TYPES OF LIFE & PROTECTION COVER

Life Assurance

Life cover - inexpensive for most people, provides a lump-sum payment in the event of your death and is often set up to repay your mortgage in full, but you can choose the amount of cover you want. If the unthinkable happens and you were to die, how would your family survive?

 

Mortgage Life Assurance

Mortgage Life Assurance is usually designed to repay your mortgage, and perhaps an additional amount if you die. Although designed to pay out on death it’s really to help those left behind to carry on living, to help your family stay in their home. Mortgage Life Insurance can be set up as Decreasing Term or Level Term insurance.

Decreasing Life Assurance (Mortgage Life Assurance)

This is designed to help protect a repayment mortgage and aims to pay out a cash sum that decreases over the term of the mortgage in line with the reducing balance of the mortgage. Mortgage Life Assurance is only suitable for mortgages which are Capital and Interest Repayment because the level of cover reduces over the years.

 

Level Term Life Assurance

With Level Term Life Assurance the amount of cover remains the same throughout the term of the policy. This type of Life Assurance is suitable for those people with Interest Only mortgages, those wishing to cover funeral expenses and people wanting to leave a sum of money behind to ensure their families standard of living.

Critical Illness cover

Life Assurance pays out if you die, but what about if you live? More people than ever now survive cancer, heart attacks and strokes, but the effects on finances can be devastating. You can't predict a critical illness, but you can insure against the financial impact it can have if you are no longer able to work.

Critical illness cover is an important financial safety net and is designed to pay out a fixed cash amount if you're diagnosed with one of the critical illnesses covered in the insurer's policy. The cover is designed to pay out in circumstances including cancer, heart attack, stroke and many other serious illnesses. 

Income Protection/Payment Protection

Paying bills is a reality of life, and if you're reliant on your income and can't work because of an accident or illness, your finances can collapse very quickly. You can cover yourself with an inexpensive accident, sickness, unemployment policy (ASU) or long term income protection insurance

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS

ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

IF YOU ARE IN A HURRY FILL THIS IN AND I WILL GET BACK TO YOU

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McCoy Mortgages does not charge a fee for a residential mortgage or protection insurance advice and applications. Other charges by lenders or insurance providers may apply. Please ask for a personalised illustration. McCoy Mortgages is a trading style of Keith McCoy Associates Limited. Keith McCoy Associates Limited is authorised and regulated by the Financial Conduct Authority, FCA number: 450724. Registered office: Unit 77 Cariocca Business Park, Sawley Road, Manchester M40 8BB. 

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