FINANCE
Insurance
When taking out a mortgage, essentially you are taking out a very large debt and if you were to pass away, become ill or be unable to work, the mortgage lender will still require the mortgage payment to be made.
Our team of specialist advisors at Cornerstone Mortgages & Finance are able to offer a variety of protection policies which include:
- Life assurance helps to ensure that the mortgage balance can be cleared in the event of your death therefore protecting the people you leave behind.
- Critical illness cover pays out a lump sum in the event of you being diagnosed with a serious illness during the term of the policy.
- Income protection pays out a monthly benefit in the event of you being unable to work due to illness or injury.
- Buildings & Contents Insurance. It is a condition of the mortgage with all lenders that you have buildings insurance in place. This policy covers damage to the property itself, this includes windows, roofs and walls, as well as permanent fixtures such as toilets, baths and fitted kitchens. Contents insurance will cover your belongings inside of the property.
FAQ’s
Is life insurance required in order to get a mortgage?
No life insurance is not required in order to get a mortgage however it is highly recommended that a suitable policy is taken out to protect the people that you leave behind.
How much does life insurance cost?
Premiums for life insurance policies are determined by a number of different factors such as age, height and weight, smoker status and pre existing medical conditions. Our experienced team of advisors are on hand to find the right policy for you by searching the markets leading insurers.
How often should I review my insurance policies?
You should regularly review your insurance policies to ensure that your cover is still suitable for your ever-changing circumstances. An example of your changing circumstances could be purchasing a new property, changing jobs, getting married or having a child. In each instance it is vitally important to ensure that your current cover is still sufficient.
The cover will have no cash in value at any time, if the premiums stop then the cover will lapse.
Life cover and income protection – The plan will 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.
Critical Illness – The policy may not cover all definitions of a Critical Illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents.