Doing a remortgage involves changing the mortgage product on your current property; it's usually done in order to either save money by lowering repayments or to raise money by taking out a larger mortgage secured against an increase in the value of your property. There are many ways in which changing your mortgage can help you, and we will ensure that you’re fully informed before advising you on the best course of action for your personal situation and aspirations.
Life insurance cover guarantees that your family will be protected if you die while you still have a mortgage (or any other outstanding liabilities as covered in the policy). If you die within the set term, a tax-free lump sum is paid out to clear your outstanding mortgage balance. Taking out life insurance may seem an unappealing thought but if the worst were to happen you can be assured of your family's security in your home.
Critical illness Cover insurance can be added to a traditional life insurance policy or purchased as a separate item – the objective being that if you become seriously ill or totally disabled by predominantly life threatening conditions a lump sum is paid out to deal with the inconvenience of the incapacity. This kind of policy is unlikely to be suited to people with pre-existing medical conditions.
Serious illness insurance covers more life threatening or advanced stage illnesses - it pays out a tax free lump sum based on the severity of an illness or disability, multiple illnesses or disabilities. This can allow money to be paid out that would not otherwise be available. Over 150 listed illnesses and conditions are covered and this compares favourably with traditional critical illness policies, often with a lower payment than a traditional policy. This kind of policy is unlikely to be suited to people with pre-existing medical conditions.
Income protection insurance is designed to provide you with an income if you are unable to work due to sickness or injury. Income protection payouts are naturally limited so that you cannot be financially better off on the plan than you would have been at work.
Home and house insurance (property insurance) can cover your building and the contents. Buildings insurance covers against damage to the actual property and is usually a condition of your mortgage as it enables you to rebuild your property in the event of serious damage. Contents insurance is optional but recommended as it covers the contents of your home such as personal possessions, furniture and electrical goods.
As with all insurance policies terms and conditions will apply to all these types of insurances