What are the different types of protection and what would I need them for?
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A Guide to Protection
We give full advice and recommendation on protection products as well as mortgages and we’ll scan through different providers to make sure you have the best protection for you. This is one of the important things to consider when getting a mortgage because this is what will keep a roof over you and your families heads when you’re going through tough times!
Protection can be much more complicated than the mortgage because there are so many different moving parts. It’s also completely unique to each individual because we take into consideration hundreds of different factors when making our recommendations such as sick pay, death in service, existing insurance policies, etc.
Please call us today to get completely FREE protection advice. Whether you’re taking a mortgage with us or not, we can still help you with the protection.
What is best for me?
Not all these covers will be applicable to you so it’s important that you get advice around your circumstances so that you’re paying for the right cover… and that’s where we come in. Once we’ve spoken with you, we’ll be able to make a detailed assessment on what type of cover you should be looking at whilst making sure we fit it in a budget that suits you. Not only that, but we’ll look across several providers to find the best cover for you and your family.
Life insurance will pay out a tax free lump sum should you die during the term of the policy (typically this will be matched to the mortgage term). This can be used in any way your family see fit i.e. pay off the mortgage, funeral costs etc. This is so important if you have children or if you’re buying with someone else as it will remove some of the worry and stress from the rest of your family whilst they’re going through an extremely traumatic time.
Critical Illness Cover
Critical Illness insurance will pay out a tax free lump should you be diagnosed with a critical illness during the term of your policy (typically this will be matched to the mortgage term). This can be used to pay the mortgage, pay other debts, seek private medical treatment or just enjoy life with your family…. In short, it’s up to you what you decide to do with the cover. The critical illnesses are defined by a list from the insurance provider before you take out the cover. These illnesses could vary massively so it’s important you get advice on the right policy for you before you decide on a provider.
Income protection is a policy that will pay you a monthly income should your income stop due to any injury or illness. The great thing about this policy is that it doesn’t specify which illnesses or injuries it will pay out on. The only specification is that you’re unable to work due to your illness or injury and let’s face it… That’s when you really need it.
The policies are extremely flexible and can start and stop when you want them to and you can choose how much cover you’d like. You must get advice on these policies as there are many different moving parts that you must consider and you’ll need an expert’s opinion. The last thing you want is to find out your policy doesn’t pay out when you thought it would.
Get FREE Protection Advice
Our advisors can provide Free, No Nonsense and No Obligation Protection advice regarding the best Protection product for your circumstances.
AL Mortgage Solutions Ltd
35 Eccleston Street, Prescot, L34 5QA
0151 329 3313