Landlord Insurance INSURANCE FOR
MY PROPERTY Go
It’s never good to think about the end of our lives but if you have family or dependents then having life cover could be essential.
It could be that you have a mortgage that you do not want to leave to family or want to provide a lump sum to cover funeral expenses or inheritance tax. Irrespective of whether you’re employed, self-employed, a contractor or a director, life Insurance is important, and we can help.
There are many ways to hold life insurance – do you choose level, decreasing or even increasing cover over a set term or are you looking for whole of life cover? We will guide you through these, explaining the merits of each so that you are aware of your options and when you have a better idea of what you want, we will then advise you on the best insurer for your needs.
If you have past medical records that may make life cover tricky or have a job that has added risks, speak to us and we will see what choices you have and look to speak to underwriters first so you have a better idea of what may be possible.
Contact Perception Finance today on 020 3031 7805, or complete the box to the side and we will call you.
When getting a mortgage on a property there is always a legal requirement to have buildings insurance. This would definitely be your responsibility if you are buying a freehold property (house or bungalow) but is generally not the case when leasehold (a flat or maisonette).
If you are responsible for buildings insurance your solicitor will let you know. There is no legal requirement to have contents insurance but replacing all your belongings in the event of a fire or break in is costly so is always worth considering.
A home insurance policy will start out as a standard level of cover and then you can opt to add on additional types of cover to suit your needs.
These include full accidental damage cover to buildings and/or contents, personal possessions cover (for items taken outside the home), expensive items worth more than £1,500, home emergency cover and legal expenses. All of these can be explained by your adviser so that you get a quote tailored to your needs.
Whilst having work cover is clearly a good thing, it will be important to properly establish every element of what you have and then determine if there are gaps in the cover that should be filled with personal insurance.
It is common for larger firms to have group income protection and death in service but critical illness cover is rare with a work scheme. The first thing to do is speak to Human Resources and get a breakdown of all the benefits you have got and then we can advise on what else would be useful to run alongside it.
In most cases, if you have a clean medical history the processing times for protection cover can be quite quick with a policy being able to start within one week.
The potential delay to that will be any previous medical condition that could mean the insurer wanting to know more prior to making a decision on the cover. If the insurer needs to write to your GP for more information this can add significant time to the process of getting the cover as your GP has to treat patients first so responding to requests for information can take time.
It will be worth starting the process of applying for cover earlier thereby allowing for the potential processing times rather than leaving yourself without protection.
The most common thing we hear when discussing protection cover is if something happens then the property can just be sold to repay the debt.
Whilst this is always an option it is not always best and in some cases it could be problematic. On death selling a property can take time with all the other legal duties of the estate and the mortgage is still there. This is easily solved with a life insurance policy.
Then there are the situations where an illness or injury strikes. You may not want to sell your home and move in with family. For this reason, taking out income protection and/or critical illness cover is there to avoid having to sell up if you no longer have an income from work or just would not want the stress of an ongoing mortgage.
This is always seen as an option when deciding on whether to take out protection cover but is it a reliable one?
Your family have their own costs of living and taking on your mortgage would be unexpected. If you feel that this is viable we advise you to discuss this with them to ensure they are aware. For the sake of a payment which will be a fraction of what you will be paying to the mortgage lender, you can avoid the need to rely on family or friends to support you in the event of a loss of income and they will be happier with you for that as well.
This varies from insurer to insurer. With a conventional critical illness policy the number of illnesses is between 50-70 with the main ones being cancer, heart attack, stroke and multiple sclerosis.
There is also the option with one insurer to take out a serious illness cover. This differs from critical illness in that it is designed to pay out a percentage of the cover based on the severity of the illness. With this in mind the number of illnesses covered can be over 160 with the most comprehensive level of insurance. We can discuss these with you.
Whichever one you go for it will give much greater peace of mind than just taking out life cover.
With the first of these the policy is designed to pay out on diagnosis of a defined critical illness. If what you have is not in the list of illnesses of the insurer it will not pay out although the cover will stay in force for the future. In most cases these policies are set up to provide a lump sum but they can also give an income instead.
An income protection policy is a regular monthly income in the event of being off work with either an illness or an injury for a prolonged time. You can set the time at which the insurer will start to pay you which can be 4, 13, 26 or 52 weeks (the deferred period). You cannot set this time as less than the time your employer will pay you full salary.
As it does not have a defined list of illnesses, income protection can pay out for more eventualities but only for those things that keep you off for more than the deferred period you have chosen. It will then stop paying you when you can return full time to work.
It is often a good idea to look at taking a combination of both elements of cover to provide a greater spectrum of benefits.