Protection

Life cover gives you the comfort of knowing that your loved ones will be provided for should you die. There are many different ways to arrange life cover and we can help you find the most appropriate plan available.

When linked to a mortgage, Life cover ensures that in the event of death your mortgage will be repaid.  Meaning that your loved ones no longer have the burden of a mortgage to pay, at an already difficult time.

There are two common types of Life cover linked to a mortgage, Level Term and Decreasing Term. The amount of cover remains level throughout the policy term with a Level term policy; whereas, a with a Decreasing term policy, the cover you have will reduce over time, in line with the mortgage reducing.

CIC is similar to Life cover, but it pays out on the diagnosis of certain illnesses as opposed to only paying out on death.  This can be added to a life cover policy as an optional extra or taken out by itself.

The main benefit of CIC is in the event of you suffering a life changing situation and potentially losing your income & therefore being unable to pay your mortgage – like with Life cover, the benefit can be used to pay off the mortgage.  In other situations, the benefit could also be used to make alterations to your home should you suffer a debilitating illness or injury.

This offers borrowers the security of knowing that their essential repayments will be made if they are off work due to an accident or sickness.

For example, if you are in an accident and are unable to work for a while, a lack of comprehensive income protection cover means you will rely solely on state benefits, which are unlikely to be sufficient to meet your mortgage repayments, let alone any other essential spending.

Income protection can help as it provides a tax-free monthly payment until you are able to return back to work.

Buildings insurance will cover your home from such events as fire, flood and subsidence.  When purchasing a property, or remortgaging it is very important to ensure you have the right policy in place.  Talk to one of our advisors to make sure you have the right policy for your needs and circumstances.