Life Insurance Products Through Rob At Mortgage Connect
So, you have decided that you want to invest in insurance. This is a momentous moment and shows you are thinking ahead and taking the necessary steps to ensure that the future of you, your family and loved ones is safeguarded should the worst happen. However, insurance is complex and there are many types of insurance available in the marketplace, not just life insurance. Did you know, for instance, that you can obtain insurance to cover you in the event that you fall critically ill, for private healthcare purposes as well as building and contents insurance, so you can leave no stone unturned and have everything covered if that’s what you wanted.
But with so many options available, the choice of insurance cover can be a little daunting and it can be difficult to establish the most suitable insurance options for you and your family. However, I'm available to help you with every aspect of finding the perfect insurance cover and tailor it to your needs. I understand that no two people’s circumstances are the same and that is why I am able to provide, useful, beneficial, jargon-free advice to you and your family.
Although not normally compulsory, Life Insurance is often seen as a basic for mortgage protection, particularly in the case of joint mortgages, In the event of death, this cover is designed to pay out a lump sum, often equal to the outstanding mortgage debt, this enables the remaining mortgage holder to repay the entire debt and live mortgage free. Cover can be arranged on either a level or decreasing basis which is typically tailored to either a repayment or interest only mortgage.
Would your family be able to cope financially if you were to become seriously ill and could no longer earn a living? It’s not a pleasing thought, however, it’s crucial to ask yourself these questions. If you believe that your loved ones would struggle to pay the mortgage or meet the costs of household bills, you should really consider critical illness cover.
Similar to life insurance cover, critical illness cover pays out on the diagnosis of a critical illness specified in the policy. It can help with things like care costs, medical bills and even travel abroad for treatment. It can cover your financial commitments in a major health crisis, so it’s worth having if you are worried about your future health and how your family would manage it that situation.
The only compulsory insurance you are required to have in place as a part of your mortgage is Buildings Insurance. When you own a freehold property, you are responsible for ensuring that an acceptable Property Insurance policy is in place from the point of exchange. It will protect both you and your lender if an event occurs that affects the structure of your property, e.g. fire or flood.
If you own the property on a leasehold basis (as is often the case with flats and maisonettes) it is likely that this cover will be included as part of the building service charges.
Family Income Benefit
Family Income benefit will pay out a set, permanent income (rather than a lump sum) in the event of death/diagnosis of a critical illness. Some people tailor the term to match the period they feel their children would be most financially dependent.
This cover would provide you with a replacement income should you become unable to work due to long-term sickness or disability.
Permanent Health Insurance (PHI) will pay out a set amount of income (generally up to 50% of your gross annual salary per annum) until you are well enough to return to work, retire or die, whichever comes first. It is set up with a ‘deferred period’ (the period between you being unable to work and the policy paying out) which is usually 4, 13, 26 or 52 weeks, and is usually determined by the sickness benefits you receive from work (or your savings).
If for example, your work provides you with six months’ full pay, six months’ half pay in the event of long-term sickness, you would select a 52-week deferred period, which would help to keep your premiums as low as possible.
This is often linked to a Buildings Insurance policy and will protect the contents of your property. Choosing the right amount of cover for your needs is essential and additional options such as accidental damage or cover for items you carry with you away from your home can be included.
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