Life assurance, also known as term assurance, is an insurance that people take so that their family and dependants will be able to cope financially in the event of their death.
Unfortunately, just as a sum of money can be inherited, so can a debt. If you die and have outstanding debts, such as a mortgage, it is your next of kin who will be faced with paying the debts off. They will also be faced with the costs for your funeral, which will generally be at least £1000.
Despite the low cost of life assurance some people still leave the financial protection of their loved ones and dependants to chance, so that is they die their dependants would probably need to either sell their house or continue the mortgage payments themselves. Our advisers would always recommend protecting your mortgage to ensure that those close to you won't have to face financial hardship in the event that you are no longer alive or able to support them.
Level Term Assurance means that the premium and sum covered stays the same, so it's good for those with interest only mortgages, or hose who want to leave a lump sum behind.
Decreasing Term Assurance decreases year by year in line with a repayment mortgage, as the sum you are insuring is going down, and provides a low cost way of protecting your mortgage.
Renewable Term Assurance offers insurance for a short period of time, usually between 5 and 10 years. You have the option to renew at the end of the term, but will be more expensive. You can insure quite large sums and the premiums are usually quite low for the initial policy.
If you decide you do want to leave a lump sum behind, think about how much you dependants would need to maintain the same standard of living. For example, your yearly salary would be a good indication. Multiply that amount by the number of years you think they will need to be financially supported - and that's the amount you need to insure for. And you may be pleasantly surprised at how affordable life assurance can be.
CRITICAL ILLNESS INSURANCE
There is now a 1 in 5 chance for men and a 1 in 6 chance for women that you will suffer from a ling-term critical illness before you retire.
Having adequate insurance can prevent the potential financial ruin caused by being unable to work through long term illness and still having a family and home to support. Most family men and women have life assurance, but have not considered critical illness cover, despite the high odds of this happening. Yet CIC will pay a tax free lump sum immediately that an insured Critical Illness is diagnosed.
With vast experience and access to the whole market for life assurance and criticall illness protection our advisers can ensure that you get the policy which best suits your needs, at a premium you can afford.
MPPI - MORTGAGE PAYMENT PROTECTION INSURANCE
When you borrow money, you are committed to paying back the loan over a specific period of time. Regardless of who your lender is, if you are unable to keep up with your payments you will be in danger of having your home repossessed. An MPPI policy pas your mortgage for you if you become unable to work as a result of redundancy, accident, sickness or disability. If there is a reasonable possibility that you could find yourself out of work in the future, then this sort of policy can provide you with valuable financial assistance.
An MPPI policy should provide enough income to cover all your monthly mortgage expenses.
When you are happy and healthy, paying out extra money to protect you against unwelcome and seemingly unlikely events can seem like a needless expense - so why bother?
Your home is the biggest investment you will probably ever make. Make sure that you get to keep it if the unexpected happens. You may be surprised at how affordable MPPI really is. Our advisers have access to a huge range of providers and can offer you the best help and advice to ensure that you get the policy that suits you with premiums you can afford.
ACCIDENT, SICKNESS& UNEMPLOYMENT (ASU) INSURANCE
When the going is good it can be hard to imagine a time when you are faced with financial hardship. Unfortunately, life is unpredictable, and Government held is minimal for homeowners who suffer illness, disability or unemployment resulting a loss of their income.
FACTS
ASU insurance will provide you with a regular income if you are unable to work as a result of accident, sickness or disability. You may be surprised how affordable it is to protect your home and your lifestyle. Our advisers have access to a range of providers and can offer you expert help and advise to ensure you get the right policy, with a premiums you can afford.
