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When buying a new property, or if you are already a home owner, you will need to consider your home and life insurance options.
We have access to various insurance products that are designed to protect your family, home and income.
These products are available through our select panel of insurance providers, all well known top household brands.
Protecting Your Home
Buildings insurance is a compulsory requirement when taking out a residential or Buy to Let mortgage. This is because your lender will require assurance that their security is protected against fire, flooding and other unforeseen disasters.
If you own a Freehold property you will ultimately be the person responsible for providing a Buildings insurance policy.
However, with most Leasehold properties, the owner of the Freehold or a management agency will be the one’s responsible for providing the insurance.
These parties may well pass the costs on to you, by including them in the monthly or annual service charge bill.
Fixtures & Fittings
All fixtures and fittings within the property are usually covered by a buildings insurance policy.
To protect move-able contents (white goods, furniture etc) and also any expensive personal items, you must have a separate ‘Contents’ type insurance policy.
Protecting Your Mortgage
Your mortgage is likely to be one of your household’s biggest expenditures. A Life Insurance Policy can provide a financial safety net for your family, if the worse were to happen.
We will help you to calculate the financial implications of an untimely death and the effects this may have on your family’s lifestyle.
The sum assured from a Life Policy can be used to provide an income for your family or to repay any mounting debts.
We can also create a trust plan to ensure your family is not subject to unnecessary probate delays or inheritance tax liabilities.
Decreasing Term Insurance
This is suitable for a repayment mortgage, as the sum assured will decrease broadly in line with your outstanding mortgage balance.
Level Term Insurance
Here, the sum assured remains the same throughout the term of the policy. This may be suitable if you have an interest-only mortgage.
Speak To An Expert
We provide professional, friendly and accessible advice and support throughout the mortgage application process, and are able to offer recommendations and referrals to trusted conveyancing and estate agent colleagues too.
Protecting Your Health
Critical Illness Cover
If you unfortunately suffer a critical illness the financial implications can be detrimental.
You may have to make whole lifestyle changes to help you through the recovery period. This may involve leaving your job, moving home and even having to receive private medical treatment or care.
Cash Lump Sum
A critical illness plan will provide you with a cash lump sum. You will receive the benefit if you are diagnosed with a qualifying illness.
But you must also have survived for a minimum period since the diagnosis. This is typically around 14 – 30 days.
These tax free funds can be used for any purpose and may help to soften the blow at an extremely challenging time.
Protecting Your Income
Income Protection Cover
An income protection policy will replace your monthly income, if you are incapacitated and unable to work through illness or injury.
Monthly benefits will continue for a predefined set period or until your return to full-time work.
Some Income Protection insurers will also provide a range of private medical health care benefits to help you back to work.
A policy’s deferred period will typically range anywhere from 4 to 52 weeks, sometimes even longer.
This is a necessity, as monthly benefits cannot be claimed whilst you are still receiving full income from your employer.
However, the longer the deferred period the lower the monthly premiums will be to maintain the policy.
Reviewing Your Insurance Options
If you would like to discuss your home or life insurance options please get in touch…