About our Mortgage Insurances.


Life Insurance



Insuring your life, income and property is all about peace of mind: mortgage life cover ensures that, in the event of your death during the mortgage term, your mortgage will be covered with a tax free lump sum. This safeguards your dependants or partner from having to pay off your debt. Having a comprehensive life assurance policy gives you the assurance that should you meet an untimely end, your family/children will at least receive some kind of financial compensation.

Life cover can be taken on a decreasing or level basis, to cover repayment mortgages or interest only mortgages respectively. A level life cover is designed to pay out the same amount throughout the term of the policy whereas with a decreasing policy the level of cover reduces year on year. Generally decreasing policies are less expensive.



Mortgage related Life Insurance:



Level Term - Premiums and life cover remain level throughout the policy.

Mortgage Protection - This is a form of decreasing term assurance. The premium remains constant but the life cover gradually reduces each year. Normally used to protect a capital and interest (repayment) mortgage.

Family Income Benefit - These are used to pay a monthly or yearly income in the event of death. Commonly used to provide a widow/er with income to ensure dependent children can be adequately provided for. Slightly cheaper than level term assurance cover.

Renewable Term - This plan will allow you to continue cover for a period of time after the initial expiry date. Upon renewal, premiums are calculated on the life individual assured current age but irrespective of health.

Convertible Term - This policy allows you to convert to another type of plan with the same insurance company. i.e. whole of life or endowment.



Further types of Mortgage related Insurance:



Critical Illness Cover - Increasing people are becoming more aware of the value of having critical illness cover in place. Unlike life cover, this benefit pays out once you have been diagnosed with one of the specified illnesses as listed in the policy.

Buildings Insurance - Protects your house, the bricks and mortar against insured risks such as fire flood subsidence earthquake etc.

Contents Insurance - Protects your personal possessions and furniture against issues such as accidental damage, burglary and loss.

Accident Sickness and Unemployment Cover (ASU) - is protection that is intended to cover your mortgage payment and associated insurances, against accident sickness and redundancy. ASU will only pay out for a specific period of time - normally 12 or 24 months.

 

Please use either our contact page or telephone us to discuss insurance and what benefits your personal needs.