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Mortgage Protection

To be sure that the biggest debt you are likely to encounter would be paid off or repayments continue to be made in the event of a major event you should consider one or more of the following

Accident, Sickness & Unemployment insurance (ASU)

Accident, Sickness & Unemployment insurance (ASU), can also be referred to as mortgage payment protection and will provide you with an income to meet your outgoings if you are off work sick, have an accident or are made redundant. It pays out a monthly benefit to cover your mortgage and other related costs.

You may choose the amount of benefit you would like to receive, although there are some limits on the maximum amount. The premium will be a percentage of the amount of monthly benefit you would like to receive. Benefits are usually payable for a maximum of 12 months.

Worth taking out if you've taken out your mortgage or re-mortgage after October 1995, as you are unlikely to get any help from the state with your mortgage payments if you get into trouble.

A good idea if you think making your mortgage payments would be difficult if you were made redundant or too ill to work and you don't have any other protection to cover household bills.

May be useful to think about if you don't have a job which has sick pay or your self-employed

Life Protection

You may also see life insurance referred to as 'life cover' or 'life assurance' - all these terms mean the same thing. Life insurance is financial protection for your dependants in the event of your untimely death. You pay premiums to the insurance company in return for being covered for the 'sum assured', which is the amount that will be paid out on death. The cost of life insurance will vary depending on the size of the 'sum assured', your age, occupation, gender, whether you smoke and the term of the policy. the application form will also ask you certain medical questions. Pre existing medical conditions can also affect the price you need to pay and insurers can refuse to insure you if you are too high a risk.

Critical Illness
Do you need critical illness cover?

Consider what would happen if you got cancer or had a heart attack today. Would you and your family be able to cope financially if you have no cover at all? Just spend a few moments thinking about the income your family will lose if you are unable to work, and how useful a lump sum would be if you get a serious illness.

You may use the lump sum to pay off your mortgage to ease your financial burden, or to pay for private medical treatment to maximise your chances of survival. In the event you are permanently disabled to you may need to use the money to adapt your home.

Income Replacement

Income protection (PHI) can provide you with a monthly income if you are unable to work due to most types of illness or accidental injury, to help maintain your standard of living. You could receive a tax-free income (under current tax rules) until you are well enough to return to work, or until you retire if you do not recover.

To find out more or to receive an illustration please contact us.