Making Mortgages Easy For You

Insurance

We all know that taking out a mortgage is likely to be the biggest financial commitment we’ll ever make in our lives. That’s why it’s important to plan for the unforeseen and ensure you have the right protection in place to give you and your loved ones peace of mind.

Our Insurance Features

Our no-nonsense insurance advice will help you safeguard your loved ones for any unforseeable events.

Minimal documentation

Clear, simple documentation for all insurance claims

Flexible Payments

Flexible payments suited for each type of claim

Maximum Payout

Maximise your type of benefit paid suited for you.

Life Assurance

Covers you against: Death or terminal illness

  • Life insurance provides a lump sum, paid tax free, to your dependents in the event of your death.
  • Decreasing Term Assurance: again this policy pays out a cash lump sum in the event of death, but the amount of money paid out decreases over time.
  • Level Term Assurance: this type of policy is where the amount of cover, which is also known as the ‘sum assured’, remains at the same level thorough the length of the policy.

Critical Illness Cover

Covers you against: Critical illness

  • Critical illness insurance provides you with a tax free cash sum in the event you are diagnosed with one of a list of common defined critical illnesses.
  • The cash sum you receive can be used however you like, but is designed to take the financial burden off you during a difficult period in your life.
  • Critical illness, like life insurance, can be a fixed lump sum or can decrease in line with your mortgage.
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Family Income Protection

Covers you against: Death or critical or terminal illness

  • Family Income Benefit pays out in the event of death, but instead of a one-off lump sum of cash, it pays a regular, tax-free income until the end of the policy term.
  • This can be a suitable option for people who would rather that their dependents receive a regular income, rather than a one-off lump sum.

Income Protection

Covers you against: Illness or injury

  • In the event of an accident or sickness income protection insurance pays out a monthly income to cover a proportion of your salary.
  • You decide at the outset how many months before the policy will pay out (the deferment period) and how long it will continue to pay (the benefit period).
  • This can be until you are either well enough to return to work, you reach retirement age or the policy term ends.
  • Income protection insurance provides you with the peace of mind of a regular on-going income that can help you maintain your lifestyle should you fall ill or have an accident and are unable to work.

Home Protection

Covers you against: The building & everything inside

  • Buildings insurance covers the building itself and most lenders will insist that you take out this policy before they will lend you a mortgage.
  • Buildings insurance will cover you should you have a problem with the structure of the building itself, such as the roof, walls or windows. It should also pay out if your home is affected by a fire, flood, burst pipes or subsidence along with many other things that affect the structure of the building itself.
  • Contents insurance will also cover all items in your house in the event such a burglary, but also events that may cause damage, such as fire or a water leak.
  • It will also cover jewellery and most policies will enable you to insure individual valuable items that you take out of the house, such as rings, ipods or computers for a small extra charge.

Common Questions

As always, this depends on your individual circumstances and goals. For example, if you are taking out the policy to ensure your home is protected, you clearly need to have a policy big enough to pay off your mortgage.

However, critical illness payments are often used to convert people’s homes after a serious illness, e.g. the addition of a stair lift, wider doors or a downstairs toilet for ease of access.

As always, if you are unsure in any way, seek the help of an experienced adviser.

This depends on your individual circumstances, in particular whether you can afford a long ‘deferred’ period, e.g. one year. Often, this will depend on the amount of time your employer will support you when you are off work. Be sure to discuss this with an experienced broker, as you don’t want to be caught short.

It’s vital to review your life cover on a regular basis, but certainly when there are major changes to your life, such as the birth of a child, a marriage, a new job or home.

The premiums for life assurance policies vary according to your personal circumstances, for example, age, medical history and your goals.

Your choice of life assurance company can also affect premium levels: some will naturally be more competitive than others. Speak to an experienced mortgage adviser to ensure you are getting the best rate.

Your first consideration should be the level of insurance cover required. Ask yourself questions such as: how much money do I need to pay off all my debts? How much money do my dependents require to live the same lifestyle that they currently enjoy?

Once you have decided on the level of cover, you then must decide on the type of insurance required. Do you want a policy that pays out a lump sum or one that provides a regular income? Do you want to pay a little more and use your policy as a savings plan? Do you even want a plan that pays out irrespective of whether you die during the lifetime of the policy?

Once this has been established, you are in a position to compare the premiums required by the various life assurance companies. However, you should always read the terms of the policy to check any restrictions or exclusions contained within it, such as death caused by undertaking a hazardous pursuit.

The life assurance company must decide if you are an acceptable risk. If you, or any members of your family, have a history of illness, they will want to check on your general state of health before deciding what premiums to charge for the insurance cover you require.

In most cases, life assurance companies are able to offer terms without the need for you to undergo a medical, although they do have the right to request an examination if they feel it is necessary.

However, just because they request a medical does not necessarily mean they are going to charge you higher premiums.

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