For insurance business we offer products from a choice of insurers. Your mortgage is likely to be the largest debt you will ever take on in your life and although buying a house is an exciting time, we never know what life has a in store for us in future. This is why it is important that you take the necessary steps to ensure that both you and your mortgage are financially protected should the worst happen.
Mortgage Fixed advise on a wide range of protection solutions, including life insurance, critical illness cover and income protection. This gives you the peace of mind that you’ll never be in the position where you have to hand the keys to your home back, no matter what life throws at you.
See below for types of protection solutions that we offer or speak to one of the team.
Level Term Life Assurance
This policy pays a lump sum in the event of death during the term of the policy.. The benefit is paid tax-free. Premiums are usually monthly and fixed throughout the term. As the term and benefit are known from the outset, and there is no investment content. Term assurance can be a cost-effective method of protection.
There is no investment element within a term assurance contract, so at the end of the term there is no maturity value and life cover ends
Decreasing Term Life Assurance
Decreasing Term Assurance works in a similar way to Level Term Assurance, but the benefit is set at the outset and gradually decreases over the term of the policy. These policies can be used as cover for a repayment mortgage, or other loans where the amount of capital outstanding also decreases over time. As the benefit reduces over time, the premiums are usually lower than for Level Term Assurance.
Family Income Benefit
Family Income Benefit is designed to supplement the loss of someone’s income into the household.
It works the same as term assurance but instead of paying a lump sum upon death, it will usually pay a regular monthly/annual tax-free income in the event of death/suffer a critical illness to your dependants up until the end of the term of the policy.
Critical Illness Cover
Critical Illness cover is usually taken alongside life insurance but can also be setup on a standalone basis.
Critical illness cover provides a lump sum payment in the event of diagnosis of certain critical illnesses, such as cancer, heart attack, stroke and many more. The illnesses covered will be specified in the policy along with any exclusions and limitations.
This policy is designed to provide a tax free income in the event that you are unable to work due to accident or sickness (including mental health).
The level of premium will depend upon the amount of benefit and term selected. The policy will cease to pay the benefit either once you able to return to work or the term of the policy expires.
Home insurance provides financial protection in the event of something happening to your property and/or belongings. Depending on your policy you can be covered for theft, fire, flood, loss, accidental damage and more.