Income Protection
Last year figures came to light showing that over 12 million consumers had never switched any of the 20 most common financial products.
These include car insurance, home insurance, their energy provider, credit card and mortgage lender.
13.8% of consumers had never switched their home insurer. As the UK Insurance Index said:
This is interestingly juxtaposed to the fact that 81 per cent of Brits are hoping to save money this year with 22 per cent citing bills and the rising cost of living as their biggest financial worry.
With another year well under way, now is the time to get in touch with us at Limetree Financial Services to assist you and take all the stress and hard work out of shopping around for mortgages and insurance.
We are whole of market for both and have a panel of 40+ insurers who can underwrite the most simplest or complex of policies for you. These include non-standard construction types, specialist landlords or just your basic home insurance, which can be tailored specifically for your requirements.
With all the financial news of further doom and gloom this year, let us help save you money and time.
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The cost of life assurance depends on two factors:
- How much cover do you want?
- How long you want it for?
Then you age, sex, occupation, health and smoking habits are taken into consideration. The other issue affecting life insurance premiums is your medical history and current state of health.
Mortgages
How much mortgage cover do I need & for how long?
You need to cover the amount of the outstanding debt, up until the debt is paid off.
What type of cover do I need?
Is your mortgage a repayment one? If so, you need a Decreasing Term Assurance policy.
Or is it an interest-Only mortgage, in this case you need a Level Term Assurance policy.
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A common concern when talking about various life insurance scenarios is whether the insurance company will pay out on the claim. The answer is pretty straight forward for life assurance, but confusion can arise with so many different types of other insurance available and an array of different qualifying criteria.
However, recent research published by Moneyfacts looking at Critical Illness cover reveals that such concerns may be increasingly unfounded. In their findings they state that the total number of claims that did not get paid due to non-disclosure (this is when someone fails to disclose a material fact, such as, a previous illness or a underlying medical condition) has dropped to less than 2%, and the average payout has increased to 90.5% of all monetary claims made. This has increased significantly from 2008 when the figure was closer to 75%.
In summary, life insurance companies are paying out more claims, but when you fill in any application the best advice is for full disclosure, noting any previous medical issues no matter how small they were. Only then will you have 100% peace of mind.
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Rather morbidly any conversation with a Mortgage Broker usually involves a question about whether you need life assurance to protect your mortgage in the event of death. However, in reality, the chance of a client actually dying during a mortgage term is small – they are in fact much more likely to suffer illness, accident or even a period of unemployment.
In light of the above, it is therefore these types of incident that should also be protected against rather than just dealing with the question of death. Whether this is for short-term cover for a maximum period of 12 months or if you require cover right up to retirement age there are policies that can be tailored to each client’s specific needs. There are even life insurance policies available that will reduce the monthly premium if you are a gym member and can evidence the maintaining of a level of fitness going forward.
If you would like to know more about such policies please contact me.
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This is only a brief summary. For the full guide click below.
Download the full Insurance Guide
Some insurance is a legal requirement when you get a mortgage. Some is just strongly advised. We can help you find the following:
Building and contents insurance
- Buildings insurance – to cover damage to your property
- Contents insurance – to cover the contents of your property
Life insurance
- Level term life assurance – pays out a set amount if you die
- Mortgage decreasing life insurance – pays off your remaining mortgage if you die
- Critical illness cover – covers the event of serious illness
- Income protection insurance – covers no longer being able to earn an income
Investment plans
People with interest-only mortgages invest money so that they can pay off the capital of the mortgage when it matures. Examples of investment plans:
- Endowments
- Personal pension plans
- Individual savings plans
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