Insurances
- Protect your partner, your family and yourself against the unexpected
- Keep up with the mortgage payments through trying times
- Secure the future of your family’s finances, whatever happens in life
For peace of mind that your home is secure, even if you face physical or financial challenges, please talk to us about insurance.
Arrange a meeting to find your perfect mortgage
Insurance is another piece of the house-buying puzzle and it’s not always at the forefront of your mind. The first thing you’ll need is buildings and contents insurance. We can help you with that. We’ll assess the level of cover you need and suggest policies that might fit.
But have you thought about other possible insurance policies?
You might consider life insurance, critical illness cover, income protection or family income benefit life insurance. These policies aren’t mandatory, but they can give you and your family peace of mind for the future. Read the information below to find out if you could benefit from these sorts of insurance. And get in contact if you’d like to discuss it further with us.
We pride ourselves on giving you holistic guidance and a comprehensive service, and insurance is an important part of that. If you book a call with us, we’ll explain your options and discuss whether these policies are right for you.
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 pay off your mortgage or replace a lost income.
There are three main types of life insurance:
- Level cover. This provides you with a specific fixed sum to leave your partner or your family when you die.
- Decreasing cover You’ll leave a cash sum which reduces over time in line with a debt, loan or repayment mortgage.
- Increasing cover Your level of insurance cover increases each year to offset the effects of inflation. As your cover increases each year, so do your monthly payments.
As with all insurance policies, conditions and exclusions will apply.
Three main types of insurance
Level cover
Fixed cash sum. Security that your beneficiaries can receive a specific sum, which can help you all plan for a time when you’re no longer around.
Decreasing cover
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.
Critical Illness Insurance
A critical illness policy pays out a lump sum in the event that you’re diagnosed with a serious illness or injury. Some policies also provide payments if a child is diagnosed with certain types of critical illness. This covers the cost of parents taking time off work to help with treatments.
Each policy is different but most provide cover for around 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’re 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’d like. Perhaps you have company sick pay or savings, which we can take into account in defining your level of cover.
You’ll receive monthly payments for a specified period of time. You can choose whether your policy covers you for one year of sickness, or right up until you plan to retire (and other variations in between). When the policy ends, or you’re well enough to go back to work, or you retire, your payments will stop.
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.
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.
Family Income Benefit Life Insurance
Family Income Benefit provides your family with a regular monthly payment in the event of your death. It differs from other life insurance policies, which tend to provide a one-off lump sum payment.
You might consider this type of protection if you have children already, or if you’re planning to start a family soon.
But even if you don’t have children, you take out this policy. The reason you’d buy this insurance if you don’t have kids, is to leave an income behind for someone you care about.
Your beneficiaries will receive a monthly sum for an agreed fixed period, such as when your children reach a certain age.
We can give you guidance and information on the options that are available to you. But you should always take advice about the best way to protect yourself and your family.
Your journey towards your new home
How to get a mortgage for your first home
Find out about the process for applying for your mortgage – Where to look, what documents you need, how long it takes. Read our guide on how to get a mortgage.
How much could you borrow?
Pop in your deposit and your household income and work out how much you can borrow. Use our mortgage calculator to work out your budget for your new home.
Agreement in Principle
Find out about the process for applying for your mortgage – Where to look, what documents you need, how long it takes. Read our guide on how to get a mortgage.