The Importance of Insurance

What insurances should I have for my mortgage

Nobody plans to default on their mortgage but the sad fact is that 1,100 homeowner mortgaged properties and 600 buy-to-let mortgaged properties were taken into possession in the fourth quarter of 2017. Even worse, many of those property owners could have kept their homes if they had been given or accepted the correct advice.

 

Continued good work by ethical mortgage advisors has seen repossession rates fall but the figure is still too high and Mortgage Today knows how important it is that every client is given enough information to make the right choice. Your mortgage adviser will consider your personal and financial circumstances, then carefully select the right insurance products from a panel of insurers and take the time to advise and recommend a package that suits you and your budget.

 

If you still think ‘it could not happen to me’, then take a look at the actual statistics, provided by LV in their Risk reality calculator

 

One way to ensure that your family receive the inheritance you want them to have is to use a trust. Ask your adviser about the benefits of using a trust.

Insure yourself and your mortgage

Our Protection Services

Mortgage life insurance
Life Insurance

If the worst happens who wouldn’t want their family taken care of? A lump sum life policy or family income benefit could be the best you can do for your family and it does not have to cost the earth. A skilled advisor can identify the most suitable cover, for you, and explain how it will benefit your family. Whether you want to have the mortgage repaid or ensure that your children can go to university there is a policy to suit

 

As with all insurance policies – conditions and exclusions will apply.

Critical Illness

Often life changing but not always life threatening Critical illness can strike anyone of any age. Whilst policies cover a wide range of conditions cancer remains the most frequent claim. Not surprising when Macmillan cancer support tell us that by 2020 1 in 2 people will get cancer in their lifetime, which is why Mortgage Today has a deserving cancer charity among the charities it supports.

 

Most of us know someone who has had their life turned upside down by illness or injury, which often affects a whole family, emotionally and financially. Insurance can’t prevent you getting ill but it can provide the financial security to allow you to focus on getting better.

 

As with all insurance policies – conditions and exclusions will apply.

Critical illness insurance
Millions of Britons are putting themselves at risk Self-employed income protection. Accident and sickness insurance advice
Income Protection

Mortgage Today can choose from a selection of covers, including 5 star Defaqto rated policies, which can be seen as the foundation of any protection planning. Income Protection pays a monthly benefit, if you are unable to work due to illness or injury. No matter the cause of your incapacity if you are not able to work then your policy should cover you, your experienced mortgage advisor will design a policy package to suit your needs, even taking into account any benefit your employer might pay. You do not need things to be complicated, you just want them to be right. Ask your Mortgage Today adviser for more details.

 

As with all insurance policies – conditions and exclusions will apply.

Mortgage payment protection

Designed as a stand-alone insurance a mortgage payment protection can, sometimes, be used in place of income protection or on conjunction with it to provide a monthly income, to help you meet your mortgage payments, and more. Cover can include unemployment protection, accident and sickness. Your Mortgage Today adviser will recommend this if it is the most suitable insurance.

 

As with all insurance policies – conditions and exclusions will apply.

mortgage payment insurance
Do I have to have to have building and contents insurance
Building and Contents cover

If you are taking a mortgage then the lender will insist that you have a building insurance in place, to protect their investment, they are not fools! The big banks know how important it is to insure what is valuable. Like car insurance you can earn discounts for ‘no claims’ this ‘no claims’ can be taken to a new insurance company too. Building and contents cover can be more complicated than it seems, with clauses like ‘trace and access’ and ‘personal possessions’. If you take your contents out of your home are they covered? Is your garden furniture? And what about the contents of your shed? Mortgage Today can answer all of these questions and many more.

 

As with all insurance policies – conditions and exclusions will apply.

Your home may be repossessed if you do not keep up repayments on your mortgage.