What are your Insurance Options?

Insurance Options

Without trying to scare you, do you want to be certain that your family is well looked after if any surprises come your way? If you didn’t already know what insurance is, it is an exchange for the payment of a premium, a firm or the government agrees to offer a guarantee of reimbursement for a certain loss, damage, disease, or death. Here at Warrington Mortgage Centre, we’re here to discuss the different insurance options and how they can benefit you and your family.


Overall, Lifetime Mortgages are designed to give you complete flexibility as you’re moving through retirement. As long as you own your own home, there are so many options and ways of setting up Lifetime Mortgages. It’s important to understand each contract and consider which option is right for you as well as looking at the guarantees that are in place with your current mortgage and how it might have an impact on your tax payments.


Critical illness insurance is a fantastic option to think about. This may be set up to provide you with monthly or lump sum payments. Critical diseases do not discriminate based on age, money, or health status; they can strike anybody at any time. As a result, you must ensure that if something similar occurs and is pre-planned with an insurer, you will have peace of mind. It offers extra coverage in the event of a medical emergency like a heart attack, stroke, or cancer. These policies pay out cash to assist cover overruns when standard health insurance may fall short since these crises or diseases frequently incur higher than normal medical expenditures.


The concept of income preservation is straightforward: you must safeguard your paycheque. If you’ve worked for a certain amount of time, whether it’s one month or a year, it’ll give you a percentage of your wage to keep all of your costs in check until you can go back to full health – either by changing jobs or returning to work. If you’re unable to work due to a partial or whole disability, income protection insurance can reimburse up to 85% of your pre-tax income for a certain period of time. There will be a waiting time before your income protection policy pays out if you lose your job due to an injury or sickness.

There are a lot more insurances that weren’t discussed in this video, and there are a lot of different methods to set them up. You may combine them, create numerous policies, and include your children in the policy. However, if you look it up online, it might be a little perplexing. If you want a little additional assistance in ensuring that your family is properly insured, please contact us.


So, if you are looking for any additional mortgage advice or want some help navigating through your insurance options, make sure you reach out to us on 01925 573328 or email sam@wmc-mortgages.co.uk.

Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.

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