Mortgage Protection
Expect the unexpected. That’s the prudent philosophy in any financial planning package. Life happens! Don’t take a risk with your family’s future or your home.
Consider what are the financial consequences if you, or your spouse/ partner, are injured or taken seriously ill and are unable to work? Your income will stop, but the bills won’t. Even worse, are your family protected if you die?
Your mortgage is probably your largest financial outlay each month and, if you fail to keep up the payments, you could lose your home.
It’s an awful prospect to contemplate, but you must. There are many options to consider and the best for you will depend on your individual circumstances.
Life Assurance / Life Insurance
Life Assurance can help protect your family’s or dependants’ financial security by paying out a cash sum in the event of your death. It can also protect the whole of your mortgage or provide a guarantee to business partners.
Critical illness cover
If you are diagnosed with one of the illnesses specified in this cover, the policy will pay out a lump sum to carry you through the difficult period, help you to take a recuperating holiday or pay for private healthcare. It is important to note that the level of cover with different companies may vary.
Permanent Health Insurance
Permanent health insurance is a policy designed to provide an income when the policyholder is unable to work after an accident or due to ill health. The benefit is payable until recovery or until a chosen date, whichever is earlier. It is subject to a deferred period which should take account of any benefits provided by the employer.
Accident, sickness, unemployment cover
Accident, Sickness and Unemployment insurance (ASU) will provide you with an income to meet your outgoings if you are off work sick, have an accident or are made redundant. It pays out a monthly benefit to cover your mortgage and other related costs. Benefits are usually payable for a maximum of 12 months.
Your home may be repossessed if you do not keep up with the repayments on your mortgage or re-mortgage
Authorised and regulated by the Financial Services Authority
Please note that the Financial Services Authority does not regulate tax planning and advice.