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One thing that we know for certain is that we can never predict what the future holds. Taking out a mortgage is a large financial commitment, so it helps to know what could be available to protect your financial future against unexpected situations. The consequences of not having a back up plan can be very serious.
Missed mortgage payments could result in the repossession of the home that you have worked so hard to own. The importance of seeking professional advice should not be overlooked as we will be able assess your individual circumstances and advise you on the products that are most suitable for your needs. The purpose of this guide is to outline the types of products that could be available to you.
Medical advancements mean that for those who suffer a critical illness such as cancer, a heart attack or a stroke, have a greater chance of survival today than ever before. But of course survival doesn’t mean that life goes back to normal and that’s where Critical Illness Insurance is essential.
It’s a type of insurance that pays out a tax-free lump sum if you’re diagnosed with, or undergo surgery for, a critical illness during the policy term and
you survive at least 10 days. It’s designed to help support you and your family financially while you deal with your diagnosis – so you can focus on your recovery without worrying about how the bills will be paid.
You can take out Critical Illness Insurance as a stand-alone policy or combine it with Life Insurance which would then cover most eventualities. You’ll probably want to make sure that you have cover
in place for as long as you still have significant demands on your income, such as an outstanding mortgage or children’s school fees.
We can help you choose whether you need level, increasing or decreasing cover. Level term cover would allow you to maintain your living standards, increasing cover gives you the peace of mind that the lump sum doesn’t lose value over time as the cost of living rises and decreasing would cover debts or loans you repay monthly.
Choosing the right protection plan can be a big challenge. There are large number of different product types in the market, so how do you know you’ve made the right choice for you and your family?
That’s where we can help, saving you time, effort and unnecessary expenditure. As mortgage & protection brokers, we specialise in finding our customers the
right, affordable protection plans for their individual needs. So, if you’re looking for advice on how to protect your income, your possessions or the roof over your head, then your adviser is only a phone call away and ready to help you.
This is an insurance policy that pays out a lump sum if the policyholder dies or is diagnosed with a terminal illness. If you own your own home, life insurance ensures that your mortgage paid off in the event of your death, leaving the property to a loved one and not leaving behind the debt.
The cost of cover depends on your age when you apply, your current health and your occupation.
For example, an oil rig worker could pay higher premiums than someone who sits behind a desk. In general, the younger you are when taking out life cover the cheaper it is and you can choose a plan where the premiums you pay are fixed for the term of the policy.
You can have an amount of cover that either remains level or reduces in line with a Capital and Repayment mortgage. Those policies that are “decreasing” in terms of cover can be cheaper in terms of monthly premium because the amount of cover you require decreases as the years go by. You would be surprised how small the cost can be for life cover.
If we asked you to name your biggest asset, what would you say? Your house, your car? If you think about it, your house is actually your biggest liability assuming you have a mortgage. Income protection is an everyday essential which works when you can’t. The cover protects your income if you aren’t able to work because of an accident or illness and pays out an ongoing, regular benefit.
The biggest financial risk you are exposed to is being off work for two months or more because of an accident or illness. More than a quarter of the UK would insure their mobile phone yet only 10% have an income protection policy. What happens if you are unable to work because of injury or sickness and your income stops, how will you afford that phone bill, your rent, mortgage and household bills? You want to have the peace of mind that if you become ill, you have the income to maintain your lifestyle.
If you can’t work because of an accident or sickness, the Insurer will pay you money each month to help replace some of your loss in earnings. We can help you decide how long you could wait before you start to receive your payments (known as your ‘waiting period’).
We can base this on savings or how much sick pay you’ll get from your employer. In certain cases the insurance will keep paying out until you can return to work – no matter how long it takes, or you can elect to take a cheaper version where the payments have a time limit, the choice is yours.
Many people overestimate their financial security, the average UK employee only has enough savings to last them 32 days if their income stopped. This opens up many questions such as, how will you maintain your lifestyle? How will you pay your bills? How will you keep up with mortgage or rent payments? How will you continue to provide for your family?
Source: Income Protection, UK Report. February 2017. Mintel Group Ltd. |
YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Financial Conduct Authority does not regulate some forms of buy to lets. There will be a fee for our services, the exact amount will depend on your circumstances and precise details will be given to you on initial enquiry and you will not be expected to proceed until you have had the fee details in writing and have agreed the fee amount.
The guidance and/or information contained within this website is subject to UK regulatory regime and is therefore targeted at consumers based in the UK
JFS Mortgage & Financial Services, a trading style of JFS Mortgage Services Limited is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
JFS Mortgage Services Limited is registered in England and Wales with company number 06528059.
Registered Office: 139 to 143 Union Street, Oldham OL1 1TE.
Part of the HLPartnership Mortgage & Protection Network
