{"id":4630,"date":"2023-03-24T14:43:17","date_gmt":"2023-03-24T14:43:17","guid":{"rendered":"https:\/\/profilecapital.co.uk\/?page_id=4630"},"modified":"2023-09-21T09:38:28","modified_gmt":"2023-09-21T09:38:28","slug":"insurance-protection","status":"publish","type":"page","link":"https:\/\/profilecapital.co.uk\/?page_id=4630","title":{"rendered":"Insurance & Protection"},"content":{"rendered":"

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Insurance<\/h3>\n

In your best interest<\/h4>\n

Although it is not compulsory to take out protection when you get a mortgage there<\/p>\n

are many reasons why you might nonetheless need Mortgage Protection<\/p>\n

Insurance A mortgage is a huge financial commitment that takes decades to repay,<\/p>\n

so it makes sense to protect it in case you can\u2019t work at some point during the<\/p>\n

mortgage term.<\/p>\n

If you had to default on your mortgage through accident, sickness or unemployment,<\/p>\n

you\u2019d lose everything you\u2019ve worked so hard to build. In most cases its not worth<\/p>\n

taking the risk for the small amount of premiums that need to be paid each month to<\/p>\n

achieve a peace of mind.<\/p>\n

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Mortgage Payment Protection Insurance<\/h3>\n

Cover For All Eventualities<\/h4>\n

Mortgage Payment Protection Insurance (MPPI) covers your mortgage repayments<\/p>\n

should you suffer from an accident, sickness or unemployment.<\/p>\n

\u00b7 Should a claim arise it will pay out a monthly income that allows you to keep<\/p>\n

up with your mortgage repayments for up to 12 or 24 months.<\/p>\n

You can cover an additional 25% of the mortgage repayments to help meet<\/p>\n

other costs, such as bills and everyday expenses.<\/p>\n

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What does mortgage insurance cover?<\/h3>\n

There is flexibility in the type of risk you can protect with MPPI, although naturally the<\/p>\n

more risk you wish to protect the higher the overall cost. You can opt to protect<\/p>\n

against the risk of illness or injury as a standalone policy \u2013 the same goes for forced<\/p>\n

redundancy \u2013 or you can combine the two.<\/p>\n

Accident & damp; Sickness Insurance<\/p>\n

This will cover your monthly mortgage repayments should you be<\/p>\n

unable to work due to illness or injury. When considering Accident and<\/p>\n

Sickness Insurance it is important to check the policy wording to make<\/p>\n

sure the insurer uses an \u2018Own Occupation\u2019 definition.<\/p>\n

Unemployment Insurance<\/p>\n

Unemployment cover will make sure you can meet your monthly<\/p>\n

mortgage repayments should you be made forcibly redundant through<\/p>\n

no fault of your own. To claim your benefits, you will need to be<\/p>\n

registered with the relevant government agency as unemployed and be<\/p>\n

actively looking for work.<\/p>\n

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Life insurance<\/h3>\n

Peace of Mind<\/h4>\n

This is typically a Decreasing or Level Term Policy where the amount insured<\/p>\n

matches the value of the outstanding mortgage and it provides a one-off tax-free<\/p>\n

lump-sum payment to settle your mortgage in the event of your death.<\/p>\n

Life Insurance protects families from financial hardship by paying out a one-off tax-<\/p>\n

free lump-sum if the policyholder dies during the term of the policy. The money can<\/p>\n

be used to pay off mortgages and other outstanding debts as well as providing a<\/p>\n

source of income for everyday living.<\/p>\n

Premiums are paid monthly and the cover is set for a fixed period of time, often for<\/p>\n

the length of a mortgage or up to the age of retirement. The amount of life insurance<\/p>\n

cover varies according to how much you can afford and how much cover you think<\/p>\n

you need to pay off debts and provide day to day income.<\/p>\n

The cost of the insurance is affected by various factors including the sum to be<\/p>\n

insured, existing health conditions, lifestyle issues like smoking and high BMI, age,<\/p>\n

occupation and any regular dangerous pursuits.<\/p>\n

Insurers historically pay 99% of all life insurance claims – when they don\u2019t pay out, it<\/p>\n

is usually because the policyholder was not truthful on their initial application about<\/p>\n

an existing health condition or a regular dangerous pursuit which led to their death.<\/p>\n

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Critical Illness Cover<\/h3>\n

Prepare for the unexpected<\/h4>\n

Critical illness cover protects families from financial hardship by paying out<\/p>\n

a one-off lump-sum if the policyholder suffers a serious illness like cancer or a<\/p>\n

stroke, or a permanent disability caused by injury during the term of the policy. The<\/p>\n

money can be used to pay for medical treatment or rehabilitation or pay off<\/p>\n

mortgages and other outstanding debts as well as providing a source of income for<\/p>\n

everyday living.<\/p>\n

Premiums are paid monthly and the cover is set for a fixed period of time, often for<\/p>\n

the length of a mortgage or up to the age of retirement. The amount of Critical Illness<\/p>\n

Cover varies according to how much you can afford and how much cover you think<\/p>\n

you need to pay off debts and provide day to day income.<\/p>\n

The cost of the insurance is affected by various factors including the sum to be<\/p>\n

insured, existing health conditions, lifestyle issues like smoking and high BMI, age,<\/p>\n

occupation and any regular dangerous pursuits.<\/p>\n

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Income Protection Insurance<\/h3>\n

Plan for the Unknown<\/h4>\n

Income Protection Insurance pays out a sum of money every month in the event<\/p>\n

that you are unable to work due to sickness or injury. The money can be used to<\/p>\n

cover your regular expenditure like mortgage payments, household bills and other<\/p>\n

living expenses.<\/p>\n

Premiums are paid monthly and the cover is set to pay-out for a period of time, either<\/p>\n

short term (1-5 years) or up to the age of retirement. The amount that the income<\/p>\n

protection policy will pay out every month is typically limited to 65% of your monthly<\/p>\n

salary or income.<\/p>\n

The Premiums are affected by various factors including the monthly sum insured,<\/p>\n

salary, existing health conditions, lifestyle issues like smoking and high BMI, age,<\/p>\n

occupation and any regular dangerous pursuits.<\/p>\n

A good way to reduce the cost of the premiums is to defer when the policy pays out<\/p>\n

after a claim is registered. It is worth considering whether your employer offers any<\/p>\n

sickness benefits or whether you have any savings to extend the deferment period.<\/p>\n

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Buildings Insurance<\/h3>\n

Protect your Asset<\/h4>\n

Buildings insurance is a specific form of home insurance While it\u2019s not compulsory, it could be worth considering if you\u2019re a homeowner.<\/p>\n

The concept behind buildings insurance is simple \u2013 it covers the cost of putting right any damage to the structure of your home. As well making sure you can afford to repair the damage when things do go wrong, it provides peace of mind even when things don\u2019t.<\/p>\n

Buildings insurance covers the cost of repairing or rebuilding your home if it\u2019s damaged or destroyed by:<\/p>\n