Mortgage Cover and Protection 

Mortgage Life Insurance 

For most home owners, your mortgage is likely to be your largest monthly outgoing. When everything in the household is running smoothly, that is not a problem. Insurance exists for occurrences that we don’t like to think about. A mortgage life policy is to help your dependants cope financially if you die, so meeting financial obligations is not such a burden for them. 
 
Typically, most people are looking for a decreasing term life insurance policy, known as mortgage life insurance. The policy runs for the length of your mortgage. The amount you are covered for decreases over time as you pay down your mortgage, but the monthly premiums are the same. 
It is important to know that if you borrow extra money, for an extension for example, or to extend the term of your mortgage to bring down your monthly payments, that your life insurance covers these circumstantial changes. 
 
I am experienced in sourcing products and can recommend policies closely designed to meet your circumstances and those of your family. 
Email or call me today to arrange a free consultation meeting. 

Critical Illness Insurance 

Critical Illness insurance is a long-term policy that pays out a lump sum in the event that you have a critical illness that is covered by the policy. 
 
The payment can help with meeting future expenses, be that mortgage / rental payments, or changes to your house to accommodate your new situation. It is your choice how to spend the money. The policy pays out once and then ends. 
With advances in modern medicine, many critical illnesses are now curable for example various cancers. As the policy pays out on diagnosis, you are able to give total concentration to your recovery. 
Email or call me today to arrange a free consultation meeting. 

Income Protection Insurance 

If you become too ill to work an income protection policy will provide an income until the policy expires. There are different levels of income protection cover: 
 
Own occupation; you can’t do your own occupation 
Suited occupation; you can’t do your own job or a similar one that suits your qualifications and experience 
Any occupation; you’re too ill to do any kind of work. 
 
It is important to take advice on income protection. It is one of the more complex insurance areas and there are questions of interpretation as to whether a policy holder meets the definition of the policy.  
An own job definition can be quite tightly worded so there might be less scope for dispute – that also makes this policy the most expensive of the three. 
 
How much you get paid, for how long and when payments start are all questions that need addressing ahead of time. The premium will be affected by your age and lifestyle. 
 
Speak with us to find out if income protection insurance might be relevant in your particular circumstances. 
Email or call me today to arrange a free consultation meeting. 

Mortgage Payment Protection Insurance 

This insurance will pay you a set amount each month (usually for a period of two years) if you are unable to work. 
 
The types of policy are: 
 
Unemployment only 
Accident and sickness only 
Unemployment and sickness. 
Policies can be flexible to cover mortgage costs only or mortgage costs plus bills (typically 125% of mortgage costs). Alternatively, policies can pay a sum to cover your salary (typically 50%). 
 
Premiums will reflect individual circumstances like age, mortgage repayments and the choice of policy you go for. 
Email or call me today to arrange a free consultation meeting. 

Relevant Life Insurance 

A Relevant Life Insurance Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the length of the policy. It will also pay out if the employee, whilst employed, is diagnosed with a terminal illness and meets the policy definition at any time during cover. 
 
A Relevant Life Plan is paid for by the employer, and is very cost effective protection for business owners. 

Key Man Insurance 

Key Man Insurance cover provides financial protection to a business against the death or long-term absence of an employee or director who is key to the functioning and success of the business. A key man policy provides an income to cover the potential lost revenue, plus the costs associated with replacing the key man/person. In essence it is a type of life insurance policy that can pay out a lump sum on death or specified critical illnesses. 
Email or call me today to arrange a free consultation meeting. 
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