Along with different mortgage types, there are also varying types of insurance policies available as protection for your mortgage. Insuring yourself against possible accidents or illnesses ensures that you do not leave your family lumbered with repayments if you are not around.
Decreasing Term Assurance Plans provide life cover which decreases roughly in line with the reduction of your outstanding mortgage. Whilst you might expect the mortgage to be repaid in the event of your death, in some cases the lump sum is not enough to repay the mortgage in full. However, these types of insurance plan means that you do not have to pay for more protection than you actually require.
Level Term Assurance Plans are simple, low cost arrangements that provide life cover for the agreed lump sum, during the agreed term.
Critical Illness Cover:
Many of us take out insurance for our mortgages in case we die, but few of us cover against if we suffered critical illness or disability.
Critical Illness cover is designed carefully to provide a lump sum on death or diagnosis of any critical condition as defined under the terms of the policy. This means that money will be available at a time when a critical condition or disability may affect your financial position or ability to earn.
Income Protection Benefit provides a monthly benefit should you be unable to work due to incapacity caused by accident or illness, resulting in a loss of earnings. This allows you a degree of financial stability until you recover and return to work, no longer suffer a loss of earnings, in the event of your death or until the policy expires.
The level of weekly benefit proposed for Income Protection policy is based around your current earned income. The amount that might actually be paid in the event of claim is affected by two things. Firstly, the amount of any increase in income and secondly, your entitlement to the Incapacity Benefit paid by the State
Buildings and Contents Protection:
Our buildings and content protection is designed to cover your home and the possessions within it for almost any eventuality.
The insurance of the property against major damage such as fire and other risks will normally be a condition of your mortgage lender. In addition to your bricks and mortar, the contents on your house are extremely valuable and this type of protection ensures that, in case of any accident, you are not left paying the price for your uninsured contents.
"Putting your family home on the market is a terrifying prospect for most people and we hadn’t done it for 36 years. John Hooper visited us quickly and was encouraging and optimistic. We judged him to be the best of the agents we consulted. He prompted us sensitively and courteously through what we had to do, putting us in touch with an excellent solicitor and other services as we needed them. He constantly reminded me that I was the customer and had choices, whilst at the same time offering good advice at precisely the right moments, without ever making me feel pressurised. John was always easy to contact, was generous with his time and his staff attentive and obliging.His honesty, sincerity and sensitivity to our specific needs and preferences left us completely satisfied."
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