Insurance

Protecting your mortgage, your family and your lifestyle

Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’. Well the old maxim of “failing to plan is planning to fail” is no better suited to the ignoring of crucial decisions on protection. As one would imagine, there are many types of Protection Policies to choose from. Finding the one that provides adequate cover and the right protection is not as easy as you may think. As Independent Mortgage and Protection Advisers’ we can help you find the one that best meets your requirements.

As you would expect, we arrange most of our cover to protect our clients’ mortgage commitments but there are plenty of other reasons to take out suitable cover including family and business protection. We have extensive experience in this field and will be happy to work out the best solution to cover for your needs and protect you and your family, having access to such a wide choice of providers means we come up with great cover at competitive premiums.

Insurance Products

TERM ASSURANCE

A Term life insurance plan is the simplest most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a lump sum if you die during the policy term. With most term assurance policies, you can add additional options. For example, if you add on critical illness cover, the policy will pay out either within 28 days on diagnosis of a qualifying critical illness or if you die whilst the policy is in force.

With a repayment mortgage we would recommend a DECREASING TERM mortgage protection policy where the life assurance drops as the mortgage debt reduces (in synch with each other) making this the most cost-effective way of protecting the mortgage.

Interest only mortgages and family protection policies are generally LEVEL TERM policies where the cover remains the same throughout the policy term

FAMILY PROTECTION

Who is it for?

This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum. Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage, other loan or to ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away. As advisors we can help you find the plan that best meets your requirements.

CRITICAL ILLNESS COVER

What is it?

A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan.

Who is it for?

This type of plan is designed for those individuals or families whom want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.

The quality of cover and the illnesses covered can vary significantly between different providers. As advisors we can help you find the plan that best meets your requirements

PHI (Permanent Health Insurance)

What is it?

An Income Protection plan is designed to pay out a regular income in the event you are unable to work due to an accident or illness. These types of plans continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age).

This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be given up if you do not have sufficient income coming into the household.

Who is it for?

This type of plan is designed for anyone whom is working (employed or self-employed). It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months and so ongoing protection is essential. Plans can be adapted to fit in with any existing protection you might have. As advisors we can help you find the plan that best meets your requirements.

DISCLAIMER

EQUITY RELEASE: An Equity Release product will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits. To understand the features and risks please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt seek independent advice.
John Murphy is the Principle of Lifetime Mortgages. Mortgage Search trading as LIFETIME MORTGAGES is an Appointed Representative of PRIMIS Mortgage Network which is a trading name of Personal Touch Financial Services Limited. Personal Touch Financial Services Limited is authorised and regulated by the Financial Conduct Authority.

MORTGAGES & DEBT CONSOLIDATION:
• YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
• Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service, these services may be more suitable for you.
• The Financial Conduct Authority does not regulate most buy to let mortgages.
FEES: We typically charge a fee of £299 for our mortgage services, which is payable upon completion. For our Equity Release Advice we charge a fee of up to £750 payable upfront. Our typical fee is £299.