Types of insurance

harrison ingram - Type insurance

Term Assurance

Decreasing Term Assurance Plans provide life cover, which is designed to decrease roughly in line with the reduction of the outstanding mortgage. This means you are not paying for more protection than you actually require. However, in some circumstances the lump sum may not be enough to re-pay your mortgage in full.

Level Term Assurance Plans are simple, low cost arrangements that give you the peace of mind of knowing that it provides life cover for the agreed term.

Critical Illness Cover

Many people think of taking out protection for their mortgages in case they die, but how would you cope if you suffered a critical illness or disability?

Critical Illness Cover Plans are designed to provide a lump sum on diagnosis of any critical condition as defined under the terms of the policy and subject to your eligibility to claim. This means that money will be available at a time when a critical condition might seriously affect your financial position.

Income Protection

Have you considered how you would continue to pay off your mortgage and other household bills if you were unable to work due to accident or sickness?

Income Protection Benefit policies provide a regular benefit should you be unable to work due to incapacity caused by an accident or illness resulting in a loss of earnings. This means that you can be assured of essential financial stability until you return to work, no longer suffer a loss of earnings, die or the policy ends.

The level of monthly benefit chosen for an Income Protection policy is based on your current earned income. The amount that might actually be paid in the event of a claim will be affected by any other income e.g. benefit from other protection policies and other employment.

Buildings and Contents Insurance

This insures the property against damage such as fire, flood and other risks and will normally be a condition of your mortgage. In addition to the bricks and mortar, you may also wish to insure your contents and personal belongings.

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