Are you already on your mortgage journey or just about to start and wondering how to protect your biggest financial commitment? You insure your car, so why not insure your home and your ability to keep pay your mortgage?
Whether you’re self-employed, employed, a director, or otherwise, it’s crucial to have your finances protected in case life takes an unexpected turn, like an illness, job loss, or worse. These situations can make it difficult to keep up with mortgage payments and secure your home.
At Trusted Mortgage and Financial Solutions, we’re here to walk you through the protection options that go hand-in-hand with your mortgage. We’ll provide clear advice and guidance to help you make an informed decision, ensuring you choose the right protection for yourself and your loved ones. And even if you didn’t arrange your mortgage through us, we’re more than happy to help!
Life Insurance
Life Assurance/Life Cover is the basic and usually cheapest form of life insurance. It covers the insured for a specified period, guaranteeing a lump sum payment to loved ones in the event of their death, providing them with the financial means to continue living.
Critical Illness Cover
Another product in this range, is Critical Illness Cover. Simply put, this means that if you were to become too ill to work and no longer able to earn a living, then you would have peace-of-mind, knowing you and your loved ones were looked after. If during the policy, you’re diagnosed with a specific illness or medical condition, then you will receive a tax free lump sum. The policy covers between 40 and 180 common illnesses, including cancer, heart attack, stroke, organ transplant, kidney failure and multiple sclerosis . This way, you’re able to focus on your recovery and not worry about any unnecessary financial pressures. Some policies also cover for terminal illnesses to, so if diagnosed with a terminal illness, you may be able to receive your insurance pay out before you die.
Income Protection
Income protection means exactly that. Whether you have a mortgage or not, you can have income protection. Especially good if you have a family reliant upon your income. It’s a great way to protect your family should you be unable to work for any reason, through sickness or injury. Income Protection, can help to replace loss of earnings over various time periods (for example, 1, 2, 5 years or until you receive a private pension). Income protection is a proportion of your income, normally 50% – 70%. A free consultation will help you find out more, and the insurance will allow you to focus on your recovery without worrying about finances.
Accident, Sickness and Unemployment Cover
If you’re aware that you’re not going to be able to work for 12 months, due to involuntary redundancy or a through accident or sickness, then an ASU (accident, sickness and unemployment) policy could be just the ticket. It is a short-term income protection policy which replaces your income for up to 12 months. ASU isn’t tied to your mortgage in any way, it’s a way of paying you a portion of your previous salary each month, which you can spend as you wish.
For People Over 50
The “50+” policy is a lifetime insurance for people aged 50-80, which does not require a health assessment. It is an ideal option for people with health problems, as well as for young people who want to insure their parents or grandparents in the UK.
Thanks to the wide range of offers, we can choose the best insurance option on the market.
Accident Insurance
Life is unpredictable and accidents can happen unexpectedly, affecting your health, the safety of your loved ones and your financial situation. Standard Accident Insurance offers basic cover and is available to people aged 18 – 65th birthday and can continue cover up until your 75th birthday regardless of your health. It is a great value addition to a comprehensive insurance package, with monthly premiums starting from just a few pounds.
But do bear in mind, you must always pay your premiums otherwise you will no longer be covered.