Protection

Life Insurance:

Life insurance is a fundamental form of coverage that provides financial protection for your loved ones in the event of your passing. It is typically the most basic and cost-effective way to insure your life.

A standard life insurance policy covers you for a fixed period of time, known as the policy term. If you were to pass away during this term, the policy would pay out a one-time lump sum to your beneficiaries.

An optional addition to a life insurance policy is critical illness cover. This enhancement means the lump sum payout would also be triggered if you were to be diagnosed with a specified critical illness during the policy term, or if you were to become terminally ill (except in the last 12 months of the policy).

There are two common types of life insurance policies that are often used in conjunction with mortgages:

Level Term Insurance: This provides a consistent level of coverage for the duration of the policy term.

Decreasing Term Insurance: The coverage amount decreases over the policy term, typically aligning with the reducing debt on your mortgage.

Life insurance is designed for those who want to ensure their loved ones are financially secure in the event of their passing within a specified time period. It can be particularly beneficial if you have young children or dependants, as it can help protect them from the burden of debt repayment and provide the resources they need to move forward.

Our trained advisors at Quick Mortgages UK are available to discuss your specific requirements and help you arrange a suitable life insurance policy.

Critical Illness Cover: Financial Protection for Life’s Unexpected Challenges

Critical illness cover is a type of insurance policy that provides a lump sum payout if you are diagnosed with one of the specified critical illnesses during the policy term. This lump sum payment can offer vital financial support when you need it most.

Who is Critical Illness Cover For?

This type of cover is designed for individuals or families who want the financial security of a lump sum payment in the event of a serious medical diagnosis. The payout can be used for a variety of purposes, such as:

• Repaying a mortgage or other loans
• Covering lost income and medical expenses
• Making necessary home modifications to accommodate your condition
• Providing financial stability during your recovery period

By having critical illness cover in place, you can focus on your health and treatment, rather than worrying about the financial implications of your diagnosis.

Key Features of Critical Illness Cover

• Pays out a lump sum if you are diagnosed with a critical illness covered by the policy
• Covers a wide range of conditions, including cancer, heart attacks, strokes, and more
• Can be purchased as a standalone policy or added to a life insurance plan
• Provides financial protection for you and your family during a difficult time

When considering critical illness cover, it’s important to review the policy details carefully to understand the specific conditions that are covered, as well as any exclusions or limitations. Our advisors at Quick Mortgages UK are here to help you find the right critical illness cover solution to meet your needs and provide you with the peace of mind you deserve.

Income Protection:

Income Protection is a type of insurance policy that provides a monthly benefit if you are unable to work due to illness or injury, resulting in a loss of earnings. This coverage is designed to help you maintain your standard of living and meet your financial obligations during a period of incapacity.

How Income Protection Works?

If you are unable to work due to a covered illness or injury, your Income Protection policy will pay out a monthly benefit. This benefit will continue until you are able to return to work, reach your stated retirement age, or in the event of your death. The amount of the monthly benefit is typically between 50-70% of your regular income, depending on the specific policy terms.

Who Needs Income Protection?

Income Protection is beneficial for anyone who is working, including the self-employed. While employers are legally required to provide Statutory Sick Pay (SSP) for up to 28 weeks, this may not be sufficient to cover your expenses long-term. An Income Protection policy can provide ongoing financial support beyond the SSP period, ensuring you are able to maintain your lifestyle and meet your financial obligations.

Customizing Your Coverage

Income Protection policies can be tailored to fit your specific needs and circumstances. Factors such as your occupation, age, health status, and existing protection coverage can all influence the policy terms and premiums. It is important to carefully review the policy details to ensure you are selecting the appropriate level of coverage for your situation.

The Importance of Income Protection

In the event of a serious illness or injury, the last thing you want to worry about is your financial well-being. Income Protection provides a safety net, allowing you to focus on your recovery without the added stress of lost income. By securing this coverage, you can have peace of mind knowing that your financial obligations will be met, even if you are unable to work.

For more information on Income Protection and to discuss your specific coverage needs, please refer to the Key Features Document or consult with one of our qualified advisors.

Short-Term Income Protection: Safeguarding Your Lifestyle

Short-term income protection, often referred to as Accident, Sickness and Unemployment (ASU) cover, is a popular protection product designed to provide financial security for your biggest commitment – your mortgage.

This type of policy is particularly valuable as standard mortgage agreements typically do not include any built-in protection. Short-term income protection can give you peace of mind knowing that, in the event of redundancy, illness, or injury, your mortgage payments will be covered for a specified period.

Most short-term income protection policies will pay out for up to 12 months if you are unable to work due to a covered event. This can provide a crucial financial buffer to help you maintain your lifestyle and keep your home safe during a difficult time.

However, if you require longer-term coverage, you may want to consider a full income protection policy. These policies can provide benefits until you reach retirement age, offering more comprehensive protection.

For more details on short-term income protection and to explore the options available from our panel of insurers, please refer to the Key Features Document or speak with one of our advisors.

Home Insurance: Protecting Your Most Valuable Asset

Home insurance is a crucial safeguard against unexpected events, providing financial protection for your home and belongings. By not having adequate coverage, you risk significant financial loss in the event of a disaster.

Home insurance policies cater to homeowners, tenants, and landlords, offering coverage for a wide range of risks, including fires, floods, storms, subsidence, burst pipes, and vandalism. As a homeowner, it’s essential to have buildings insurance in place from the moment of exchange to protect your property.

Contents insurance is equally important, as it protects your personal belongings from theft, damage, and loss. It’s advisable to take an inventory of your valuables to ensure you have the appropriate level of coverage.

At Quick Mortgages UK, our expert advisors will guide you through the process of selecting the most suitable home insurance policy for your needs. We’ll work with you to determine the level of coverage required and help you find the most cost-effective solution from our panel of insurers.