When you purchase a property, the vast majority of mortgage lenders will insist that you have Buildings Insurance in place to cover the cost of repairing any damage to the structure of your home, including any permanent fixtures and fittings.
However, if you own the property and are living in it, then it is a very good idea to also take out contents insurance. The cost of the items in your property can easily be overlooked or underestimated, but if anything were to happen to them - would you be able to afford to replace them?
A Life Insurance policy would enable you and your loved ones to pay off your existing debts, should something
happen to you.
Level Term Insurance
This cover protects your dependants for a fixed period
and pays out a lump sum, if you die during the policy term. The amount you are covered for is determined
at the start of the plan and does not change.
Decreasing Term Life Insurance
The amount your dependants recieve reduces in line with the balance on your mortgage. Decreasing Term cover is suitable for
those with repayment mortgages, and is generally cheaper than level term mortgage life insurance.
This type of cover offers financial protection to your family if you were to become seriously ill. The cover usually lasts for a set period of time or until you retire.
If, during the term of your policy, you are diagnosed with one of the specific illnesses on a provider’s predetermined list, for example certain types of cancers or strokes, you will receive a tax-free lump sum.
f you were unable to work for a period of time due to an injury or illness, what would you do? Realistically, for how long would any savings you might have last? This type of cover pays out if you cannot work due to an injury or illness, and they normally continue to pay until you get better and retrun to work, retire or die.
