Things can go wrong every day - You take your life into your own hands walking out of your front door
Buying a home, or building a property portfolio, isn't only about collecting the keys & paying the mortgage. Just as important, if not more so, is making sure that you're in the position of being able to keep on doing so for many years to come.
For most people, it is commonplace that they insure their mobile phones, their pets, their cars, but too often we have inadequate protection for ourselves or our families. Statistics show us 1 in 2 of us will get cancer in our lifetime, which is why we believe there is never a bad time to review your financial protection arrangements.
At Acumen Mortgages, we won't just talk to you about your mortgage needs. Instead, during the advice process, our Advisors will also discuss the benefits of protecting you, your family & your home. Your mortgage is likely to be the largest financial commitment that you ever make, so as standard we recommend that all clients who take on a mortgage consider the benefits of having protection in place and our advisers will help you find a competitive price on policies. Equally, if you have already arranged a mortgage and don’t have protection in place our team can help.
Just as the mortgage market can look complex & daunting, there are a huge range of different types of policies available to protect against all manner of situations, in all manner of different ways. Protection needn't be complicated, nor expensive. We of course hope that whatever you spend on protecting yourself is never called on, but its better to not need what you have rather need what you haven't got - Our expert advisors will make sure that you have the right policies in place, whatever your budget.
To find out more about the different protection options, hover over titles below. For a more detailed explanation, or if what you're looking for isn't mentioned, get in touch with one our expert advisors
Covers you against: Death or terminal illness
Benefit paid: Lump Sum
Life insurance provides a lump sum, paid tax free, to your dependents in the event of your death. Life insurance can also be known as term insurance and there are two main ways in which the cover can be arranged:
Level Term Assurance: this type of policy is where the amount of cover, which is also known as the ‘sum assured’, remains at the same level thorough the length of the policy. This type of policy is often taken out to help pay off a mortgage and is most suited to interest only mortgages, where the amount owed does not decrease over time.
Decreasing Term Assurance: again this policy pays out a cash lump sum in the event of death, but the amount of money paid out decreases over time. These policies are a good fit when taken out alongside a repayment mortgage so that the amount paid out is the same, or close to the amount left on the mortgage. As the amount of cover decreases over the length of the policy, the premiums are typically cheaper than they are for level term assurance.
Critical Illness Cover
Covers you against: Critical illness
Benefit Paid: Lump Sum
Critical illness insurance provides you with a tax free cash sum in the event you are diagnosed with one of a list of common defined critical illnesses. The cash sum you receive can be used however you like, but is designed to take the financial burden off you during a difficult period in your life. Critical illness, like life insurance, can be a fixed lump sum or can decrease in line with your mortgage.
Benefits can include: Free critical illness cover for your children.
Family Income Benefit
Covers you against: Death or critical or terminal illness
Benefit Paid: Regular income
Family Income Benefit pays out in the event of death or diagnosis of one of the pre-defined critical illnesses, but instead of a one-off lump sum of cash, it pays a regular, tax-free income until the end of the policy term. This can be a suitable option for people who would rather that their dependents receive a regular income, rather than a one-off lump sum.
Benefits can include: Hospitalisation benefit which pays out a lump sum payout if you are in hospital for a minimum of 28 consecutive days following an accident.
Covers you against: Illness or injury
Benefit Paid: Regular income
In the event of an accident or sickness income protection insurance pays out a monthly income to cover a proportion of your salary. You decide at the outset how many months before the policy will pay out (the deferment period) and how long it will continue to pay (the benefit period). This can be until you are either well enough to return to work, you reach retirement age or the policy term ends. Income protection insurance provides you with the peace of mind of a regular on-going income that can help you maintain your lifestyle should you fall ill or have an accident and are unable to work
Specialist Protection PoliciesNot everyone's circumstances or needs fit into neat little boxes. Sometimes you need to protect something other than yourself, your home or your income. This could be Commercial Insurances, Protection in Trusts or something else. Whatever it is, we'll find the right cover for you.
Please note that the above information is for explanation purposes only - To find out about the right type of protection for you, or if you have any questions, please get in touch with us!