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When do you think you will need life cover? Life cover is not a pleasant thing to think about but if you do nothing about it and something happens to you the consequence for your family may be disastrous. There are many different protection policies available, all designed to protect family or dependants and ensure there are funds available to repay the mortgage or any outstanding loans should the unthinkable happen and you were not around. Even if you already have a life assurance policy in force, it makes good sense to constantly review the cover you already have. Chances are you may not have enough life cover if your personal circumstances have changed or you may be paying too much.
These plans have no ‘cash in’ value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Building & Contents
For most of us our house and its contents represent the majority of our assets. The correct insurance is essential to safeguard the investment you have in your building and the contents within.
In the current financial climate it makes sense to protect your income and lifestyle. This policy is non mortgage related, is not based on salary you just have to be working more than 16 hours a week and have been with your employer for more than 6 months.
Mortgage Protection Insurance, otherwise known as ASU or Accident, Sickness & Unemployment insurance is not compulsory but anyone with a mortgage should consider having this protection. Specifically designed to protect your mortgage and associated insurances monthly payments in the event of you becoming unemployed or being unable to work due to sickness or an accident.
Mortgage Payment Protection Insurance is optional. There are other providers of Mortgage Payment Protection Insurance and other products designed to protect you against loss of income. For professional information about insurance, please visit the website at: www.moneyadviceservice.org.uk/yourmoney.
Other types of mortgages are available such as Variable, Cashback, Capped, Collared & LIBOR.