Insurance
Once your mortgage has been agreed, it's very important that you make all the repayments in full, and on time. If you fail to do so you could lose your home and it could also affect your credit rating.
Protecting yourself and your family if the unexpected happens is something you should seriously consider. If you or your partner died prematurely, suffered a critical illness, were made redundant or were unable to continue working due to a long term illness or disability, how would you cope financially?
You can protect yourself, your family and your home in a number of ways:
Critical illness (CI)
Pays out a lump sum if you're diagnosed with a critical illness, such as cancer, a stroke, MS, a major organ transplant, coronary artery bypass, heart attack and kidney failure. You can use the payout to pay for medical treatment, pay off your mortgage or anything else.
Mortgage payment protection (also called accident, sickness and unemployment insurance)
A typical policy will start to pay your mortgage repayments one month after your income stops due to redundancy, accident or illness, and continues to pay for 12 months.
Payment protection insurance (PPI), (also called accident, sickness and unemployment insurance)
To help you keep up your loan repayments, for example on a loan or credit card, in the event you can't work because of redundancy, accident or illness. A typical policy will start to pay an agreed amount one month after your income stops due to redundancy, accident or illness, and continue to pay for a set time – usually 12 or 24 months.
Level Term Assurance
Pays the amount covered if you die during the policy term
Mortgage protection life cover (term insurance)
The amount reduces each month during the term of the policy and is calculated to be sufficient to repay the outstanding capital on a repayment mortgage.
Income protection (or Permanent Health Insurance – PHI)
Replaces part of your income if you are unable to work for a long period of time because of illness or disability.
Protection Planning should be the bedrock of your financial planning and the above plan features can be provided in combination with one another.
For further information please speak to one of our protection specialists on 0871 8721 123 or alternatively complete the form below
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