Along with different mortgage types, there are also varying types of insurance policies available through Legal & General as protection for your mortgage. Insuring yourself against death and possible accidents or illnesses could ensure that you do not leave your family burdened with repayments if you are not around.
Term Assurance –
Decreasing Term Assurance provides life cover which decreases roughly in line with the way a repayment mortgage reduces. Whilst you might expect the mortgage to be repaid in the event of your death during the policy term, in some cases the lump sum is not enough to repay the mortgage in full. However, this type of insurance plan means that you do not have to pay for more protection than you actually require.
Level Term Assurance is a simple, low cost arrangement that provides 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 fewer of us are covered if we suffer a critical illness or disability.
Critical Illness cover is designed to provide a lump sum on death or diagnosis of the critical conditions covered during the policy term. This means that money could be available at a time when a critical condition or disability may affect your financial position or ability to earn.
Terminal illness cover is included at no extra cost for policies with a term of two years or more and lasts until 12 months before the policy ends.
Income protection benefit provides a monthly benefit should you be unable to work due to incapacity caused by illness or injury, 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 monthly benefit proposed for an income protection benefit plan is based around your current earned income. The amount that might actually be paid in the event of claim is affected by any changes in your income and your enititlement to the Employment and Support Allowance paid by the state.
Buildings and Contents Protection-
Legal & General's building and contents protection is designed to cover your home and the possessions with it.
Buildings insurance is normally a condition of your mortgage lender. In addition to your bricks and mortar, the contents of your home which would include furniture and your families personal possessions are extremely valuable and therefore should also be insured.
Please note that home insurance is designed to cover certain unforseen events and doesn't cover eveything. It does not cover things like general wear and tear or damage that happens gradually over a period of time.
For insurance and protection business Richard Poyntz & Company introduce business to Paul Ripley who arranges policies exclusively from Legal & General.
Richard Poyntz & Company, 11 Knightswick Road, Canvey Island, SS8 9PA. VAT No: 731428745
Photos of Canvey by Terry Kent
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