Life insurance in Royston

Protecting you and your family

 

 

 

 

 

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Your mortgage is probably the biggest financial commitment you will ever make in your lifetime.

Buying a property is easy when you are being guided by us for the mortgage, but keeping it can sometimes prove to be difficult. Think about your mortgage term and ask yourself – at some point during this time are you are likely to get sick, have an accident, or even worse die? How would you cope? How would your family cope? Who's going to pay the mortgage and look after your family? We help our clients find mortgage protection and life insurance in Royston and surrounding areas.

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Find the right protection policy for you

Finding the right protection policy can sometimes be difficult. However, with the help of our protection specialists, we can ensure you find the right policy for your circumstances. There are quite a few types of protection policies available, each with their own advantages and things to consider:

 

 

 

Why should you protect your mortgage?

A critical illness or a death can be devastating to a family, and it can cause major problems to people's finances. Working together to review all your protection needs can provide peace of mind knowing you have protected those closest to you. We look at your existing cover and ensure any financial shortfalls are identified. We can then recommend the most suitable solution to make sure you and your family are fully covered.

Your circumstances change all the time, therefore your requirements from protection do too. We provide life insurance in Royston to clients across the whole of the UK, and we make sure that we meet those changing needs in the most cost-effective way possible.

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Life Insurance:

Life insurance helps give your family financial protection should you die or potentially be diagnosed with a terminal illness within the policy term. It provides a lump sum, helping your loved ones maintain their living standards or pay mortgage costs.

If you have a family, life insurance can give you peace of mind that they will be looked after in the tragic event of your death. None of us like to think about it but understanding how this type of insurance works could save you money.

Joint or separate life insurance policy?

If you and your partner would like combined cover, you can take out a joint policy.

This pays out once and won't provide cover for the second person after the first passes away.

You can also take out two separate policies. So, if there is a pay-out for one person their policy will end – but the second person's policy will continue.

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Level or Decreasing Term?

With a level term policy, the level of cover remains the same throughout the term.

It is often used to cover the repayment of liabilities such as the non-owned share of a shared ownership property or particularly interest-only mortgages which do not reduce throughout the term. With decreasing term policies, the benefit payable on death falls each year until it is zero by the end of the policy's term and will match the mortgage balance.

Such insurance is often used in tandem with a repayment mortgage where the balance falls across the mortgage term. The premiums on these policies are cheaper than for level term insurance.

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Critical Illness:

Critical Illness cover helps protect you if you become critically ill during the policy term. It pays out a tax-free lump sum that you can use however you like – whether that's to help cover health-related costs, monthly expenses, taxis to hospital for treatment, adaptations to the home or replacing lost income while you get better.

Critical illness insurance pays benefits on the diagnosis of certain specified critical illnesses. The range of conditions covered differ from one provider to another,

Some policies will also offer children's cover, either included or as optional extra to ensure that you will receive support if your child is diagnosed with or has surgery for a critical illness.

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Children's Critical illness

If you're a parent, the last thing you'll want to think about is your child being critically ill in the future. But it's worth considering how you'd manage financially if it did happen.

While we cannot prevent serious illness from occurring, we can help to give you the reassurance that if it did, you've got a financial helping hand.

The money might be put towards things like, travel expenses to get treatment in hospital, adapting your home with equipment to aid recovery, childcare costs, helping make up for any lost income, if you have to stop working or taking your child and family on days out while they recover

It's a contribution towards your family's finances that you can use however you need.

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Family Income Benefit

You may have a policy covering your life should you die – normally enabling your mortgage to be paid off and to relieve the financial burden on those left behind. However how will your family continue to survive?

You may have maintenance payments you are making; you may want to ensure your children's prospects are not affected by a drop in the family income or you may need to help with care costs.

Family Income Benefit is a cost-effective way of providing those you leave behind with a tax-free monthly income for the term you choose.

For example – you have a young child who you want to ensure is looked after until they turn 18, you could set the term of the policy to last until their 18th birthday and this would ensure whoever is looking after them will be financially supported and able to provide them care without the added pressure of having to work to replace any lost income.

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Income protection

One of the biggest fears for many people is not being able to pay the mortgage if they're unable to work due to an illness or accident. 

This is particularly worrying in the current uncertain climate, but one of the simplest ways to cover loss of earnings is by taking out income protection insurance.

Income Protection (IP) is an everyday essential which works when you can't. The cover protects some of your income (up to 70%) if you are unable to work because of an accident or illness and pays out an ongoing, regular benefit for your chosen term.

Eligibility for benefit such as ESA*, PIP, Universal credit, DLA is strict and generally a slow process, even if you do qualify, the benefits are limited.  (ESA is taxable*)

Income Protection could be the right solution for you. It pays a regular income designed to protect your standard of living if you suffer long-term sickness or injury. Benefit usually starts after an initial waiting period of 4, 13, 26 or 52 weeks and it is payable until you return to work, die or the policy term expires, whichever happens first.

Some policies will also include fracture cover as standard – offering a lump sum pay-out if you are diagnosed with a specific bone fracture.

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Home insurance:

Homeowners typically need two types of home insurance.

Buildings cover (which is a condition of any mortgage) pays for damage to your home caused by, for example, fire or subsidence.

Contents cover protects your household possessions.

These two types of cover may be bought separately but it is often more convenient and cost-effective to buy them under one policy. Choosing the best deal from the wide range on offer can be complicated. Many companies now offer a comprehensive looking policy but beware – the number of conditions, caveats and exclusions has also expanded. Do you really understand what you are buying? Often, the answer is “No”. We'll use our skill and expertise to tailor the right policy for your needs.

Be aware that if you move house you need to change both policies because the risk has changed.

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Mortgage Quest is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority.
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at customers based in the UK.
Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Some forms of Buy to Let mortgages are not regulated by the FCA
*Wills are not regulated by the FCA
**This is a lifetime mortgage. 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.
A fee of up to £1495 is payable on completion for our services in relation to arranging and advising on Equity Release (Lifetime Mortgage) products. Our typical fee is £700.) products. Our typical fee is £700 

*Mortgage Quest has no control over Facebook or responsibility for the pages you are about to access, or where any subsequent links may take you.

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