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Why is Mortgage Protection Insurance Essential in Cambridge?

Importance of Having The Right Insurance in Cambridge

Mortgage Protection Insurance is a term that is used to surround different kinds of cover. The purpose of this cover is to limit financial stress on you and your loved ones from any unforeseen circumstances that may occur.

Below, Malcolm has put together a video highlighting the significance of having the correct insurance in place for your situation. Due to the past events of the coronavirus pandemic, the importance of health and getting insurance is more prominent than ever.

When it comes to protecting you and your family, there is a range of insurances to choose from. Cambridgemoneyman can compare lots of providers and tailor the appropriate policy to your circumstances. Here are the insurance policies that we can offer to you:

One of our experienced Mortgage and Protection Advisors in Cambridge is always at the other end of the phone or email. If you need more information, book your free insurance review today.

Life Insurance Cover

Life insurance is there to protect your loved ones financially in the circumstance that you or another joint policy holder pass away. Here at Cambridgemoneyman, we can talk you through all the different types of life cover accessible to you and advise the most suitable plan for you.

Critical Illness Insurance

This type of policy covers serious illnesses detailed within a policy. Usually, this includes stroke, heart attack, certain types and stages of cancer, and more.

You will find some illnesses will not be covered, this will be detailed within your policy. Furthermore, if you have pre-existing health issues you knew you had before taking out the insurance, it’s unlikely they will be covered. In the policy, the specific illnesses covered and not covered will be stated.

If you fall victim to one of the several specified critical illnesses, the benefit gets paid and pays you whatever the long-term prognosis of that illness. Seeking specialist mortgage advice in Cambridge is key because the type of conditions covered vary from company to company, and this is why this type of insurance cannot be solely price-driven.

Usually, many businesses will offer Life and Critical Illness cover as a combined policy, and the order of pay-out would be dependent on which event happens first, either death or severe illness, the pay-out is made. They could also get written on a single or joint life basis.

Income Protection

Unlike Life and Critical Illness, where the cover pays out a lump sum, Income Protection pays out a monthly sum that acts as a replacement of your wages in the event of you being unfit to work. Furthermore, there are no limitations on the illnesses or injuries covered, except whether they make you unfit to work.

One restriction, however, is the amount you can cover and how quickly the benefit would start to get paid. The policies are underwritten on your health and lifestyle when you applied, just like Life and Critical Illness Cover. When it comes to Income protection, the policies are written on a single life basis.

A menu plan is when you combine your Life Insurance, Critical Insurance, and Income Protection. A discount is added by the providers each time you add a benefit which can make it cost-effective.

Furthermore, a menu plan provides you with a range of cover and benefits that you can mix and match. This allows you to tailor a plan that is appropriate for your needs. Covering yourself and your family is something we strongly advise should the worst happen. Our mortgage advisors in Cambridge can help you with providing more information if you are unsure.

Family Income Benefit

Family Income Benefit is the least common, but can often be useful. In particular, for households with young people. These plans can get taken to Life and/or Critical Illness Cover, and get underwritten in the same way.

Unlike the traditional forms of policy, rather than pay out a lump sum, the cover would pay an annual or monthly income for the remainder of the term of the plan. Therefore, it can replace the payment of the primary worker for several years, dependent upon a particular client’s situation and, because of this, would usually be written on a level or basis, or an index-linked basis designed to keep up with inflation. 

Get in Touch with a Mortgage Advisor in Cambridge Today

You will find that many people have more than one different type of policy, and it wouldn’t be right to think of Mortgage Protection Insurance is something that is not needed because you are thinking the unexpected won’t happen.

Our Mortgage Advisors in Cambridge are here to discuss with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget. To find out more, give us a call or fill out our enquiry form to speak with one of our Dedicated Protection Specialists Advisors in Cambridge today.

Guides to Lifetime ISAs in Cambridge

Lifetime ISA Mortgage Advice in Cambridge

Purchasing a home is a significant milestone for many individuals and first time buyers in Cambridge. It’s a step towards stability and a long-term investment in one’s future. However, the rising costs can often make this goal seem daunting, especially for first time buyers in Cambridge.

The government has introduced various schemes and initiatives to support aspiring homeowners. One such initiative is the Lifetime Individual Savings Account (ISA), with the goal of helping individuals get onto the property ladder. Here, we’ll delve into the details of Lifetime ISAs and how they can be used for mortgage purposes.

What is a Lifetime ISA?

A Lifetime ISA, commonly known as a LISA, is a government-backed savings account designed to assist people in saving for either their first home or their retirement. It offers individuals a unique opportunity to benefit from a 25% government bonus on their savings, up to a maximum of £1,000 per year.

This means that for every £4,000 you save in a LISA, the government will contribute an additional £1,000. This bonus makes a LISA an attractive option for those looking to build a sizable deposit for their first home.

Where can I use my savings?

One of the key advantages of a LISA is its versatility. The savings accumulated in a LISA can be used for purchasing your first home. For those focused on homeownership, the funds can be used to finance the purchase of a property valued up to £450,000. This opens up a wide range of options for potential homeowners, including properties in Cambridge, a city known for its prestigious university, rich history, and vibrant culture. You can find more information here on the Government’s Official Webpage.

Are there any restrictions?

While the LISA offers valuable benefits, there are some important restrictions to consider. To qualify for a LISA, you must be between the ages of 18 and 40, after which you can continue to earn interest on your savings but will no longer receive the government bonus. Additionally, if you withdraw funds from your LISA for reasons other than purchasing a home or retirement, you may incur a 25% withdrawal charge, which could negate some of the advantages gained from the government bonus.

Buying a Home

For individuals in Cambridge, a city renowned for its historical architecture and academic prestige, purchasing a home might seem like a dream come true. A LISA can play a crucial role in making that dream a reality. With property prices in Cambridge reflecting the city’s desirability, having a robust deposit can be a game-changer when it comes to securing a mortgage. The government bonus provided through a LISA can significantly boost your savings, making it easier to achieve the required deposit amount and potentially accessing more favorable mortgage rates.

Book Your Free Mortgage Appointment

If you’re considering taking advantage of a Lifetime ISA for purchasing a home in Cambridge, we reccomend seeking professional guidance. Our mortgage advisors in Cambridge can offer advice tailored to your financial situation and housing goals. They can help first time buyers in Cambridge understand the fundamental of a ISA, assess how much you can realistically save, and navigate the mortgage application process. Booking a free mortgage appointment with a mortgage advisor in Cambridge can set you on the right path toward homeownership. & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at

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