So, you’re on the road to getting a mortgage, or you’ve already got one, but you’ve not thought about protecting your largest financial commitment as yet? Regardless of whether you’re a business owner, self-employed, employed or otherwise, it’s important to know that you have your finances in order should the worst happen. 

You’ve come to the right place. At Manchester Money, not only are we fluent in all types of mortgage, but we can also help with advice around protecting your largest asset, for you to consider and make up your own mind as to which product is best for you. 

Unfortunately, in life, we can be thrown unexpected curve balls. Such as being ill, terminally ill, dying at a young age or losing our jobs – all resulting in potentially not being able to pay our mortgages and keep a roof over our families’ heads. There are products which can help with this and put your minds at rest. We’ve explained them below and are available at any time to chat through your options with you. 

 

Life Assurance

This product provides a tax free lump sum which is paid out upon death. This kind of product is great if you want peace of mind upon your death, knowing that your mortgage will be paid and you’re not leaving any mortgage payments for your family to worry about. 

Depending on the amount you agree upon when you take out the policy, will determine how much of a lump sum your family receives when you die. It may be the case that your mortgage can be paid off, with some cash left over for household bills, etc. A little peace of mind, for those you care about the most. 

As with all insurance policies, there are different kinds, each suited to different circumstances, so chat with us at Manchester Money and from the advice we give, you can make your own informed decision as to which product is best for you. 

To decide whether or not life assurance is for you, just ask yourself, could your family cope financially if you were to die? Especially if you have children or a partner who relies upon you financially. 

 

Critical Illness 

This is a product to consider, should you wish to protect your income if you were to become too ill to work, for example, with a critical illness meaning you’re no longer able to earn a living. It’s important to think about how your family would pay the mortgage, the bills and such like. 

If during the term of the policy, you are unlucky enough to be diagnosed with a specific illness or medical condition, then you will receive a tax free lump sum. As with life assurance, this product would give you the extra peace of mind for you and your family, helping with financial pressures should you become permanently disabled through illness or injury. This way, you’re able to focus on your recovery, without having the finances to worry about too. 

Some policies also provide a terminal illness benefit as part of the cover. This means, if you were to be diagnosed with a terminal illness, then you may be able to receive your insurance pay-out before you die. But, with all insurances, your own circumstances need taking into consideration and discussed fully. 

 

Income Protection

It’s worth considering, that if you have or will have, a mortgage in the future, to look at income protection as a means of protecting your family, should you be unable to work for any reason, be that through sickness or injury. 

With income protection, we can talk you through your options to work out if you would benefit from the extra income, thus relieving you and your family of potential financial worries. 

Income protection, can help replace any loss of earnings or, continued benefit if you return to work, but in a reduced capacity with a lower salary. Cover can also be provided to cover various time periods, depending on your needs. 

Do bear in mind, that you must always pay your premiums, otherwise you will no longer be covered. 

 

Complimentary advice from Manchester Money

There are so many insurance products out there which can be quite confusing. But at Manchester Money, we’re more than happy to talk you through your options – even if you’ve not arranged your mortgage through us, we’re happy to help. You can trust us to be your impartial partners, provide recommendations and then it’s up to you to decide which insurance cover is best for you. 

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