Your mortgage is likely to be one of the biggest financial commitments you will ever make, but what if your financial situation suddenly changed? What if you lost your job, were diagnosed with a long term illness or even died? Have you thought about protecting yourself and your family against these possibilities?
How much insurance is needed will vary for everyone. It is dependent on your own circumstances, needs, requirements and budget.
A full assessment of what insurance will be right for you can be undertaken to ensure peace of mind for you and your family’s future. It may cost as little as £10 per month to meet your needs and in the event of a claim, would be invaluable.
The various protection products offered by Colman Mortgage Consultancy Limited are outlined as follows:
Quite simply this will pay out a lump sum (or annual/monthly figure) in the event of death within a set term. Generally used alongside a mortgage and/or family protection.
The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
This covers two main areas: Critical Illness Cover and Private Medical Insurance.
Critical Illness cover will generally pay out a lump sum benefit upon diagnosis of a specified critical illness although the illnesses covered will vary between providers. This type of plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. The full range of critical illness definitions will be confirmed in the key features and policy document.
Private Medical Insurance will cover the cost of private medical treatment enabling you to avoid potentially long hospital waiting lists.
This includes two main insurances: Accident, Sickness and Unemployment (ASU) and Income Protection.
ASU is a relatively short term benefit (limited to your mortgage payment and financial commitments) payable if you are unable to work due to illness/accident for up to two years or should you be made redundant.
Income Protection is a much longer term benefit that can pay you a regular income until your selected policy end date (which could be retirement) if you are unable to work due to illness/accident. The benefit payable is a % of your income which, whilst not being as much as your monthly earnings, can go a long way to ensure you are able to maintain financial commitments and continue to enjoy life.
Income protection (with no investment link) has no cash in value at any time and will cease at the end of the term. If you stop paying your premiums your cover may end.