At Grange Mortgages we strive to help our clients achieve their aspiration of home ownership but it’s also really important you safeguard your dream, just incase your circumstances do change in the future. Therefore every client we transact a mortgage for will have the opportunity to speak to one of our protection specialists to appraise their current provisions, identify any requirements they have and then pin point the products that could address their needs.
We know it’s probably taken a long time to get to the stage of buying a property and we understand everyone has their own requirements when it comes to protecting their homes and assets. Therefore this aspect will fully take in to account your lifestyle, your current provisions and your disposable budget.
We can offer advice on life assurance, critical illness cover, income protection, mortgage protection and home insurance.
Our advisers will also advise you on putting your policy in trust for you at no extra cost.
Term Insurance is one of the simplest and cheapest forms of life assurance. It is also one of the most important because it can provide a lump sum of money which could then be used in the event of your death. There are many reasons why it is a good idea to take out a life insurance policy, the most obvious is to provide financial security and peace of mind to your family, should you die unexpectedly. However, there are many other reasons why you should consider taking it out – these include protecting your mortgage, any estate or land you own, and even replacing a lost income.
Critical Illness Cover
Critical Illness Insurance is designed to provide you with financial protection in the event that you are diagnosed with a specified critical condition during the term of the policy. This is particularly important if you own a property and currently paying a mortgage. Whereas life assurance only pays out to your beneficiaries in the event of your death, if you are unfortunate enough to be diagnosed with a critical illness, your insurer will pay out a tax-free lump sum directly to you. This can then be used to replace earnings, cover your mortgage repayments, provide private health care or any other lifestyle changes that are required.
Income Protection Insurance, also known as Permanent Health Insurance, is designed to provide you with a tax free income if you unable to work due to an accident or illness. This insurance allows you to concentrate on getting better rather worrying about how you are going to pay your bills.
You can generally cover up to 60% of your current income, although this does vary between insurers. Some insurers can also link your benefits to the Retail Price Index, so it keep pace with the true cost of living.
Buildings Insurance & Contents Insurance
When you take out a mortgage, the lender will require that you have adequate buildings insurance, which insures the property against damage from a list of perils such as fire, flood, theft or third party malicious damage.
Alongside the standard perils mentioned above you can also include accidental damage to both elements, legal cover and home emergency cover. Under the contents insurance aspect you can also enhance your cover to include personal items outside of the property for risks such as loss, theft or accidental damage, which would not otherwise be included.
Unlike some companies we are not tied to any one particular provider and have access to a range of insurers to find the best product to suit your individual circumstances.
To speak to a specialist to discuss your requirements please call us on 01604 877999