Insurance & Protection
Insurance & Protection
Your Family & your Home, are probably the 2 most valuable and important things in your life.
Whenever you take out a mortgage or secured loan, you should be insuring yourself and your family against unexpected events.
We can help arrange suitable protection for you including;
- Life Insurance
- Critical Illness Cover
- Income Protection
- Family Benefit Cover
- Buildings & Contents insurance
Don’t risk losing your home, make sure you take out suitable and sufficient protection, Read More on our Insurances page and / ask for a detailed Insurance and Protection brochure
Why you need Insurance & advice
It’s often easy to put off or forget to sort out your life insurance or income protection when sorting out your mortgage. Let’s face it getting the house is the sexy bit, paying for it and maintaining it for the next 20 years maybe not so attractive !
We will always reccomend you take out suitable and sufficient insurances, to help protect your home and most importantly you and your family.
The main insurances you should consider
This one most people know of and understand, it pays out a lump sum should the person insured die. If you are married or have children – its what we would call a ” no Brainer ” you should have this so that your partner or children are looked after if you were to pass away.
This is the one insurance nearly everyone should have – What happens if you are off work ill ? How long does your sick pay last ? 4 weeks, 6 months? 12 months ?
Income protection is like long term sick pay and can pay out for an additional year,2 years right up-to providing full cover for the entire 20 – 30 years of your mortgage.
Each month you are ‘paid’ tax free a sum of monthly to help pay the bills and mortgage.
This pays out a Lump sum if you develop a critical illness ( to the level as specified on the policy ). Unlike Life Insurance you dont have to die to reap the benefits of this.
It’s designed to perhaps make adaptations to your home, pay for more medical treatment to recover quicker, maybe even tick a few items off your bucket list !
This like a cross between life insurance and income protection – It pays out a monthly amount for x years when a person dies.
So for example Mr & Mrs with 2 kids aged 11 and 13, Mr is breadwinner , Mrs looks after children. Mr dies in a car accident. He has life insurance that covers the Mortgage balance and a bit extra for funeral costs. But Mrs still has to pay all the monthly bills, council tax, food, utilities etc. …. and thats where family Income benefit might come in.
FIB pays out a monthly amount to help keep the family in the lifestyle they are accustomed, perhaps until the children are old enough to leave for university or even longer.
So now FIB pays out £1,500 pcm, and Mrs has enough to pay all the bills and still look after the children and keep them in the same house..