Protection
When it comes to borrowing such vast sums of money, many people like to feel secure in knowing that if something bad was to happen to the mortgage payer or the property they call home, adequate cover would be in place to help return to some sort of normality. Salcey Mortgages can offer and advise on a range of protection policies which can give you the peace of mind you may want. As with all insurance policies, conditions and exclusions will apply.
We do not charge a fee when advising on insurance products.
Please give us a call to find out more but below is listed a basic summary of the more common protection policies we offer.
When buying a property with a mortgage, lenders will ask your solicitors to check whether there is some sort of buildings insurance in place. This will often be a condition of the mortgage offer. The simple reason being is if the property was to catch fire or fall down for example, there would be cover to repair or rebuild the property. After all, this is their money which has been used to purchase the property and ultimately the property is their security on the money.
Secondly, you would want the property to be repaired if your paying a mortgage on it each month. Aside from the building, cover can also be put in place to protect your contents in the event of fire, water leak, theft or accidental damage for example. Salcey Mortgages can help tailor such policy to your needs and will explain the levels of cover available to you.
There are many types available but all policies of this type only payout for a limited period of time, typically one or two years or until you return to work. The cost of this insurance depends on a number of factors, such as your age, where you live and your occupation.
As a result, the cost you will pay is based on your own circumstances. There are other providers of Short-term Income Protection and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk
There are various forms of cover,
Level term life insurance
This provides a fixed lump sum payment should you die within the term of the policy.
Mortgage protection life insurance
The amount of cover reduces each month during the term of the policy. It is calculated to be enough to equal the amount of mortgage outstanding under a normal repayment mortgage.
Monthly Benefit Term Assurance
In the event of death, a fixed monthly payment is paid out for the term of a policy.
(Please note that in most instances, a policy will only pay out once on a joint policy and cease at this point)
A popular addition to life insurance, critical illness cover works in a similar way to life cover but will pay out on the diagnosis of certain illnesses. Cover for cancers, heart attacks and strokes are common within cover along with a wide range of other critical illnesses. The cover can provide much needed financial support in such events as often conditions can stop you from working and earning the money to afford the mortgage and/or bills.
(Please note that in most instances, a policy will only pay out once on a joint policy and cease at this point)
We do not charge a fee for the arrangement of insurance products.
