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.
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:
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 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 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.
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.
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.
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.
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.
Date Last Edited: December 11, 2023