Call us on 01573 228274
or 0779 151 6670
SIMPLY MORTGAGES PLUS
Your friendly local mortgage and insurance broker
26 Douglas Crescent, Kelso, TD5 8BB
Insurance
Why do you need insurance?
Insurance is a way of protecting yourself and your belongings against a particular adverse event - for example, a burglary, or losing your income because of illness. If this happens, insurance will pay out an agreed amount, or an amount to cover the damage, as appropriate. Of course, it may not happen, but you have to decide whether you are willing or able to take that risk. If the unexpected does happen, you may have enough savings to be able to manage, but in case you don’t, insurance may help.
There are many different types of insurance available and it can be confusing, so listed below are a range of the most common insurances which we can give advice on, with a brief explanation of what they are. If you would like to discuss any aspects of insurance, please contact us.
If you think you do not have sufficient cover, or just wish to compare products to see if we can save you some money, we can search through our panel of lenders and give you competitive quotes, explain the "small print" and answer any queries you may have, to ensure you get the best cover for your circumstances. We do not charge a fee for this service.
HOME INSURANCE
When it comes to choosing insurance for your home, there are a number of things to consider, but the most important one has to be ensuring your home and possessions are protected.
Do you really know that everything is covered when you haven’t spoken to an expert?
At Simply Mortgages Plus, we understand the importance of finding the most suitable insurance policy, both on the level of cover and the price. We can search a selected panel of lenders to find the right policy with coverage relevant to you.
If you currently have a mortgage on your house, it will be a condition of the mortgage offer that you have buildings insurance in place, and that the sum assured is sufficient to cover the said buildings.
Personal Protection Products - An Overview
Level Term life assurance
You choose the amount of cover you want and how long you would like the policy to run for. If you die during the policy term your insurer will pay the amount you are covered for. These policies can be set up on a sole or joint life basis. The policy stops when a claim has been paid. This type of policy has no cash-in value at any time.
Mortgage protection life assurance
You choose the amount of cover you want and how long you would like the policy to run for. The amount of cover reduces each month during the policy term and is designed to be enough to repay the capital outstanding under a normal repayment mortgage. If set up as a joint policy (one policy to cover two people) the amount of cover is normally paid out on the first death for mortgage purposes. The policy stops when a claim has been paid. This type of policy has no cash-in value at any time.
Critical illness cover
You choose the amount of cover you want and how long you would like the policy to run for. This can either be taken as a stand-alone policy or in conjunction with level term life assurance or mortgage protection life assurance. If you are diagnosed with a critical illness during the policy term your insurer will pay the amount you are covered for, or if taken in conjunction with life assurance, the policy will pay out on death or earlier diagnosis of a critical illness. The types of illnesses covered include Heart Attack, Stroke, Cancer and Multiple Sclerosis (the full list of illnesses covered are detailed by the insurers in their key features documents, which are available on request). These policies can be set up on a sole or joint life basis. The policy stops when a claim has been paid. This type of policy has no cash-in value at any time.
Family Income Benefit
An insurance policy to pay an income for the benefit of your dependants in the event of your death. This type of policy has no cash-in value at any time.
Permanent Health Insurance
An insurance to protect you if you are unable to work due to illness or injury. Cover normally lasts to the end of the policy term or an earlier return to work.
Accident, Sickness and Unemployment
An annual insurance policy to cover you if you are unable to work due to illness or injury, and to cover you for unemployment should you be made redundant. This would normally pay out until you return to work, and normally for a maximum of 12 or 24 months.
