Mortgage Protection Insurance helps to encompass different kinds of cover. This cover is here to limit your financial stress, and help your loved ones from any unexpected circumstances that may occur and leave you financially unstable to keep up mortgage repayments.
Here we have a video for you from Malcolm to discuss the significance of having the correct insurance in place for your situation.
There are variations of Insurance to choose from when it comes to protecting you and your family. Here our dedicated Specialist Mortgage Advisors in Bristol can compare different providers to determine the best policy for your circumstances. The following insurance policies that they might be able to offer you are:
🏠 Life Insurance
🏠Critical Illness Insurance
🏠Income Protection Insurance
🏠Family Income Benefit
For more information, speak with one of our experienced Protection Advisors in Bristol today. Our team will always be available 8am – 10pm. Give us a call or email when you are ready to talk, we are happy to try to answer all of your questions
Life insurance is an insurance policy that minimises your loved ones’ financial impact in the event you or another joint policyholder pass away. Our Mortgage Advisors in Bristol can run through all the different life covers 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. Typically, these will include Stroke, heart attack, certain types and stages of cancer, and more.
Some illnesses will not be covered, for example, certain types of cancers. And 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 important 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 advice is always advised.
In practice, many businesses will offer Life and Critical Illness cover as a combined policy and would usually payout on the “first event,” namely whatever happens first – either death or a severe illness.
Whereas Life and Critical Illness cover pay out a lump sum, Income Protection pays out a monthly sum intended to replace your wages if you are 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 when you apply.
You can combine Life Insurance, Critical Insurance and Income Protection into what’s called a menu plan. The providers give you a discount each time you add a benefit in, which 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 Bristol today.
The least common mortgage protection policies can often be helpful, especially for young households. These plans can be applied to Life and/or Critical Illness Cover.
However, in contrast to the traditional forms of policy, rather than paying out a lump sum, the cover would pay an annual or monthly income for the remainder of the plan’s term. Consequently, it can replace the primary worker’s payment for several years, dependent upon a particular client’s circumstances. This would usually be written on a level or basis or an index-linked basis designed to keep up with inflation.