If one income stopped next month, how long could you keep up the mortgage and the bills around it? If you’re looking for mortgage protection advice in Ascot, our advisers in Sunninghill can help you put figures against that question. We’ll look at what you owe, who relies on you, and what savings, sick pay or insurance you could already draw on.
A new mortgage is one reason to review your cover. A new baby, a move into self-employment or a change in the amount you’ve borrowed can be just as important. Bring any existing policy schedules so we can see where there may be a gap or an overlap.
Life insurance
If you died during the policy term, who would need to keep living in your home? Life insurance can provide a payment towards the mortgage or other household costs after an eligible claim. For two borrowers, it’s worth comparing what a joint policy would pay and what cover would remain under two individual policies. Our guide to life insurance for a mortgage explains how those choices work.
Critical illness cover
A serious diagnosis can bring costs long before you know how much time you’ll need off work. Critical illness cover can pay a lump sum if your condition meets the policy definition. You could put that money towards the mortgage or keep some for childcare, travel or changes at home. Our critical illness guide explains how to compare definitions, exclusions and potential payments.
Income protection
If illness or injury prevented you from working, when would your sick pay run down? Income protection can replace part of your earnings following a waiting period, subject to the policy terms. For example, someone with three months of full sick pay faces a different gap from a self-employed person whose earnings stop almost immediately. Our income protection guide explains how to compare waiting periods and the length of time a claim could pay.
Family protection
Paying off the mortgage might leave a family with a home but too little income to run it. Start with the costs that would continue, including food, council tax and childcare. Include the work of a parent who provides unpaid care. Our family protection guide looks at how a lump sum or regular payments could meet different needs.
Business protection for owners and directors
If you run a business, your family and your company may both depend on you. A firm might need funds to recruit a replacement for a key employee, while the employee’s family might need help with household bills. Our business protection guide explains the different purposes of key person and relevant life cover and the questions to bring to a review.
Private medical insurance
If access to private treatment is a priority, check which consultations, tests and hospitals a policy includes, whether you need authorisation, and which costs you would pay yourself. You can explore these questions in our private medical insurance guide.
Arrange a protection review in Ascot
For a first conversation, have your mortgage balance, remaining term, monthly household costs and details of any workplace benefits to hand. Tell us which expense worries you most and what premium would fit your budget.
Our office is at Winslow House, Church Lane, Sunninghill, Berkshire, SL5 7ED. Call 0203 3939 222 or ask Greenacre about a protection review.