Protection
Your house is your home, and we want to help you protect it. Whether it’s life assurance cover if you fall critically ill or if you happen to lose your employment and cannot keep up with mortgage repayments, your mortgage advisors in Coventry can help you find the best protection plans to secure your home.
Life Assurance
What is it?
Life Assurance is the most basic form of a life insurance policy, and therefore it is usually cheaper.
You are covered for a fixed period of time, and if you happen to die during the policy term, it pays out a one-off lump sum.
Many of the term insurance policies allow you to add additional options, such as critical illness cover. This plan would pay out on diagnosis of a qualifying illness, or if you die during the term of the policy.
Who Is it For?
Life Assurance is for anyone who wishes to leave a lump sum to loved ones in the event of their death – within the specified time period of the policy.
Term Assurance can give you family some financial protection in the event of your death. It is particularly popular with those who have young children or dependents.
The pay-out can be used to cover outstanding mortgage payments, so that your property is protected.
As independent mortgage advisors in Coventry and the surrounding areas, we can help you to find the plan that best suits your needs.
Critical Illness Cover
What is it?
Critical Illness Cover is a plan that will pay-out on the diagnosis of a qualifying disease or illness. It is designed to assist cover the costs of living and repayments of any debt if you have to miss any employment due to long term sickness. It is often added as a bolt-on to Life Assurance policies.
Who Is It For?
Anyone who is worried about their finances if they are diagnosed with a serious illness. Usually those with dependents or young families. The pay-out received when they are diagnosed can be used to repay loans, help with mortgage repayments and pay for living costs if any work is missed.
The quality and amount of the cover varies between insurance companies, so if you need any help or advice, talk to your mortgage and insurance advisors in Coventry today.
Income Protection
What is it?
Income Protection will pay-out a regular income if you cannot work due to an illness or an accident.
These plans will continue to pay-out until the time that you return to work or until the policy expires – which tends to be at retirement.
Income protection is a foundation of smart financial planning, as it is likely other protection plans would be cancelled without sufficient income to cover them.
Who Is it For?
Anyone who is in employment or self-employment. It is a great way to ensure that additional policies and protection plans will still be covered without a working income.
What If My Employers Provide Sick Pay?
The majority of employers do not offer a sick pay policy in the event of accident of sickness that lasts longer than twelve months, so having income protection is incredibly important in order to cover the costs of other protection plans and other possible outgoings.
Your independent financial advisor in Coventry can offer their expert advice when it comes to finding the best income protection plan for you.
Short Term Income Protection
Short term income protection, also known as payment protection insurance, also offers financial protection if you lose your income. For impartial information about insurance and income protection, please visit www.moneyadviceservice.org.uk
Mortgage Payment Protection
What is it?
Mortgage Payment Protection is also known as Accidents, Sickness and Unemployment cover (ASU). It ensures that you can still keep up with your mortgage repayments in the event of a serious accident, a critical illness or if you lose your income.
These plans tend to pay-out for up to two years, so if you are looking for a protection policy that covers you for longer, then Income Protection insurance would be a better option.
However, there is no legal requirement to apply for Mortgage Payment Protection, it is optional and it is always worth checking that it has not been added on to any existing Life Assurance or Income Protection plans.
The mis-selling of Mortgage Payment Protection has been a media sticking point in recent years, but you may find that the plan is right for your circumstances.
Who Is it For?
Mortgage Payment Protection is designed for those who are paying mortgage payments and worry they that they may not not be able to keep up with mortgage payments due to loss of income from an accident, an illness or unemployment.
Please note it is extremely important that you take independent financial advice before taking out this type of plan, since they are not always the best or cheapest option. Talk to your local, independent mortgage and insurance provider in Coventry by calling us today.
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