Insurance and Protection
No pressure advice to help tailor the best protection package for your needs
None of us know what is around the corner, but it is whilst our lives are going well that plans should be made. The effects of death, illness or redundancy can be devastating. With the right protection policy in place you can provide for yourself and your family to avoid additional worries about your finances.
For most people, their mortgage is their largest financial commitment. Should the worst happen, it would be reassuring to know that your mortgage payments will be maintained or that you or your dependants will receive a cash free lump sum.
At Citrus Mortgages we will listen to what is important to you and make sure you have the right protection in place and ensure it is within your budget.
Types of Cover
Life Assurance covers you in the event of your premature death or diagnosis of a terminal illness. It is paid out in a lump sum and is used to ensure your mortgage will be repaid and the costs not passed on to your dependents or loved ones. Please click on the above link for more information
Critical Illness Cover provides protection in the event of contracting a specified critical illness. It is paid out as a lump sum on diagnosis, to help you financially in your time of need. Please click on the above link for more information.
Income Protection provides cover if you are unable to work due to an accident or long term Illness, this will replace a pre-agreed level of income until the end of the policy term or until you are able to return to work. Please click on the above link for more information.
Mortgage Payment Protection Insurance
Mortgage protection also known as accident, sickness and unemployment cover can give you peace of mind knowing that in the event of redundancy or illness your mortgage payments will be made and your home will be safe.
Most standard mortgages do not have any protection insurance included, so it’s important to decide what kind of separate cover you need. Accident, sickness and unemployment cover insures you against changes in your circumstances due to redundancy, disability, or illness. Usually payments are made for up to a maximum of 12 months. If you would like to be covered for longer than this you may want to consider taking out income protection.
This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneymadeclear.org.uk. From £1.42pm per £100 of monthly benefit.
Buildings and Contents Insurance
Buildings and Contents insurance can be split into two products:-
Buildings insurance protects your house the bricks and mortar against insured risks such as fire flood subsidence earthquake etc.
Contents insurance protects your belongings and furniture also known as chattels against all of the above and also burglary theft etc.
Both policies can be extended to cover additional risks such as accidental damage, which would insure your television if someone spilt a drink over it by accident for example, or falling through the ceiling whilst in the loft.
Also you can protect high risk items such as bikes and tools in sheds and jewellery and credit cards whilst you are out and about.
Costs vary depending on amount to be insured, post code area and the policy holders previous claims experience.
If you run your own business there are many insurances that you may have encountered and some you may have not. At Mortgage hound we can advise you on all your options so you can protect your business as well as your personal finances. Please click on the above link for more information.