Protection Insurance

We are here for both your mortgage and protection needs.

As well as securing you the best mortgage for your circumstances our job is to make sure we protect you against losing your home!

Purchasing your home is probably the biggest financial commitment you will ever make.  It’s essential to make sure you have the right protection in place to safeguard your home and family to give you peace of mind if the worst was to happen.

The impact on a family of losing their home or income should an individual die, become critically ill or lose their job, would be very difficult at what would already be a stressful time.

It is our job is to provide comprehensive advice and explain the importance and benefits of protection cover and how it could add a little peace of mind to you and your family. Your mortgage and protection adviser will explain all the options to you.

Let us make your life easier and help you save money

If you would like to quickly understand how much you could remortgage for and how much you could borrow complete our mortgage calculator below.

There are four main types of protection policies that you may need to consider:

Life Insurance

A life insurance policy allows you to leave money behind for your partner or family when you die.

Most policies will provide a single lump sum payment which can be used to provide financial security during a time of uncertainty. For example, the money could pay off your mortgage or replace a lost income.

There are three main types of life insurance:

  • Level cover – a fixed cash sum
  • Decreasing cover – a cash sum which reduces over time in line with a debt, loan or repayment mortgage.
  • Increasing cover – the amount of insurance cover you have increases each year to offset the effects of inflation. As your cover increases each year, so do your monthly payments.

A critical illness policy pays out a lump sum in the event that you are diagnosed with a serious illness or injury. Some policies also provide payments if a child is diagnosed with certain types of critical illness – this can give parents the ability to take time off work to help with treatments. Each policy is different but most provide cover for up to 100 illnesses including:

  • Cancer
  • Stroke
  • Multiple Sclerosis (MS)
  • Kidney/liver failure
  • Heart attack

The funds can be used in any way you choose – the most common uses of pay-outs from this type of cover are repaying debts (such as a mortgage) or taking time away from work whilst recovering from illness or undergoing treatments. You’ll never have to pay the money back, even if you make a full recovery.

Critical illness plans can be tailored to any budget and our qualified advisers can help you to choose the right amount of cover.

Income Protection Insurance

An income protection policy provides a regular tax-free monthly income if you were unable to work through any sickness or injury as long as it’s certified by a doctor.

This means you can concentrate on making a full recovery instead of worrying about how to pay the bills.

We can help you to choose how much cover you would like and set payments to start from day 1 of your sickness or after a delayed period if you have company sick pay or could using savings to pay the bills for a short time.

You can typically choose to continue to receive the monthly payments for 1 year, 2 years or until you plan to retire. Payments will continue to be made until you can return to work or until the policy ends (the length of which you can also choose).

Family Income Benefit (FIB) is a particular type of life insurance policy which will provide a regular monthly payment to your family in the event of death rather than a one-off lump sum payment.

This protection is often particularly suitable to support families with children, so if you already have children or are deciding to start a family then this cover should be considered. But FIB isn’t just for families with children – it can work in any situation where you’d like to leave an income behind for someone you care about.

Family income benefit insurance will pay a monthly sum for a fixed period as agreed when you take out the cover, this is usually until your child or children reach a certain age.

As with any insurance cover the cost is based on a number of different things but FIB is seen as the most budget friendly insurance for individuals and families.

Learn more

With any protection cover you should always take advice about the best way to protect yourself and your family.

We are here to give you guidance and information on what options are available and the best cover for your circumstances.

If you would like completely fee-free protection advice please call us on 0800 138 5856 or get in touch below.

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