Insurances

Insurances

Whilst insuring ourselves against an undesirable event such as sickness or even death may not be a pleasant thing to think about, the benefit of being able to set financial issues aside during an emotional time cannot be overlooked.


Whether you are looking to protect your mortgage or loved ones during a difficult time, many people will only consider life insurance once they have a financial commitment such as a mortgage but this should not be the case. 

 

DJB Mortgages feel all families should have life insurance in place, as this will make sure that in the event of a loved one's death the family will not suffer from a loss of income.


Even though protection products can appear simple on the surface, setting up a plan correctly is extremely important. Rather than search the entire market for the ‘cheapest’ premium available, we will take all factors into consideration and ensure that your policy has the right terms available for your own circumstances and is set up in absolutely the right way.

Life insurance

This should be a serious consideration to protect your mortgage should the worst event happen. Although this type of insurance isn’t appropriate for everyone with a mortgage, it’s certainly what we would recommend as the minimum type of cover for couples or those with children, as the mortgage is normally the largest monthly payment.

 

It’s hard enough to lose a loved one; however, can you imagine the financial devastation of not being able to afford to pay your mortgage and having your home repossessed. This can be avoided by having life assurance that pays out a tax-free lump which is designed to clear your mortgage in the event of death.

There are also other ways that life insurance can help families that have just lost a loved one, such as providing an additional lump sum to help with future costs and even provide an annual income to the surviving partner.

Critical illness cover

Critical illness cover pays a tax-free lump sum if you're diagnosed with a defined critical illness during the policy term. At DJB Mortgages we liken these to life-changing illness , such as cancer, heart attacks, loss of sight/hearing and many more. Provided you keep paying your premiums, you should be covered throughout the term. Once the policy term ends, all protection stops.

When you take out a policy you can decide how long it will last e.g. until your children have grown up, or until the mortgage is paid off.

Critical illness cover is often available as a combined policy with term life insurance. In these instances, you can often only claim once. For example, if you get a cash payout after being diagnosed with cancer, the policy is effectively finished. There is usually no life insurance payout if you die at a later date.

Income protection

One of the biggest fears for many people is not being able to pay the mortgage - or meet other financial commitments such as lifestyle or rent, due to being unable to work due to illness or accident. 

Some people are fortunate that they have company sick pay, or maybe a pot of savings to full back on. However, this isn't always the best way to cover against the worst-case scenarios, as jobs change, contracts change and savings may be used for other things.

The loss of earnings is particularly worrying in the current uncertain climate, but one of the simplest ways to cover loss of earnings is by taking out income protection.

 

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR PROPERTY.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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