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| Provide yourself with a tax free income against losing your income through illness, injury or disability. |
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Mortgage Payment Protection Insurance Redundancy Insurance
Unemployment Insurance |
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| We are one of the leading internet brokers which specializes in Life Insurance protection. |
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| Pays a lump sum on diagnosis of a critical illness normally from a wide range including heart attack, cancer & stroke. |
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Mortgage Insurance Services |
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Many of us, during our lifetime, would ideally like to purchase our own home. Once we have found our dream house it can then become a daunting and expensive task to find mortgage and insurance plans. Most of us will probably have our mortgage payments to find during the majority of our working lives. Like anything in life if we do not keep up with our mortgage and insurance payments we will lose the product our home and protection. There are various different types of mortgage protection insurance available to us, to help in protecting our mortgage payments against the unexpected happening.
In the first instance it would be advisable to approach a broker offering mortgage insurance services. Nowadays, with modern technology, the majority of us will go on line to search for our mortgage & insurance to try to obtain the most appropriate and cost effective product. In doing so we want to maximise our search to provide us with a wide variety of options, to do this key words such as; mortgage insurance UK and/or mortgage life insurance UK can be put into your search engine. By typing mortgage insurance UK and/or mortgage life insurance UK we are also ensuring that we are targeting companies that provide mortgage & insurance in the UK rather than abroad. It is important to use mortgage insurance services provided by UK based companies as they operate under English law which is different to that in other parts of the world. Also, they are all covered by the Financial Services Authority (FSA) which ensures your protection.
Insurance for mortgage has various elements; the key ones to secure your mortgage and protect yourself are life insurance and building insurance. There are other types of insurance for mortgage available to you, at a monthly cost, which offers different protection for you and your home. However, this will be a costly time in your live with the mortgage being your biggest monthly expense and for some of us, though we would like to protect ourselves against all possible eventualities, it will not be financially possible.
Mortgage life insurance cover is normally the cheapest form of protection available. Generally, it is based around your mortgage, for example, if you had a repayment mortgage for 100,000 over 25 years your mortgage life insurance cover is normally for the same, 100,000 decreasing at a similar rate to that of your mortgage over the same term. Therefore, should you die within the 25 years or suffer a terminal illness, whereby you have less than 12 months to live, your mortgage life insurance will pay out a tax free lump sum that is designed to cover the remaining amount outstanding on your mortgage. Alternatively, if you have an interest only mortgage, a term life insurance cover would be more appropriate. Term life insurance will pay out a lump sum on premature death or diagnosis of a terminal illness. However, the sum assured remains the same throughout the life time of the plan.
Additional benefits can be added to your life insurance such as critical illness cover. This benefit obviously increases the monthly premium. However, it will provide additional protection for yourself against the different number of critical illnesses covered by the insurer. With todays advances in medicine there is greater probability of someone suffering and surviving a critical illness as apposed to dying. The majority of insurance companies cover the core critical illnesses such as; most cancers, heart attack, stroke etc. Once again you can have either; mortgage critical illness with life insurance whereby the sum assured decreases over the term of the plan or term critical illness with life insurance where the benefit amount stays the same throughout the time of the plan. Also, as with the life insurance, critical illness cover can be taken out by itself. However, it is generally advisable to combine the life insurance with the critical illness as it does not only tend to be cheaper than the plans brought separately, but most insurers stipulate a period of survival, normally 14 days, before they will payout on a critical illness. Therefore, by purchasing critical illness together with life insurance you are not only potentially making a saving but you are ensuring that if you did not survive the waiting period stated, the benefit amount would still payout to your dependents, next of kin or named person.
Another form of protection that some people may wish to consider, depending upon their circumstances, is mortgage payment protection. Mortgage payment protection protects you against accident, sickness and/or unemployment; also known as accident and sickness (AS), accident, sickness and unemployment (ASU) or unemployment. It is designed to pay out a monthly benefit, which normally covers your mortgage payments and associated costs, for a maximum of 12 months. There is a waiting period know as the deferred period which is agreed on applying. This means that you are required to be off work due to accident, sickness and/or unemployment for that given length of time before the benefit is payable. For example, one of the commonest deferred periods is known as 30 days back to day 1 which means that the benefit amount is payable from the 31st day off work paid back to day one. Another similar form of protection is Income Protection. Income Protector provides a monthly benefit amount in the same way, but rather than based on the mortgage payments and related expenses it is based on your gross monthly income; in most cases you can protect up to 65 % of your gross monthly income.
Mortgage protection insurance is basically a generic term to cover all insurances related to a mortgage. There are a wide variety of different insurances offered by various insurance companies that will protect you against different possible scenarios. Which insurances you take to protect you, your mortgage and/or family are dependent upon your individual circumstances. What is right and affordable for one person is not for another. |
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