Insurance Types

Types of Cover

Protection insurance doesn’t need to cost the earth. In fact it might not cost as much as you think. And even a relatively small amount of cover would help your family cope for a while.

There are many types of cover available on the market today, I have listed these below. However I would recommend that you speak with a qualified expert adviser who will be able to assess your individual situation and advise on the right type of protection products to suit you and your family

If you are unable to afford all the cover you need today, why not take out a little now and add more cover in the future.

Mortgage payment protection
Mortgage protection such as accident, sickness and unemployment cover can give you peace of mind knowing that in the event of redundancy or illness your mortgage payments will be made and your home will be safe.
Most standard mortgages do not have any protection insurance included, so it’s important to decide what kind of separate cover you need. Accident, sickness and unemployment cover insures you against changes in your circumstances due to redundancy, disability, or illness. Usually payments are made for up to a maximum of 12 months. If you would like to be covered for longer than this you may want to consider taking out income protection.

Income protection
This offers borrowers the security of knowing that their essential repayments will be made if anything happens. 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 benefit – around £70 per week – which is unlikely to be sufficient to meet your mortgage repayments. This is where income protection can help as it provides a tax free monthly payment until you are able to return back to work.

Life insurance
Life insurance gives you peace of mind that your loved ones will be provided for should you die. There are many different ways to arrange life cover and I can help you find the best deals available.
Life insurance ensures that in the event of death your mortgage will be repaid and the costs not passed on to your dependents or loved ones.
Level term insurance provides a set level of cover for the term you choose. Decreasing term insurance covers you for the term you choose, but the level of cover decreases through the term of this policy.

Critical illness cover
For just £20 a month you could buy £34,000 of Critical Illness Cover*. And the younger you are, the cheaper the cost will be. For this relatively small cost, you could help your family cope for a while without income to pay household bills and debts. This type of cover will pay out a lump sum which could pay for other things like:

• Private treatment
• Prescribed drugs not available through the NHS
• Changes to your home
• Paying off part of your mortgage
* Quote taken from Bright Grey April 2010, based on male 35, female 30, both non-smokers in good health for a 20-year term.

Buildings and contents insurance
It will be a condition of your mortgage that you have buildings insurance to protect your home, and I can provide you with a cost effective personalised quote. In addition, and for your added 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.

Buyer’s Protection
If you are buying a property (as a home for you to live in or as a buy to let investment), we will offer you Buyer’s Protection. This type of protection will cover you from the unexpected when moving. Peace of mind – You may face the possibility of finding yourself out of pocket because of survey/legal fees if your house purchase falls through. But don’t worry, through us you will receive cover for up to £600 against solicitors and valuation fees incurred in any of the following events:

• Gazumping
• Seller’s withdrawal
• Adverse survey
• Change in your employment circumstances
• Family bereavement

You will be protected for 3 months from the date your mortgage application is submitted.

Buyer’s Protection covers you for both residential and buy to let purchases when arranging a mortgage through Mortgage Advice Bureau. You will have 6 months to redeem your voucher, within which time you must submit a new mortgage application on a subsequent house through the same mortgage adviser. Terms and conditions apply. Buyer’s Protection cover is provided by Legal & General Insurance Limited.

For insurance business I offer products from a choice of insurers.