Protection
What is mortgage protection?
Mortgage protection can come in a number of different ways and is completely tailored to your needs. What you need may be different to someone else's requirements. We at Endurance Mortgages hope you never need to use it however it provides you with peace of mind in the event of the worst thing happening.
Life Insurance
Life insurance is designed that in the event of death a tax-free lump sum will be paid out. This will allow your loved ones to have a safety net if you was to die during the policy term.
You may consider taking out life insurance in the event to cover your mortgage, other financial debts or living expenses.
At Endurance Mortgages we will look to recommend life insurance, as the impact of not having any cover would mean significant financial challenges.
Critical illness
Critical Illness is similar in the way life insurance works in paying out a tax free lump sum, in some scenarios it may be cost effective to add them together.
Critical illness can come in many different ways, the most often causes are cancer, heart attack and stroke. These are things that people can survive from however their lives could be altered significantly.
You may consider critical illness insurance to cover for things such as clearing the mortgage, providing a lump sum, modifying your home or medical treatment.
Income Protection
Income protection is designed to protect your income in the event of an accident or sickness, it's designed to pay you out a percentage of your earnings before income tax. Income protection will pay out until the earlier of the following; your return to work, the end of the limited payment term, your cover ending, or your death.
Income protection can be tailored in many different ways. It can compliment your current sick pay entitlement while it can also provide you sick pay if you don't have any. You can also link it to your savings or family support to help reduce premiums.
You may consider income protection to cover your monthly commitments in the event of an accident or sickness, it will allow you to concentrate on returning to health while having the peace of mind that your commitments will be paid.
Building and Contents
Building insurance is essential for homeowners, a lender will make it a condition of the mortgage that you have a valid building insurance in place.
The reason for building insurance is to make sure you're protected against repairing or rebuilding in the event of flood, fire, storm or subsidence.
Contents cover protects your personal belongings inside the home, valuables, furniture and electronics to name a few.
Contents cover isn't a condition of the mortgage however at Endurance Mortgage we recommend you protect your personal assets against theft, accidental damage and water damage.
Many homeowners link the building and contents insurance policies together as it can be more cost effective.