Insurance

When it comes to Mortgage Payment Protection Insurance (MPPI), there are mainly 3 policies to consider: unemployment only, accident and sickness only, and accident, sickness and unemployment.

If you choose unemployment only then the cover is effective if you’re made redundant as long as you are registered as unemployed and actively looking for alternative work.

Accident and sickness cover will protect you for a suspended period of time in case of an accidental injury or long-term illness when you’re not fit to work yourself.

Should you choose to insure yourself for accident, sickness and unemployment, there’s a policy for that too.

This question will depend on your current circumstances and whether you need it. However, this type of cover can provide invaluable reassurance when it comes to making the big decision to own your own home. Mortgage payment protection insurance is there to help with your mortgage repayments until you can return to work or have found new employment.

If you are not quite sure which insurance will suit you best, then contact our team, as there are options available which might mean you don’t need to go for separate insurance coverage.

Life insurance is designed to help your family cope financially in the event that you pass away. It’s there to provide help to your loved ones when they’re unable to rely on your income. The money that they’ll receive can be used to cover funeral costs, clear outstanding debts or cover ongoing expenses.

If you choose the family income benefit option, then your beneficiaries will receive a regular income similar to a wage or salary in the event of your death which can be easier to manage rather than one lump sum. But the life insurance policy may as well pay out a lump sum, should you choose a plan that has that option.

Opting for level term insurance means you can choose the amount of cover you require and how long the policy will run for. The policy will then pay out the amount you are insured for if you die before the end of the term, but it is worth noting that if you die after the term is finished, the account is completed and there is no payout.

Decreasing cover has a decreasing death benefit every year and is typically used to match a mortgage being paid off. It is often purchased in order to clear a specific debt by those who want to make sure their mortgage will be settled after their death. Please note it may not be right for someone with an interest-only mortgage. This is because the capital debt is only repaid at the end of the mortgage.