Protection services…
As a mortgage broker, I aim to help my clients safeguard their financial wellbeing and assets in case of unforeseen events such as illness, injury, disability or death. Here are some of the protection services I provide:
FAMILY INCOME BENEFIT (FIB)
Family income benefit (FIB) is a type of life insurance policy that provides a regular tax-free income to a family in the event of the policyholder’s death. FIB can be used to provide financial security to a family by ensuring that they have a regular income to cover their mortgage payments if the policyholder passes away.
LIFE INSURANCE
Life insurance policy can provide financial support to your family in the event of untimely death. This can help cover the mortgage repayments and ensure that your family does not lose the property.
The need of life insurance
When applying for a mortgage, the lender may require the borrower to obtain life insurance coverage to protect the loan in case of the borrower’s unexpected death. Even if it’s not a requirement, it’s worth considering purchasing a policy to ensure that your family is protected in case something happens to you.
Application
You will need to complete an application for life insurance and provide information about your health, lifestyle, and family history. Then your application will be reviewed and you may need to provide additional medical information or exams before approval.
Pay the premium
You will need to pay the premium for the life insurance policy. This may be a monthly or annual payment and can be paid directly to the insurer or through the mortgage lender as part of the monthly mortgage payment.
Critical illness cover
This type of insurance pays out a lump sum if the client is diagnosed with a critical illness, such as cancer or heart disease. The funds can be used to cover medical expenses and help the client manage their finances during the recovery period.
To obtain critical illness cover, the borrower will need to complete an application form and provide details of their medical history. Depending on their age and health situation, the borrower may need to undergo a medical examination or provide additional medical information. The premium for the policy will be based on various factors, such as the borrower’s age, health, and lifestyle, as well as the amount of cover required.
Let’s talk
Let’s have a consultation together and determine the type and amount of critical illness insurance coverage that is needed to protect your mortgage and family.
Application process
While you will be completing an application for the insurance, you may also need to complete underwriting, which includes a review of your medical history and current health status to determine the risk of insuring.
Policy and payments
Once your application has been approved for coverage, a critical illness insurance policy will be issued, outlining the terms and conditions of the coverage. Then you will need to pay the insurance premium to maintain the coverage.
Income protection
Income protection is designed to protect homeowners from losing their homes in case they become unable to work and pay their mortgage due to an illness or injury. Mortgage income protection can be beneficial for all of the clients, but especially those who are self- employed or have irregular income, as they may not be eligible for sick pay or other benefits provided by an employer.
Determining your needs
The monthly costs of income protection policy is highly determined by deferral period. The longer you deffer the pay outs, less expensive premiums you will pay. I will help you to find a most suitable period.
Find the right policy
It’s important to compare policies to find the one that best suits your needs and your unique situation as there are multiple insurance providers offering different protection policies..
Complete an application
Once you have found the right policy, you will need to complete an application form. This usually requires you to provide personal and financial information, as well as details about your occupation and any pre-existing medical conditions.
Underwriting process
After submitting your application, the insurance provider will assess your application to determine the level of risk. This involves a review of your medical history, lifestyle, and occupation. After this, the insurance provider will determine the premium you will need to pay.
Insurance policy
Once your application is approved, you will receive your policy documentation. This includes details about the coverage you have, the premium you need to pay, and any exclusions or limitations on the policy.
Make a claim
If you become unable to work, you will need to provide evidence of your condition and the impact it has on your ability to work. This can include medical reports and other documentation. Once your claim is approved, the insurance provider will make regular payments to replace a portion of your lost income for a specified period of time.
Have a question or would like more information on our protection services?
First Time Buyers
Mortgages specifically designed for individuals who are purchasing their first home.
Residential
A residential mortgage is a type of loan used to purchase or refinance a residential property.
Buy To Let
Designed for individuals who want to purchase a property with the intention of renting it out to tenants.
Let To Buy
A mortgage that enables homeowners to rent out their existing property and purchase a new one to live in.
Remortgage
Remortgage is a process when a homeowner switches their existing mortgage to a new lender or product.
Protection
You’re in safe hands. I can support you in safeguarding your financial wellbeing and assets in case of unforeseen events.
Protection – Frequently asked questions
Is life insurance compulsory when taking out a mortgage?
There is no legal requirement of getting life protection. However strongly advisable. If the worse were to happen, don’t you think your family will have to deal with enough emotional consequences, carrying a financial mortgage burden would only make things worse?
Is critical illness cover expensive?
Price depends on your age, health conditions if any, your BMI etc. The younger you take out any insurance policy the cheaper it will be.
What does guaranteed premiums mean?
Let’s say you took out life protection at the age of 30. It costs you £35 to cover your mortgage, if you took it on a guaranteed premium basis for 30 years this means, your monthly payments won’t change, no matter the fact that you are getting older or gaining a few pounds, etc. As long as you do not amend your cover.
Can I have multiple protection policies?
Yes, there is nothing to stop you from not only having multiple policies but also having them with different providers. Clients usually choose to go with one provider due to the ease of underwriting or single direct debit, but it is entirely up to you.
Can I cancel my protection policy?
Yes, you can cancel your protection policies at any time by simply canceling your direct debit. However, I strongly advise you not to cancel any policies until you have new ones in place, to protect you from being uninsured.
Can’t find the answer you are looking for?