Insurance

When buying a property most people tend to focus on the here-and-now – how to get the best mortgage terms, what their monthly payments will be, how much their tax bill is. Making sure you and your new home are adequately protected often slips through the net.

We can advise you on insurance from buildings and contents, to personal possessions as well as life insurance and critical illness cover, ensuring you and your family are protected should any unforeseen circumstances occur.

BUILDINGS & CONTENTS

Most mortgage lenders require buildings & contents insurance in place before issuing you a loan. The result is that buyers often rush through this stage in a panic, settling for the first policy they find online. Cheap insurance, however, can be a false economy if it doesn’t pay out when you most need it. Generally, people only discover their protection is inadequate once the worst has happened.

Buildings insurance covers the structure itself, including permanent fixtures or fittings and outbuildings, while contents insurance takes care of your furniture and personal items. A good policy protects against:

  • Loss or theft
  • Fire, storm or flood damage
  • Water leakage or burst pipes

LIFE INSURANCE

If your children, partner or relatives depend on your income to cover a mortgage or other expenses, life insurance is something you should consider. Some of the most common types of life insurance include:

  • Level term assurance – if you die within the term of policy, the total sum assured is paid out to your family.
  • Decreasing term assurance – the level of cover decreases over the term of the policy.
  • Family income benefit – a specified monthly income is paid to your family if you die within the term of the policy.
  • Life insurance in Trust – a trust structure can be hugely beneficial from a tax planning point of view.

CRITICAL ILLNESS COVER AND INCOME PROTECTION

If you become extremely unwell, critical illness cover (CIC) pays out a lump sum depending on the severity of your condition. CIC is designed to offer some financial support and peace of mind in the event of your illness, to alleviate any added stress caused by meeting mortgage payments or other costs.

In the event of an accident, unemployment or illness, income protection will pay out a proportion of your monthly income until you are able to return to work.

 

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