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Protection

IMPORTANT

You need to consider what would happen to you, your partner and your family if you couldn’t pay your mortgage due to considerable changes in circumstances.

Life Insurance 

Life insurance gives you peace of mind that your loved ones will be provided for, should you die. There are many different ways to arrange life cover and Graeme Black Financial Services can help you find the most suitable deals available.

Life insurance ensures that in the event of death that a lump sum or regular income is paid out on the death of the life insured during the term of the plan. This could be used for any purpose including funeral costs, clearing unsecured debts or used to ensure that your mortgage will be repaid and the costs not passed on to your dependents or loved ones.

Critical Illness Cover

Critical illness cover pays a cash lump sum or regular income on diagnosis of a specified critical illness and can help alleviate your financial worries at this time. For this relatively small cost, you could help your family cope for a while without income to pay household bills and debts.

This type of cover will pay out a sum which could pay for other things like:

• Private treatment
• Prescribed drugs not available through the NHS
• Changes to your home
• Paying off all/part of your mortgage

Income Protection

This offers customers the security of knowing that their essential repayments will be made if you are unable to work through illness or injury. For example, if you are in an accident and are unable to work for a while, a lack of comprehensive income protection cover means you will rely solely on state benefit – around £80 – £90 per week (source – Gov.uk March 2017) – which is unlikely to be sufficient to meet your mortgage repayments. This is where income protection can help as it typically provides a tax free (under current legislation, tax year 2017/2018) monthly payment until you are able to return to work, the end of the policy, your death or retirement, whichever occurs first.

Mortgage Payment Protection Insurance Cover

Mortgage Payment Protection Insurance cover can give you peace of mind knowing that in the event of accident, illness and redundancy, 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. Mortgage Payment Protection Insurance 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 – 24 months. If you would like to be covered for longer than this, you may want to consider taking out long term income protection. Income protection will not pay out upon redundancy.

For Mortgage Payment Protection Insurance Graeme Black Financial Services will usually offer products from a limited panel of providers.

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.moneyadviceservice.org.uk.

The typical cost is £7.60 per £100 of monthly benefit. This is based on someone aged 35 and with a 30 day waiting period.

Buildings & Contents

Graeme Black Financial Services offer a range of competitive insurance products if you are a Homeowner, Landlord or Tenant.

For your added peace of mind, Graeme Black Financial Services can also arrange adequate contents insurance so that your belongings are covered against things like fire, theft and flood.