Protection for your home and family
Why Do I Need Building Insurance?
What is Contents Insurance?
What is Mortgage Protection Insurance?
Building and Content Insurance Essentials
Cover for your Building
Building insurance is a requirement by most mortgage lenders and covers the physical structure of your home, like the walls, roof and windows and any permanent fixtures and fittings which would include a fitted bathroom suite or fitted kitchen.Cover for your Contents
Contents insurance is not mandatory but it is highly recommended to protect your belongings against damage caused by a range of situations, such as weather, fire and theft, burst pipes and water damage and subsidence.How we can help
We have many years’ experience of the insurance market and provide real insight to help in making important decisions about the right cover. Being prepared for the unexpected is the best way to protect your home and your family, so talk to an advisor today for more information.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
JB Financial Solutions Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
Our FCA number is 531615.
Types of Mortgage Protection Insurance
The purpose of protection policies is to pay out if you become very ill or die. They are usually sold with a mortgage. There are three main types of mortgage protection insurance, which we detail below:
Life Insurance
Life insurance is a policy designed to pay out a lump sum on the death of the policyholder to help support your family if they rely on your salary for example. The most commonly used life insurance policies are:
Level Term Insurance: this type of policy pays out a lump sum if you die within a given time, which is decided when you take out the policy.
Decreasing Term Insurance: Also known as a mortgage protection policy, this is a life policy whereby the lump sum payable reduces each year.
Critical Illness
This cover also pays out if you fall very or critically ill. The cost of cover is set at outset and is paid out in the form of a lump sum. Definitions of critical illness vary amongst insurers so it is important to check if you specifically want something to be included within your policy.
You can include/add critical illness cover as part of a life insurance policy or take it out as a separate policy.
Income Protection
The aim of this type of policy is to cover a proportion of your regular income if you are too ill to work. As it doesn’t cover your whole income it should help in meeting commitments such as mortgage payments or household expenditure until you are fit enough to return to work.
The cost of income protection will depend on various factors, including the amount of income covered, the length of the policy and the deferral period. You may need to seek several quotes in order to narrow down your level of cover.
A Guide to Insurance
For a more detailed look at the types of mortgage protection insurance, please take a few minutes to read the guide. It includes more detailed information about the types of insurance and some of the things to look out for when buying a new policy.
The most commonly used life insurance policies are.
Speak to us today for jargon-free mortgage advice
We are an mortgage advisor based in Southport and covering Merseyside and Lancashire. We work with clients across the region, including Liverpool, Manchester, Bolton, Preston, Wigan and St Helens, and sometimes further afield depending on the project.
Call Us: 01704 539492
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
JB Financial Solutions Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
Our FCA number is 531615.