Protecting Your Home & Family
You will invest a lot of time, care and money into your home and family. How do you ensure they are protected?
Whether it's your first purchase, moving home or buying for investment it pays to check you have sufficient protection for your Mortgage, Income or Family.
Call one of our expert mortgage advisers now on 01480 474488.
As a guide these are the key areas to cover:
Life Assurance
As a minimum, life assurance would typically be taken out to ensure the mortgage is fully repaid on death during the period of cover, rather than risk the possibility of the property having to be sold to repay the outstanding debt. Life assurance helps ensure that your loved ones are provided for in the event of your death, during the chosen period. Your family could receive a lump sum payment which could help repay the mortgage on your home.
Critical Illness Cover
The inability to repay a mortgage or maintain a lifestyle for you and/or your family may also occur should you become ill. Critical illness cover pays out a lump sum if you are diagnosed with one of the specified critical illnesses or die during the policy term. The lump sum can be used to help repay your mortgage, replace a valuable income, or support any other expenses such as long term care, subject to a valid claim.
Income Protection
You can protect your income with a monthly benefit in the event of you not being able to work due to incapacity caused by an illness, or injury resulting in a loss of earnings. If you were unable to work, this could result in mortgage payments being missed which ultimately could lead to you losing your home. Our advisers will explain how income protection can be tailored to your individual circumstances such as ensuring the policy compliments the cover that may be provided by your employer, and/or budget restraints.
Buildings & Contents
It is usually a condition of your mortgage that you take out buildings insurance to protect your home. For your peace of mind, it is also important to arrange adequate contents insurance so that your belongings are covered against things like fire, theft and flood.
Mortgage Payment Protection Insurance (accident, sickness and unemployment)
This cover will pay a monthly benefit for up to 12 months if you are unable to work because of sickness or an accident or if you become unemployed through no fault of your own. The benefit will be paid for up to 12 months or the date that you return to work, whichever happens first.
Our Mortgage Payment Protection Insurance typically costs between £3.88 and £5.16 per month for every £100 of monthly benefit. This is based on a customer choosing £500 of accident, sickness and unemployment monthly benefit.
This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk
For insurance business we exclusively arrange products from Legal & General.
Facts
- In the first nine months of 2010 there have been 28,400 cases of possession. Source: Council of Mortgage Lenders
- In the period July 2007 to June 2008, around 5.8 million scheduled working days were lost to sickness or injury (men aged 16 to 64 and women aged 16 to 59). Source: Office for National Statistics
- The unemployment in July to September 2010 was 2.45 million (7.7%). Source: Labour Market Statistics - HRM Guide
- 1 in 8 men aged 30-49 and 1 in 12 women agred 30-49 in the UK may die before they reach 65. Source: Government Actuary's Department - Interim Life Tables based on data for the years 2007 - 2009
How much cover do I need?
This will depend on your mortgage amount. One of our expert mortgage advisers will help you through the process step-by-step, working out how much cover is needed and the cost. They will even take care of all the protection paperwork for you, so you don't need to worry about a thing.
For insurance business we arrange policies exclusively through Legal & General. Legal & General are one of the UK's leading financial services companies.
Your home may be repossessed if you do not keep up repayments on your mortgage.
We do not charge a fee for mortgage advice as we receive payment from the lender. As we're Independent Mortgage Advisers we also offer the option for you to pay us a fee of up to 1% of the loan amount and receive the lender’s payment yourself.
Partners Financial is an appointed representative of Legal & General Partnership Services Limited for advising on and arranging mortgages and insurance and an introducer appointed representative of Legal & General (Portfolio Management Services) Limited for introducing life assurance, pensions and investments. Both Legal & General companies are authorised and regulated by the Financial Services Authority. Not all buy to let mortgages are regulated by the Financial Services Authority.
