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Why Mortgage Protection Insurance is Essential to Have in Cambridge

Mortgage Advice in Cambridge | Importance of Having Insurance

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.

What Insurance is Right for you? | MoneymanTV

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:

  • Life Insurance
  • Critical Illness Insurance
  • Income Protection Insurance
  • Menu Plan
  • Family Income Benefit

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, get in touch.

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.

Menu Plan

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.

Cambridgemoneyman.com & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Cambridgemoneyman

Cambridgemoneyman, Nine Hills Road, Cambridge, CB2 1GE.

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