Find the most appropriate protection for you, your family and your home
A Mortgage is usually the biggest financial commitment we will ever make. Therefore understanding the options available to you is essential for financial planning.
There are different types of policy available and the right one will depend on your individual circumstances. At TED mortgages we will talk you through the options and recommend the most suitable solution based on your personal circumstances.
Protection for you and your family might not cost as much as you think.
Life Assurance Provides a Tax free lump sum pay out in the event of death. It is designed to provide you with the peace of mind your surviving partner and family will not struggle financially in the event of your death. You could potentially use this type of policy to pay off your mortgage in the event of death.
Income protection is a type of insurance designed to pay you a regular income if you are unable to work due to illness or injury where you would otherwise have a loss of earnings. It provides you with the security that you are able to keep up with your financial commitments if you are unable to work for example meeting your mortgage payments and covering your other essential expenditure.
FAMILY INCOME BENEFIT
Family Income Benefit is a type of insurance that pays out a tax free regular income for specified period of time in the event of death. This type of policy can help replace a loss of income to support your ongoing financial commitments such as childcare costs and other monthly expenditure.
Home Insurance is a form of property insurance designed to protect your home and possessions in the event of damages. As a condition of your mortgage, the lender will stipulate that you have Buildings insurance in place. You can select any insurer as long as the cover is adequate.
CRITICAL ILLNESS COVER
Critical illness cover is designed to provide you with a lump sum upon diagnosis of a specified illness during the term of the policy. This provides you with financial protection if you were to suffer a serious illness and can help ease some of your financial burdens. You can sometimes link this to your mortgage or you can take it as a "standalone" policy to use as you see fit.
Critical Illness plans have no cash in value at any time and will cease at the end of term. If you stop paying your premiums your cover may end. Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document, if you go ahead with the plan.