Your mortgage is likely to be one of the biggest commitments you will make and we would strongly recommend that you consider fully protecting your mortgage against death, critical illness, or loss of income through accident, sickness or unemployment where your budget permits, and that you also adequately insure the buildings and contents.
At JXP, we have access to the whole of the market and protection need not cost a fortune and it can give you great peace of mind and financial stability to help you and your family cope should disaster strike.
We will also explain the benefits of placing policies in trust to ensure that the full benefit upon death would reach your dependants quickly and go to those you want it to go to, without unnecessary delays, or by tax or debts having to be paid out of the money that you want your dependants to receive.
If you’d like to discuss your options then contact us to arrange a free initial consultation, without obligation. Whatever your budget, we can tailor cover to suit your needs. You might be surprised at how affordable appropriate cover can be.
We do not usually charge a fee for insurance advice, instead we receive commission from the provider, and the exact amount would be disclosed to you prior to making an application. If you prefer however, you can opt to pay us a fee instead of us receiving commission from the provider.
There are many types of cover available on the market today and some are listed below
Life assurance gives you the comfort of knowing that your loved ones will be provided for should you die. There are many different ways to arrange life cover and we can help advise you on the most suitable policy available.
When a life assurance policy is linked to a mortgage it ensures that in the event of death your mortgage will be repaid. This means that your dependants will be left with a mortgage-free roof over their heads. There are two main types of life assurance linked to a mortgage – level term and decreasing term.
Level term assurance provides a set level of cover for the term you choose. Decreasing term assurance covers you for the term you choose, but the level of cover decreases through the term of this policy, usually to coincide with the reducing debt on your mortgage. Decreasing term assurance is normally cheaper per month.
Life Insurance plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
A critical illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan.
This type of plan is designed for individuals or families whom want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a mortgage, or perhaps help you through a period where you might not be able to work. The lump sum could even be used to pay for any necessary alterations to your home if you were less mobile than before.
The quality of cover and the illnesses covered can vary significantly between different providers. A critical illness policy can provide other valuable cover such as children’s critical illness cover.
Critical Illness Cover plans may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Document
This offers you the security of knowing that your essential repayments will be made if you are off work due to an accident or sickness.
For example, if you are in an accident and are unable to work for a while, without income protection cover you might have to depend solely on state benefits, which are unlikely to be sufficient to meet your mortgage repayments, let alone helping with any other living costs you may have. Income protection can help as it provides a tax-free monthly payment until you are able to return back to work.
Income Protection plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Whether you’re looking to insure your own property, a let property or your lifestyle, we offer general insurance products that provide flexible and wide-ranging cover from Legal & General. Contact us today for further details or a quote.