Life Cover
Life insurance is a type of insurance policy which pays out a lump sum to your beneficiaries if you die. It is designed to provide peace of mind that your loved ones won’t struggle financially in the event of your death.
There are several different types of policy available, and the right one for you will depend on your individual circumstances.
There are three main types of life insurance cover: level term assurance, decreasing term assurance and whole-of-life cover.
Critical Illness Cover
Critical illness insurance is designed to provide you with financial protection if you suffer a serious illness.
It is often taken out alongside life insurance when you apply for a mortgage, so that you have peace of mind that your loved ones would be able to pay back what is owed if you become seriously ill or die.
Any pay out from a critical illness policy can be spent in any way you want, so you don’t have to spend it on your mortgage if you have other ways of covering your monthly payments. Proceeds from a claim could be used to pay for private treatment or modify your home for example.
Income Protection
Income protection is a type of insurance which is designed to pay you a regular income if you’re unable to work due to illness or injury.
When you buy income protection insurance, the amount of cover you take out is based on a percentage of your income, this will be between 50%-70% of your gross income.
In the event of a claim, the policy will pay out either until you’re able to go back to work, or until the end of the policy term, retirement or death – whichever happens first.
Home Insurance
Having buildings insurance is mandatory when taking a mortgage, regardless of whether you’re buying a property or remortgaging. If you are purchasing a leasehold property, this may be covered by a maintenance charge. If you are purchasing a freehold property, the buildings insurance will more than likely need to be covered by you.
Aside from the mandatory aspect, insuring your property and contents is important. Imagine having to rebuild your property or replace all of your contents following a flood or fire. Our advised service will be able to guide you through the process, ensuring your property and contents are covered to the right level, at the right time.
