enough to cover your mortgage and related costs, for up to a maximum of 12 or 24 months or until you return to work, whichever is the sooner. This can ensure that you don't need to lose your home as well as your employment.
Insurance can provide protection in the event that you are unable to work, or become unemployed.
Lenders will insist that you have adequate buildings insurance in place prior to completing the mortgage. This type of policy provides cover against damage to your home up to a maximum of the full rebuild cost. Should the property suffer any structural damage buildings insurance can be used to help you fix the problem and can also include accidental damage cover to insure against any damage you may accidentally do to your property. If you are planning to do any major works to your home having accidental damage cover in place can be very reassuring should you have a mishap!
Within your home you will more than likely keep all your possessions including clothes, white goods, furniture and most treasured items. You can protect these items with contents insurance against events such as floods, burglary or fire. You also have options such as protecting your contents against accidental damage that may be caused to them or protecting your personal possessions you take with you on your travels. This type of policy will replace any damaged goods or provide a cash sum for you to purchase new items.
South West Mortgage Brokers have access to a wide array of insurance products, and the experience to provide you with the best advice.