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Life Insurance Advice in Manchester

What is mortgage life insurance?  

Life insurance helps protect those you love if you die before you paid off all your mortgage payments. It will provide them with a lump sum to pay the remaining balance and have one less financial strain in an already difficult time. 

Here Malcolm has compiled a video to talk to you about the significance of having the correct insurance in place for your situation.   

What Insurance is Right for you? | MoneymanTV

Dedicated Protection Specialist  

If you are looking for life insurance advice in Manchester, please get in touch to speak to a Life Insurance Specialist in Manchester. We give all/existing customers a free, no-obligation protection review that can often be arranged on the same day.  

During this consultation, you’ll get teamed up with one of our Specialist Mortgage Advisors in Manchester.  

They will look at any existing policies you have in place and assess their suitability, then recommend you with the best insurance policy that matches your circumstances and meets your monthly budget.   

Different types of insurance cover  

🏠 Death in Service  
🏠 Family Income Benefit 
🏠 Joint Life Insurance  
🏠 Term Assurance  
🏠 The whole of Life Insurance 

Death in Service  

Many companies offer their employees family a lump sum payment if the staff member dies while the firm employs them; you have to be on the payroll at the time of death to qualify for a payment, and this cover will most likely end as soon as you leave the company. 
 

Family Income Benefit 

Family income benefit designed to help pay a regular income if you die. An alternative to level term insurance, family income benefit aims to replace lost income if the person insured dies. 

Joint Life Insurance  

Joint Mortgage Life Insurance is a type of Life Assurance designed to repay a mortgage loan should one partner pass away. It can be cheaper than paying the premiums on two separate policies, but bear in mind that joint policies only payout on the first death. After that, the cover ends.  
 

Term Assurance  

Term Assurance is life insurance where the sum assured under the policy only gets paid out if death occurs within a specified term so that in the event of death before the end of the mortgage, the capital balance outstanding can get repaid. 

The whole of Life Insurance 

The whole of life insurance is a policy that helps ensure your family get a payout when you pass. Unlike term life insurance, which has a policy end date, whole of life insurance only ends when you pass away.  

Is life insurance important when taking our mortgage?  

You don’t have to take out life insurance for a mortgage; it’s not a legal requirement. But some providers might want you to have a policy in place as a condition of their mortgage offer. 

Should I get critical illness cover with mortgage life insurance? 

If you fall ill and are unable to work, critical illness cover provides a lump-sum payment that can pay off your mortgage or pay towards it. 

If you’d like that extra security, critical illness insurance is available either as a policy addition or in combination with your existing mortgage life insurance policy. 

Why Mortgage Protection Insurance is Essential to Have in Manchester

Insurance Advice in Manchester

Mortgage Protection Insurance is an umbrella term used to explain different kinds of cover available to customers who have taken out a mortgage. This cover got designed to reduce financial concerns for both you and your loved ones, in the event of any unforeseen circumstances that may occur whilst the mortgage process is active.

Here Malcolm has recorded a video to speak to you about the importance of having the correct insurance in place for your situation.

What Insurance is Right for you? | MoneymanTV

The central message here is due to the coronavirus pandemic; the importance of health and getting insurance is now greater than ever. There are differences in insurance to choose from when it comes to safeguarding you and your family.

Here at Manchestermoneyman, we will be able to compare lots of providers to help find you the best policy for your circumstances. The following insurance policies that we can offer to you are:

  • Life Insurance
  • Critical Illness Insurance
  • Income Protection Insurance
  • Menu Plan
  • Family Income Benefit

For further clarification, get in touch and speak with one of our knowledgeable Mortgage and Protection Advisors in Manchester today. Our team will always be at the other end of the phone or email when you need to discuss.

Life Insurance Cover

Life insurance is an insurance policy that reduces the financial impact on your loved ones in the event you or another joint policyholder pass away. Our Mortgage Advisors in Manchester can run through all the different types of Life cover accessible to you and advise the most suitable plan for you.

Critical Illness Insurance

Critical illness cover is an insurance policy that covers serious illnesses detailed within a policy. Usually, these will include Stroke, heart attack, certain types and stages of cancer, and more. However, you are unlikely to be covered for pre-existing health issues you knew you had before taking out the insurance. As mentioned, the specific illnesses covered and not covered will be detailed in your policy.

The most significant thing is that the benefit gets paid if you fall victim to one of several specified critical illnesses and pays out whatever the long-term prognosis of that illness. The type of conditions covered vary from company to company; that’s why this type of insurance cannot be solely price-driven, and seeking Specialist Mortgage Advice in Manchester is recommended.

In practice many businesses will offer Life and Critical Illness Critical cover as a combined policy and would usually payout on the “first event,” namely whatever happens first – either death or a severe illness – the payout is made. They could also get written on a single or joint life basis.

Income Protection

Whereas Life and Critical Illness cover pay out a lump sum, Income Protection pays out a monthly sum intended to replace your wages in the event of you being unfit to work. In contrast to the Critical Illness cover, there are no limitations on the illnesses or injuries covered, the only factor being whether they make you unfit to work.

There are, however, restrictions on how much you can cover and how quickly benefits would start to get paid. Such As Life and Critical Illness cover, these policies are underwritten based on your health and lifestyle at the time you apply. All income protection policies get written on a single life basis.

Menu Plan

You can also combine Life Insurance, Critical Insurance, and Income Protection, into what’s called a menu plan. The providers do give you a discount each time you add a benefit in, and that can be a cost-effective way of taking cover.

With a Menu Plan, you can mix and match a range of cover and benefits to tailor a plan that suits your needs and budgets. We strongly advise all our customers should the worst happen, least you have covered yourself and your family, to find out more speak to one of our mortgage Advisors in Manchester today.

Family Income Benefit

The least common of the mortgage protection policies but can often be useful – especially for those with young households. These plans can get taken to Life and/or Critical Illness Cover, and get underwritten on the application in the same way.

However, in contrast to the traditional forms of policy, rather than pay out a lump sum, the cover would pay an annual or monthly income for the remainder of the term of the plan. Consequently, it can replace the payment of the primary worker for several years, dependent upon a particular client’s circumstances and, because of this would usually be written on a level or basis, or an index-linked basis designed to keep up with inflation.

Get in Touch with a Mortgage Advisor in Manchester Today

Many people have one or more of the different types of policy, and it would be wrong to think of Mortgage Protection Insurance as just an “either/or” choice. However, affordability plays a massive part, whilst it would be fantastic to cover yourself for every potential opportunity.

Our Mortgage Advisors in Manchester are here to discuss with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget. To find out more, give us a call or fill out our enquiry form to speak with one of our Dedicated Protection Specialists Advisors in Manchester today.

Income Protection Insurance Advice in Manchester

Insurance Advice in Manchester

Income Protection Insurance is designed to pay out a monthly benefit if you are unable to work due to illness or accident. The applicant can decide along with the help of their Advisor how much cover to take out. Also how long they are prepared to wait before they are entitled to put a claim in.

Income Protection insurance can be expensive when comparing it to life cover. This is because you are far more likely to be unable to work due to illness than die. However, the payment of monthly benefit will continue to until you return to work. That is unless you have selected the “Budget” version of the policy. This typically only pays out for 24 months but is much cheaper.

The big advantage of Income Protection Insurance is that unlike Critical Illness Cover it pays out for whatever is preventing you from working. Unlike Critical Illness which is just a list of specified illnesses.

This type of policy is very popular amongst the self-employed. It can also appeal to employed applicants who do not benefit from generous Employer sick pay schemes.

Our Income Protection Insurance Advice Service

It is important to us that all of our customers are given an equal opportunity to take insurance through ourselves.  We wouldn’t be doing our job right if we didn’t mention it! 

We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability.  We’ll then recommend which products, including critical illness and income protection that meet your needs.  If required, we’ll then tailor the plan to match your available monthly budget. 

Providing Income Protection Insurance Advice in Manchester & Surrounding Areas

Critical Illness Insurance | Mortgage Advice in Manchester

What is critical illness insurance?

Critical Illness Insurance pays out a lump sum if you are diagnosed with one of the conditions on the policy such as Cancer, Heart Attack or Stroke. Sometimes Insurers receive criticism for declining claims when someone is very ill but with an illness not covered on their policy but most major providers actually payout over 90% of claims.

If claims are denied it can also be because the claimant did not disclose an underlying medical condition they have when they took the policy out.

In the event of a claim the lump sum is paid out irrespective of whether the claimant returns to work or not, the key thing is whether the illness they had matched the definition on their policy. 

The claimant can use the lump sum they receive for any purpose they wish. Be this to repay their mortgage, pay for medical care or make modifications to their home.

Different insurers cover different illnesses on their policies and it’s wise to take advice prior to selecting a policy. This will ensure that you end up with one that is suitable for your needs. Critical Illness Insurance is much more expensive than life cover because the chances of you making a claim are far higher.

Your chances of surviving the types of conditions covered are far higher than they were 30 years ago. However, if you are unfortunate enough to contract one of them then there are often financial consequences. Hence the popularity of the cover, especially for applicants who have mortgages or children to think about.

Our Critical Illness Insurance Advice Service

It’s very important to us that all of our customers are given an equal opportunity to take insurance our through ourselves. We wouldn’t be doing our job right if we didn’t mention it!  

We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability.  We’ll then recommend which products, including critical illness and income protection that meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.  

Providing Critical Illness Insurance Advice in Manchester & Surrounding Areas

Mortgage Advice in Manchester

Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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© 2021 Manchestermoneyman

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