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

ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

 

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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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Protecting yourself and your family

 

The three things people most often think about are money, health and family. So with that in mind you know it makes sense to protect your income and family against the unexpected. 

 

We don't think twice about insuring our houses, our cars, our possessions and even our pets, but what would happen to you if you were to lose your income? That's the thing that could really be a catastrophe. So, have you got cover and is it enough? 

 

You might be surprised just how little cover you need. The equivalent of one or two years of your salary could give you the breathing space you need to recover from an unexpected illness or accident and get your life back on track. 

 

Life or critical illness cover could cost you less than you might think. *For around £15 a month, you could get £50,000 of cover. *(Based on male non-smoker, 31 next birthday, 25-year term).

 

There are 5 reasons why you should take out protection insurance now: 

 

  1. No one knows what the future holds health wise so there is always a need to have the right insurance in place. Life cover, critical illness insurance and income protection should be priorities.

  2.  While many people understand the importance of taking out life insurance to cover a mortgage in the event of their death, the mortgage isn’t the only payment that needs to be made each month. Utility bills, council tax and travel costs are just some of the other everyday expenses. So even if there’s sufficient life insurance to pay off the mortgage, think about how all these additional costs would be paid. 

  3. Many people feel far more vulnerable now than they did before the recession and look seriously at protecting themselves and their families. Taking out a protection product means families have peace of mind that if their income stopped due to an accident or illness, their financial needs could still be met. 

  4. And don’t leave it until it’s too late. Taking out protection insurance at a younger age might not be very appealing but the younger someone takes it out the cheaper it will be. 

  5. Don’t rely on savings or the state to provide financial help if things go wrong. Statutory Sick Pay is only is only paid for 28 weeks and will certainly not pay the bills. 

 

Life Insurance 

 

Life cover - inexpensive for most people, life insurance provides a lump sum payment if you die and is often set up to repay your mortgage in full and perhaps give extra cash to your family during a difficult time. 

 

If the unthinkable happens and you were to die, how would your family survive? Find out how protecting your family could cost less than you think (and if you have an existing policy you should call us because rates have been falling in recent years). 

 

 

Critical Illness Insurance Life insurance 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. 

 

 

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 a long term income protection insurance 

 

Which insurance is right for you? We all have different protection needs 

 

First Time Buyers 

The average FTB mortgage was an estimated £120,567 in February 2012 with the purchaser borrowing 3.23 times their income*. You can protect a loss of income through accident, illness or unemployment with ASU or Income Protection insurance. *Source: www.creditaction.org.uk 

 

Single with own home A typical single homeowner may not be worried about leaving an inheritance, but should consider protection against loss of income from serious illness or sickness, accident or redundancy. Can you imagine the financial impact if you got a critical illness and couldn’t work? Would you still have enough income to pay the mortgage and bills? And if you have savings, how long would they last? If, like most people, you’d struggle to meet your financial commitments, critical illness cover could be the answer, or an inexpensive sickness, accident, unemployment policy could give you up to 2 years of payments to cover your outgoings 

 

Couple - no children Ideally a couple should have enough Life or Critical Illness cover to pay off the mortgage if either should die or suffer a very serious illness. And if both partners incomes are essential to maintaining their lifestyle, Income Protect or Payment Protection should be considered. 

 

Family with children 

Without the right protection in place, would your family be able pay the bills if the main earner couldn't work because of illness or accident. Or if the worst happened and one partner died how would your mortgage be paid. A relatively inexpensive life policy would take care of this. 

 

Divorced parent 

A home owning parent would normally their children to inherit the proceeds of the family home. However, if he or she is divorced, single and died with a mortgage outstanding, there may be nothing left over to inherit. A life policy taken out to cover the mortgage balance, and if needed, some Income or Payment protection should be considered. 

 

The information in this guide is general and cannot be regarded of providing a guarantee of a successful insurance application. While every effort has been made to ensure accuracy, you should not rely on it. KMA Finance cannot accept any responsibility for any errors or omissions.

 

 

Protect The Dream You’ve Worked So Hard To Build

Most people (and their families) worry about their finances. With the ever rising cost of living it's vital to protect your finances, your income and your family against the unexpected. How long would your savings last if you’re unable to work? The state just doesn’t provide enough for most of us to get by.

We don't think twice about insuring our houses, our cars, our possessions and even our pets, but what about ourselves; what would happen to you if you were to lose your income? That's the thing that could really lead to a catastrophe. Have you got cover and is it enough? You might be surprised at how quickly life can change for you and your family if you have an accident or suffer a long-term illness.

 

A small amount of protection could make a difference and you might be surprised at how little protecting your family could cost.  I can tailor a plan for you for as little as £10 a month* – enough to provide some help when you need it most.

 

*Source:

Client, 30 next birthday, non-smoker. Life or Critical Illness Cover, 25-year term, lump sum of £27,371.44 on guaranteed rates, payment £10.00 a month, including plan charge of £2.60. Royal London, August 2016.

 

The money you’d receive could help to maintain your standard of living while you’re ill, or help pay the bills that continue to come in while you recover. It could perhaps help to pay for private medical care, or to see a consultant who specialises in your condition. It might even help to pay for modifications to your home, if that’s what you need.

5 Reasons Why You Should Take Out Protection Insurance Now:

1. More than 1 in 3 people in the UK will develop some form of cancer during their lifetime. Around 146,000 people have a heart attack every year and it is estimated that nearly 1.2 million people in the UK have suffered a stroke. No one knows what the future holds health wise so there is always a need to have the right insurance in place. Life cover, critical illness insurance and income protection should be priorities

 

2. While many people understand the importance of taking out life insurance to cover a mortgage in the event of their death, the mortgage isn’t the only payment that needs to be made each month. Utility bills, council tax and travel costs are just some of the other everyday expenses. So even if there’s sufficient life insurance to pay off the mortgage, think about how all these additional costs would be paid

 

3. Taking out a protection product means families have peace of mind that if their income stopped due to an accident or illness, their financial needs could still be met

 

4. And don’t leave it until it’s too late. Taking out protection insurance at a younger age might not be very appealing but the younger someone takes it out the cheaper it will be

 

5. Don’t rely on savings or the state to provide financial help if things go wrong. Statutory Sick Pay is only is only paid for 28 weeks and will certainly not pay the bills.

Life Insurance

Life cover - inexpensive for most people, life insurance provides a lump sum payment if you die and is often set up to repay your mortgage in full and perhaps give extra cash to your family during a difficult time.

If the unthinkable happens and you were to die, how would your family survive? Find out how protecting your family could cost less than you think (and if you have an existing policy you should call us because rates have been falling in recent years).

Critical Illness Insurance

Life insurance 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.

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

First Time Buyers

The average FTB mortgage is now an estimated £190,000. You can protect against a loss of income through accident, illness or unemployment with ASU or Income Protection insurance. 

Single With Own Home

A typical single homeowner may not be worried about leaving an inheritance, but should consider protection against loss of income from serious illness or sickness, accident or redundancy. Can you imagine the financial impact if you got a critical illness and couldn’t work? Would you still have enough income to pay the mortgage and bills? And if you have savings, how long would they last? If, like most people, you’d struggle to meet your financial commitments, critical illness cover could be the answer, or an inexpensive sickness, accident, unemployment policy could give you up to 2 years of payments to cover your outgoings 

Couple - No Children

Ideally a couple should have enough Life or Critical Illness cover to pay off the mortgage if either should die or suffer a very serious illness. And if both partners’ incomes are essential to maintaining their lifestyle, Income Protect or Payment Protection should be considered.

Family With Children

Without the right protection in place, would your family be able pay the bills if the main earner couldn't work because of illness or accident. Or if the worst happened and one partner died, how would your mortgage be paid? A relatively inexpensive life policy would take care of this.

Divorced Parent

A home owning parent would normally want their children to inherit the proceeds of the family home. However, if he or she is divorced, single and died with a mortgage outstanding, there may be nothing left over to inherit. A life policy taken out to cover the mortgage balance, and if needed, some Income or Payment protection should be considered.

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