“If a child, a spouse, a life partner or a parent depends on you and your income, you need life insurance”
Insurance
Life Cover
Life cover, which can also be known as life insurance or life assurance, is an insurance policy that provides a lump sum to your family if you should die unexpectedly within a certain time period. For example, if you take out a mortgage of £200,000 over 25 years, you may want life cover to match, so that your family do not have to worry about paying the mortgage should they lose you. You may also wish to make provision for your dependents, especially if they rely on your income.
It is not a nice subject to discuss, but never the less, it is important to be realistic about what would actually happen financially should you die.
I will discuss this with you and we will look at cover you may already have, perhaps through your employer, or you may already have an insurance policy in place. I will then make recommendations to fill in any gaps you have in your current provision.
(Please be aware that by clicking on to the link below you are leaving our website. Please note that Angela Harrison mortgage Services nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page)
Critical Illness
Critical Illness cover, also known as Serious Illness cover, can be taken out as a stand alone policy or included under a Life Cover policy. It pays out a lump sum should you be diagnosed with a critical illness as listed in the policy.
For example, if you had sufficient cover to repay your mortgage this would ease the financial burden for you considerably.
Studies show that you are more likely to suffer from a critical illness, for example, cancer, heart attack or a stroke, than you are to die prematurely. As medical science improves so do our chances of surviving one of these horrible illnesses. However, the financial impact of suffering from a critical illness can be devastating.
I will review this with you and discuss what would happen if you were to suffer from a serious illness and make recommendations to fill any gaps in your provision so that if the worst happens, you can concentrate on getting well again rather than worrying about your finances.
(Please be aware that by clicking on to the link below you are leaving our website. Please note that Angela Harrison mortgage Services nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page)
Income Protection
Income protection is an insurance that protects your income should you be unable to work for a prolonged period of time due to sickness or an accident. You can usually choose a deferred period (for example, three months) before a plan pays out and, should you make a successful claim, it would normally pay out an amount every month until you reach the end of your policy term, you return to work, retire or pass away.
Although your employer may continue to pay you for a period of time, what would happen if you still could not work but your pay had stopped? Could you manage on state benefits such as statutory sick pay?
I will review this with you and check the cover you already have, through your employer or any other plans you may have. I will then make a recommendation to fill any gaps in your provision.
(Please be aware that by clicking on to the link below you are leaving our website. Please note that Angela Harrison mortgage Services nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page)
Buildings & Contents
If you wish to purchase a home using a mortgage, a lender will insist that you have Buildings Insurance, and quite rightly too!
Should you be unfortunate enough to experience the damage a burst pipe can make or your house sets on fire, to name but a few examples, you will likely need to claim on your Buildings Insurance policy.
Buildings Insurance will protect your building but it will not protect the contents of your home. Therefore you will also need a contents insurance policy. Although this is your choice and any lender would not insist on this.
There are many providers that offer this type of cover, and you will at least need your Buildings Insurance in place on exchange of contracts.
(Please be aware that by clicking on to the link below you are leaving our website. Please note that Angela Harrison mortgage Services nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page)