Financial products are sometimes at their most useful when they are protecting our families
Insurance and Protection
Financial products are sometimes at their most useful when they are protecting our families, our incomes or our property. Whilst insuring ourselves against an undesirable event such as sickness or even death may not be a pleasant thing to think about, the benefit of being able to set financial issues aside at emotionally difficult times cannot be overlooked.
There are many ways in which a family can protect itself, and because of the large range of products available there is usually an appropriate policy for most circumstances, and most budgets.
There are many different ways to protect your family and your standard of living when you need it most.
Critical Illness Insurance
Critical Illness Insurance provides a payout if you are diagnosed with one of a range of specified critical illnesses – a serious illness that would have a significant impact not only on your life and earning potential, but that of your whole family.
There are lots of different providers of Critical Illness Insurance and the quality of policy varies hugely (different policies cover different illnesses and some providers payout more often than others) so it is particularly important to take professional advice when seeking this type of policy.
Life Assurance is an insurance policy against your death where money is paid out if you die (or are diagnosed with a terminal illness) which can be used to clear the mortgage debt and/or provide funds for the family towards their living costs.
A policy can be:
Level term – where the amount remains constant over time
Increasing term – where the amount increases in line with inflation to remain constant in real terms
Decreasing term – where the amount decreases in line with the outstanding mortgage balance
It is also possible to take the benefit as an annual income rather than a lump sum – this is known as Family Income Benefit and can provide a more cost effective strategy.
We can advise on the best cover in light of your mortgage/family arrangement and source from a whole range of providers to get the best price.
At Mortgage Tree we can advise on and arrange all types of insurance associated with buying or owning a property.
Home Insurance (buildings and contents insurance)
Critical Illness Insurance
Permanent Health Insurance
Mortgage Payment Protection Insurance
Accident, Sickness & Unemployment Insurance
We source from a range of providers to find the best combination of of price and quality – and as we don’t charge for advising or arranging, you can be sure you’re getting value for money.
Income/mortgage protection can be split into several different types, however the main two are:
Mortgage Payment Protection Insurance (MPPI) – this can be taken to provide an amount each month for the full term of the policy if you are unable to earn/work due to ill health, often referred to as Permanent Health Insurance (PHI).
Accident, Sickness & Unemployment Insurance (ASU) – this pays out each month in the short term (normally 1-2years) if you are unable to earn/work. It can be taken all together or broken into Accident & Sickness, or just Unemployment Insurance if you are only worried about losing your job.
Some policies need to be taken out in conjunction with a new mortgage, however others allow you to just insure a certain amount of income each month, irrespective of existing or planned mortgage payments.
Call/email for a quote now.
Home Insurance (Buildings & Contents Insurance)
Often referred to as Home Insurance – mortgage lenders insists that you have Buildings Insurance. Buildings Insurance covers the actual building – the walls, floors and roof.
Contents Insurance covers the internal contents of your property – furniture, fixtures and fittings as well as your personal possessions. You do not have to take out Contents Insurance but it is recommended.
But what you certainly don’t need to do is take the Home Insurance provided by your mortgage company which is often very expensive.
We get quotes from a whole range of different Home Insurance companies to make sure you get the best insurance at the lowest possible cost. If you let us know your existing policy details we can get a quote and most likely provide a better quality policy with lower cost.
Get in touch now for a free, no obligation quote
Landlords Insurance is for people with buy to let properties, providing cover primarily for the building, though some policies do include an element of contents for basics such as carpets, white goods etc.
Prices vary hughely for landlords insurance, often seen as more risky, so it is even more important to use a specialist who can source from a whole range of providers.
Options extras include rent cover and legal cover.
Why not let us know your existing policy details and see if we can beat the price.