Insurance
The cost of life assurance depends on two factors:
- How much cover do you want?
- How long you want it for?
Then you age, sex, occupation, health & smoking habits are taken into consideration. The other issue affecting premiums is your medical history & current state of health.
Mortgages
How much mortgage cover do I need & for how long?
You need to cover the amount of the outstanding debt, up until the debt is paid off.
What type of cover do I need?
Is your mortgage a repayment one? If so, you need a Decreasing Term Assurance policy.
Or is it an interest-Only mortgage, in this case you need a Level Term Assurance policy.
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A common concern when talking about various insurance scenerios is whether the insurance company will pay out on the claim. The answer is pretty straight forward for life assurance, but confusion can arise with so many different types of other insurance available and an array of different qualifying criteria.
However, recent research published by Moneyfacts looking at Critical Illness cover reveals that such concerns may be increasingly unfounded. In their findings they state that the total number of claims that did not get paid due to non-disclosure (this is when someone fails to disclose a material fact, such as, a previous illness or a underlying medical condition) has dropped to less than 2%, and the average payout has increased to 90.5% of all monetary claims made. This has increased significantly from 2008 when the figure was closer to 75%.
In summary, insurance companies are paying out more claims, but when you fill in any application the best advice is for full disclosure, noting any previous medical issues no matter how small they were. Only then will you have 100% peace of mind.
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No matter how well you reference check your tenants, problems can and will present themselves. Your tenant may lose their job, they may refuse to leave your property or they may just fail to pay the rent. All these problems are going to leave the Landlord seriously out of pocket and even more so when there is a mortgage on the property that still needs to be paid.
These problems and others can easily be protected against, simply by taking out a Legal Expenses and/or Rent Guarantee insurance. Whether you own one or one hundred properties, these policies provide extra peace of mind and shield you from the problems of unpaid rent or a bad tenant.
If you would like further details of the protections offered through such insurance schemes please do not hesitate to contact us.
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Becoming a landlord is a good way to both earn extra income and to achieve long term capital growth for your investment. However, you need to protect your investment and the best way to do this is by having the right insurance. You should ensure that your cover offers protection against a wide range of instances such as:
- Covered for malicious damage by tenants including unauthorised alterations
- Trace and access cover for leaks
- Accidental damage to fixed glass and sanitary ware
- Loss of rent cover
- Owners liability cover
- Legal expenses
If you have any questions with regards to how you are protecting your investment property please get in touch.
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Rather morbidly any conversation with a Mortgage Broker usually involves a question about whether you need life assurance to protect your mortgage in the event of death. However, in reality, the chance of a client actually dying during a mortgage term is small – they are in fact much more likely to suffer illness, accident or even a period of unemployment.
In light of the above, it is therefore these types of incident that should also be protected against rather than just dealing with the question of death. Whether this is for short-term cover for a maximum period of 12 months or if you require cover right up to retirement age there are policies that can be tailored to each client’s specific needs. There are even policies available that will reduce the monthly premium if you are a gym member and can evidence the maintaining of a level of fitness going forward.
If you would like to know more about such policies please contact me.
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