Life, Home & Building’s Insurance
Reasons for taking out life insurance
Life insurance isn’t something that we generally like to think or talk about, but as we grow older, get married and build families, we come to appreciate that having adequate life insurance is often a fundamental part of having a sound financial plan.
Providing your family with adequate protection need not cost the earth, which means there’s no excuse to why you can’t get covered now!
It may seem like an unnecessary expense, but there are a number of reasons why having life insurance is important, some of which are listed below:
If your family depend on your financial support for their livelihood, then life insurance is often a must. This is particularly important if you have young children or if your partner would find it difficult to manage financially if they were to lose the source of income provided by you.
We all want the best for our children and like most parents, you will want to know that your children would be well taken care of if you were no longer here. Unfortunately the money they would get from the state would be much lower than you’d probably expect.
If you want to ensure that your family are provided for financially if you were gone, then you should consider taking out life insurance.
No amount of money can ever replace a person but it makes sense to protect the things that matter to you and your family.
Making sure that you are fully covered provides you with peace of mind knowing that you and your family will be able to cope if disaster were to strike.
Without a doubt, having adequate life insurance in place will mean that you won’t need to worry about your family being taken care of, if you were to die prematurely.
In addition to providing insurance to cover immediate expenses, like your mortgage and funeral expenses, your family may need income to cover other debts such as personal loans and credit card balances.
You don’t want to leave your debts behind for your family to deal with. In addition to the emotional burden they’re already suffering, having to deal with the burden of debts and worries about finances is the last thing needed by those left behind.
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Our Fees
Our mortgage advice service is completely free unless your loan amount is below £100,000 or your application involves debt consolidation, where a fee of £235 would be charged for arranging your mortgage.
This fee becomes payable once the mortgage offer has been issued by the proposed lender.
Should a fee apply, we will explain what you will be charged prior to proceeding with your application.
We will receive a procuration fee (commission) paid by the lender when your mortgage is completed. This amount will be confirmed by the lender in their illustration document.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
The Mortgage Advice Service can help point you in the right direction, providing you with friendly, professional and confidential advice when you need it most.
Home Insurance
Following the completion of your purchase, it’s important that you take out insurance to protect both yourself and your home.
There are two types of home insurance, Buildings Insurance and Contents Insurance.
Buildings Insurance
Buildings insurance is designed to cover the structure of your home from such events as fire, flood and subsidence. While buildings insurance is not compulsory, if you have a mortgage, it is likely to be one of the conditions imposed by your lender.
Because you become responsible for the property as soon as you buy it, it is essential that you ensure you have buildings insurance in place from the exchange of contracts to protect you should your home be damaged or destroyed through no fault of your own.
Contents Insurance
Contents insurance is designed to cover the cost of replacing the possessions in your home should they be damaged, destroyed or stolen. Taking out home contents insurance is entirely optional, but you should consider whether you could afford to replace your possessions if they were stolen, or destroyed in a fire.
Contents insurance generally covers possessions you’d take with you when moving house, or anything that isn’t a fixed feature of your home, and provides cover against a range of events which would usually include theft, fire and water damage.
Contents insurance can be taken out on either a new for old basis (for most household items) or on an indemnity cover basis which takes into account the cost of wear and tear when the item is being replaced. The cost for indemnity cover is lower than new for old cover as you would only receive a portion of the cost of replacing your items when making a claim.
