Apart from Life Insurance, protecting your income could be arguably the most important insurance of all, as it is protecting your future asset base, i.e. the ability to receive an income in the future.
Downton & Ali Associates can help you arrange the most appropriate income protection plan within your affordability. Our advisers will assess your existing provision through private policies or employment benefits, to establish whether your existing arrangements are adequate or if you need to review your current level of cover.
The purpose of income protection insurance is to help maintain your current lifestyle by replacing your personal income should you be unable to work through sickness or injury. It provides the reassurance that for each month that you are unable to work, you will receive a monthly payment to maintain your financial commitments and personal lifestyle.
Permanent Health Insurance / Income Protection Plan
A waiting period applies to any disability claim. This is a form of insurance excess. The waiting period is chosen by the insured person and is the number of days they have to be permanently disabled before income benefits can start to be paid. The usual waiting period options range from 28 days to 12 months but in the event of a claim, benefits could be paid until retirement age.
Buying a property is probably one of the largest financial commitments you will ever make. Therefore, it is important to ensure that in the event of unforeseen circumstances, you will be able to maintain the mortgage associated costs.
Accident, Sickness and Unemployment Insurance For Mortgages
An accident, sickness and unemployment policy will provide protection for your mortgage related costs for up to 2 years. It can be taken in single or joint names, allowing couples to both be protected on a joint mortgage. The value of the claim is capped at a percentage of the mortgage related costs only and is not your full income.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
We will charge a broker fee of a maximum of £495 or 0.5% of the loan amount, whichever is higher, normally payable on application. Typically this will be £495.
If we charge you a fee and your mortgage does not go ahead you will receive:
A full refund if we cannot find a lender who will accept your application because of your personal circumstances.
A refund of 50% of the fee taken if the purchase falls through or you decide not to proceed before an offer is issued.
No refund if you decide not to proceed after an offer is issued.