Although insurance policies are not now specified
as a condition of most modern mortgage contracts, there are various
types of protection insurance that should be considered for both
personal and family protection. Being independent we have agencies
with most uk insurers so can obtain quotations from all. Some different
types of policy that could be appropriate include:
•)
Life Insurance
•)
Normally pays out a lump sum if you die
or are diagnosed with a
•) terminal
illness, can be based on level or
decreasing (mortgage
•)
protection) benefit and is commonly arranged to repay the mortgage
•)
should the worst happen.
•)
Critical Illness Cover
•) Normally
pays out a lump sum if you are diagnosed with a specified
•)
critical illness - the most common claims are for heart attack,
stroke
•)
or cancer; but cover also includes such things as permanent disability
•)
and loss of sight or hearing. This
cover can also be combined with Life
•)
cover into a single policy.
•)
Permanent Health Insurance (Income
Protection)
•) Permanent
Health Insurance (PHI) is designed to produce an income
•)
for people unable to work due to
ill health or accident, commonly until
•)
retirement age.
•)
Mortgage Payment Protection Insurance
(Accident, Sickness
•) and
Unemployment)
•) Mortgage
Payment Protection Insurance (MPPI) is similar to PHI in that
•)
it will pay an income for people
unable to work due to ill health or
•)
accident, but the benefit payment
period is limited to 12 months
•)
(although a few policies will now
pay out for up to 24 months).
•)
Unemployment benefit can also be
covered in this type of policy,
•)
so it will also provide an income for the same period if you are
•)
made redundant.
David Wall (a director of
Wall 2 Wall Finance) is also a group partner of a firm of Independent
Financial Advisers, through whom he is able to also advise on the
following:
•)
Pensions
•) Personal
plans, Transfers, SIPPS, Group Pension schemes and SSASs
•)
Investments and savings
•) ISAs,
Investment Bonds, OEICs, Unit Trusts
•)
Inheritance Tax planning
•) Eradicating
potential tax bills through trusts and insurances
•)
Business planning
•) Including
partnership protection, key person insurance and
•) employee
benefits.
|
