Owning a home is awesome! It creates so many memories. What should happen if you’re not around to enjoy it or continue paying the Mortgage?
Many of us know that there are tonnes of insurances available to provide you with enough property protection to make sure there’s something in place, no matter what life can throw at you. Making sure you and your family have the right cover in place is super important.
Your Property Protection Insurance Knowledge Hub
Fantastic service from Sam, he really understood our requirements.
Personable and passionate about providing the right policy for our family. Sam led us through our options at ease and made sure we got the best deal. We were recommending his services as soon as the phone call finished! Stacey & Ant
How get the right Property Insurances!
We’ll find the insurances – Made for You!
Simply give us a call or book your appointment on our website. We will need to understand all of your current circumstances including any existing mortgage balances and details of any dependants. We’ll then assign you to a dedicated advisor who will explain everything there is to know!
Your local property protection experts
We’ll be there, holding your hand throughout the process. We’ll make sure that we take care of all your paperwork, have a tailor-made protection policy and help you to understand how your policy works.
Before you know it, your property will be protected! You’ll be able to know that should anything happen to you or your family, you’ve got yourself covered.
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How does Life Insurance Work?
In a nutshell, you would usually pay a monthly premium to the insurance provider for the duration of your policy, then if you pass away during the policy, your beneficiaries will receive a playout. They can use that for whatever purpose is needed – most commonly they would pay off any outstanding mortgage balances.
Is it a good idea to have Life Insurance?
Having Life Insurance is almost always necessary if you’re a parent unless you have a tonne of money saved away in your bank account – even then, it’s probably still a good idea!
Life Insurance gives you peace of mind knowing that your spouse, kids or anyone dependant on your income will be financially stable once you’re no longer around.
What Life insurance should I take out for my mortgage?
One of the most common forms of Life insurance is what’s called a Decreasing Term Assurance policy.
A policy like this is usually set up to match your outstanding mortgage balance and the remaining mortgage term. The cover, or Sum Assured, will decrease in a similar way to your mortgage balance. If you were to pass away during the remainder of your mortgage term, you’ll have peace of mind that the beneficiary will be able to repay the rest of your mortgage.
There is also a Level Term Assurance policy. This means that the policy amount, or Sum Assured, will remain the same for the rest of the policy term.
For example, you set your Sum Assured to £100,000. It will pay out that amount at any point a claim is made during the policy term.
What is Critical Illness Cover?
Most people feel that life insurance will cover the needs of their family if they should die prematurely, but suffering from a critical illness or long term disability can be just as devastating financially.
Critical Illness Cover is usually linked to Life Insurance as a combined policy and provides you with a pay-out if you are diagnosed with a pre-defined critical illness, which is usually things such as; Cancer, Heart Attack, Stroke & Multiple Sclerosis. This means you’ll be able to make sure you have additional funds available to maintain your lifestyle.
What is Income Protection?
An Income Protection policy protects your pay packet. If you’re ever off work due to illness or injury for a prolonged period of time, this policy is designed to replace your income until you have returned to work, moved to new employment or until the payment period comes to an end.
They payout after what’s called a ‘Deferred Period’ – this is the amount of time you need to be off work before you can claim on the policy and typically it can be from anything from 1 month up to 12 months.
An Income Protection policy is also a percentage (%) of your annual salary and is there to make sure you can still upkeep your lifestyle and pay any essential bills.
What is a Family Income Benefit Policy?
Family income benefit is designed to pay a regular income if you die.
An alternative to level term insurance, family income benefit aims to replace lost income if the person insured dies and is usually there to support families with children.
If you’re the main income generator for the family and sadly pass away, it means your partner can continue to provide for the family without having to take on an additional workload!