Income Protection
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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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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This is only a brief summary. For the full guide click below.
Download the full Insurance Guide
Some insurance is a legal requirement when you get a mortgage. Some is just strongly advised. We can help you find the following:
General insurance
- Buildings insurance – to cover damage to your property
- Contents insurance – to cover the contents of your property
Life Assurance
- Level term life assurance – pays out a set amount if you die
- Mortgage decreasing life insurance – pays off your remaining mortgage if you die
- Critical illness cover – covers the event of serious illness
- Income protection insurance – covers no longer being able to earn an income
Investment plans
People with interest-only mortgages invest money so that they can pay off the capital of the mortgage when it matures. Examples of investment plans:
- Endowments
- Personal pension plans
- Individual savings plans
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