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Insurance

Buying a home is one of the biggest purchases we will make in our lives. It is a requirement of your mortgage lender that you have a suitable buildings insurance policy in place before contracts are exchanged on your purchase. Even though this is compulsory for your mortgage lender, without these policies, it would be your responsibility to pay for any damage and repairs to the building, or even to rebuild the property should it become necessary.

As with all insurance policies, conditions and exclusions will apply.

In addition to this, you will most likely have your own possessions in the home that would need to be replaced, should they be lost, stolen or damaged in your property.

What would the cost be to rebuild your home in the event that it was burned down due to a fire? Additionally what would it cost to replace all of your contents in the property? Most of us would not have enough money to cover these losses ourselves, which highlights the importance of protecting your home and possessions.

It is equally important to have a reputable insurance company so that you can be sure they will pay out, should you need to make a claim.

Whether you are looking to protect your mortgage or leave something behind for your loved ones we can help to source the right policy to suit your needs. It is paramount that you consider how your family might cope financially if you were
to die.

There are many different types of life insurance such as decreasing term, level term, family income benefit and whole of life. We would highly recommend that you seek expert advice in this area and speak to one of our qualified advisors to ascertain what is best for you. There are many considerations to make such as writing the policy into trust for good inheritance tax planning and whether the policy should have reviewable or guaranteed premiums.

Consider the impact to you or your family should you pass away or lose your partner? Who would be left behind? How would they pay the mortgage without your income?

Critical illness cover is a type of protection to cover specific illnesses. Should the worst happen, it will provide a tax-free ‘lump sum’ on diagnosis of a specific medical condition. This can be used to help pay for your mortgage, the cost of living or even pay for alterations to your home such as wheelchair access should you need it.

Critical illness cover should be considered especially if you do not have adequate savings to tide you over in the event of becoming seriously ill. Insurers will generally cover between 37 and 166 specified illnesses and therefore choosing the right policy should be taken lightly.

Although some employers may provide sickness pay for various amounts of time, these do not last forever. So if you were unable to work for a prolonged period of time or even for the rest of your life, how would you be able to pay for your mortgage, food, council tax, electricity and gas?

If you looked at your bank statements, how soon after your salary has come in does your available balance reduce significantly, or even reach zero? So if that salary disappeared, how would you cope with all of your essential monthly expenditure?

Family Income Benefit, Whole of Life Cover and Accident, Sickness and Unemployment cover are among some of the other policies that can be arranged on your behalf.

No one set of circumstances are the same as another persons. Protection for a family will inevitably differ to that of someone living on their own with no dependents. Or maybe you have limited employer sick pay and want to make sure you have an income if you fall ill long term. Finding the right balance with protection is hard enough, and that’s without the headache of approaching insurers directly yourself.

Why not discuss all of the options and costs with one of our trained, qualified and experienced protection advisers who can guide you down the winding road of protection. With their help, you can find cover that is not only suitable and appropriate but affordable and reliable moving forward.

After a careful analysis of your current cover and your needs moving forward, our consultants will discuss all levels of cover with you to make sure you have a package tailored to suit your needs, circumstances and requirements.

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