Protection
The term "protection" is used to refer to many types of insurance coverage that can keep you and your family safe - should the worst happen.
For insurance business we offer products from a choice of insurers.
Types of protection insurance
Here are some of the several forms of protection you should think about for worst-case scenarios:
Income protection
In the event that a sickness or disability prevents you from working, income protection provides financial assistance. It partially replaces your income and will continue to provide monthly, tax-free payments until you can start working again.
Critical illness cover
When a critical illness diagnosis prevents you from working, critical illness insurance is meant to take care of your financial needs. To be eligible for the tax-free lump payment that might be used to pay off your mortgage, your specific disease must be covered by your insurance.
Life insurance
You may rest easy knowing that your loved ones will be taken care of if you pass away thanks to life insurance. A mortgage can be connected to a life insurance policy that will provide a lump sum payment. This can be utilised to pay down the remaining mortgage balance or relieve any other financial strain.
Mortgage protection
Mortgage protection might help you recover any fees you have already paid if you are unable to proceed with the purchase or sale of a home owing to events beyond your control.
Mortgage payment protection
If you become ill or lose your job, mortgage payment protection will usually cover your mortgage payments for a maximum of two years.
Buildings and contents insurance
Buildings and contents insurance guarantees that both your assets and the lender's assets are protected by covering the cost of restoring damage from unforeseen occurrences like fire and water. To be approved for a mortgage, you must have buildings insurance at a minimum. However, we advise that you also get contents insurance.
Your needs for protection will alter throughout time. You can decide to start a new career, relocate to a bigger house, or enlarge your family. In light of this, it's crucial to periodically assess your protection requirements; getting a new mortgage is the perfect opportunity for this.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £599.