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Life Insurance

INDEPENDENT LIFE INSURANCE AGENTS

A mortgage is a big commitment. You don’t want your loved ones to have to worry about how they’re going to make the repayments if you’re not around. Even if you’re not earning a salary, your contribution to the household is still invaluable. How would your family cope and make ends meet without you?
 
The Mortgage Hub will help to provide you with North Devon life insurance quotes that are competitive and right for you.
 

GET THE RIGHT LEVEL OF COVER FROM LIFE INSURANCE BROKERS

You may want cover that will simply help pay off the mortgage, or you may decide your dependants will need some extra money on top. So you may want to take out additional cover to provide a lump sum greater than your outstanding mortgage.
 
Please contact us if you would like any more information regarding life insurance in North Devon.
 

CHOOSE BETWEEN FIXED COVER OR DECREASING COVER

Fixed cover (known as ‘Level Term Assurance’): Your cash lump sum value remains the same over the term of the plan. Designed to help protect an interest only mortgage
 
Mortgage Protection (known as ’Decreasing Term Assurance): Your cash lump sum value decreases over the term of the plan roughly in line with your decreasing mortgage debt. Designed to help protect a repayment mortgage.
 

CRITICAL ILLNESS INSURANCE COVER

Critical illness Cover: Critical Illness cover provides protection if you should become critically ill. The policy pays out your chosen amount of cover if you’re diagnosed with a specified illnesses and are eligible to claim during the policy term.
 
Critical Illness could happen to any one of us. If it does happen, critical illness cover could help to minimise the financial impact on you and your loved ones. For example, if you needed to give up work to recover, the money could be used to help repay or fund the mortgage, everyday bills or even simple things like the weekly food shop – giving you and/or your family some peace of mind when you need it most.
 
Most critical illnesses are paid out for heart attacks, cancer and strokes. They also include but are not limited to coma, kidney failure and total permanent disability.
 

INCOME PROTECTION INSURANCE

You’ve worked hard to get where you are. But just how secure is your lifestyle? If you can’t work because of an accidental injury or an illness, would you be able to cover your monthly living costs?

Although many people think ‘It’ll never happen to me’, illnesses and accidents happen every day to perfectly ordinary people. Statutory sick pay is only a safety net, so unless that’s enough for you to live on, you’d soon be drawing on your savings or struggling with the bills.

Although many people think ‘It’ll never happen to me’, illnesses and accidents happen every day to perfectly ordinary people. Statutory sick pay is only a safety net, so unless that’s enough for you to live on, you’d soon be drawing on your savings or struggling with the bills.
 

INCOME PROTECTION OPTIONS

1. CHOOSE YOUR LEVEL OF BENEFIT
 
You apply for the level of benefit you would want to receive each month, based on your current earnings. This plan has no cash-in value at any time.
 
2. CHOOSE YOUR MONTHLY PREMIUM OPTIONS
 
There are three options you can choose that will affect whether your monthly premiums change.
 

  • GUARANTEED PREMIUMS, LEVEL BENEFITS

Premiums remain the same
Benefits remain the same
Premium is guaranteed not to change
 

  • GUARANTEED PREMIUMS, WITH INCREASE OPTION

Benefits reviewed each anniversary in line with RPI
Premium will also increase
Option to reject the increase, keeping premiums and benefits at the same level
 

  • REVIEWABLE PREMIUMS

Benefits and premiums reviewed each anniversary
Premiums can go up as well as down
 
3. CHOOSE WHEN PAYMENTS SHOULD START
 
You tell us how soon you would like payments to start if you became incapacitated and were to make a successful claim.

For example, if you have a company sick pay scheme that pays for six months, you may want the plan to start paying out after the end of this period. But if you are self – employed, a regular income could be needed much sooner. To ensure payments start when you need, most plans offer different periods (called deferred periods) after which you will receive payment of income protection benefits if you make a claim. These deferred periods are 4, 8, 13, 26, 52, 56, 78, 104 and 112 weeks. Generally, the longer the deferred period, the lower the premium is likely to be.
 

COMPENSATION FOR REDUCED EARNINGS

If you make a claim then an Income Protection plan can also compensate you for reduced earnings if:

you return to your job in a reduced capacity with a reduced salary, or
you’re unable to return to your previous job and take an alternative one at a reduced salary
 

HOUSEPERSONS AND PART-TIME WORKERS

The Income Protection plan can also provide benefits for housepersons and part-time workers (those working less than 16 hours per week). If you fall into one of these categories and you become incapacitated so that you are not undertaking any work and are either;
 
consistently unable to perform at least 3 of the ‘personal capabilities’, or
suffer one of the ‘serious conditions’ listed in the Policy Wording (available on request)
 

ACCIDENT, SICKNESS AND UNEMPLOYMENT COVER

Accident, Sickness and Unemployment Cover (ASU) is designed to cover the cost of your mortgage payments in the event that an accident, sickness or unemployment stops you from working. Most ASU policies will only pay out for a maximum of a year, so if you do have sufficient savings in place to tide your over for this length of time, then you may not require cover. Check how much your employer is likely to pay you in the event that you get made redundant. If you have worked at your company for several years, the chances are you may get a decent payout, which would mean you might be paying for the unemployment element of your mortgage protection policy unnecessarily.
 
As a general rule, mortgage protection policies will start paying out either 31 days or 60 days after you are unable to work. However, many policies are ‘back to day one’ plans. This means that the benefit you receive is backdated to the date you were first out of work. Monthly payments are capped, usually at £1,500 or £2,000 a month or at a percentage of your income. So if you have a very large mortgage, you will need to think about how you will cover any surplus.
 
Remember that policies won’t usually allow claims related to unemployment within the first three or six months so make sure you have savings in place for this period.
 

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The Mortgage Hub is a trading name of NDMC associates limited, registered in England and Wales with Company Number: 08157088, Registered office: 67 Boutport Street, Barnstaple, N.Devon EX31 1HG. NDMC Associates Limited are Regulated by the financial Conduct Authority, Registered number 587827.