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Protect Your Mortgage
TAYLOR LUCAS FINANCIAL SERVICES
With you every step of the way
Mortgage Protection
Set up a policy that can pay off your mortgage if you pass away within the term of your mortgage.
You can also add Critical Illness Cover (CIC).
What is Critical Illness Cover?
If you add Critical Illness Cover to your mortgage protection policy, your mortgage could be paid off if you are diagnosed with a disability, serious or critical illness such as cancer, heart attack or stroke. Not having to worry about how you are going to pay your mortgage during your illness gives you more time to focus on getting better!
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What types of Mortgage Protection are there?Typically, if you have a repayment mortgage, you should have a Decreasing Term Assurance (DTA) policy and if you have an interest only mortgage, you will need a Level Term Assurance (LTA) policy.
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My partner and I are both on the mortgage, do we need a policy each?No, if you have just the one mortgage, a joint policy paying on first death will be enough to pay off the mortgage debt.
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What does term assurance mean?Term assurance means there is an end date to the policy. Term assurance policies are typically designed to protect something temporary like a mortgage or loan.
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How do I decide how much cover I need?That's where we come in. We can help you identify what and how much you need. We'll draw from experience to help you cover every base.
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Can I include a child in my policy?With most critical illness policies, you will receive a payment if your child becomes seriously ill. With some providers, you have to request. It is awful to consider, but some policies will cover the death of a child.
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Will I get my premiums back if I cancel my policy?Unfortunately, not, if you cancel your policy or are unable to pay your premiums, your policy will end, and you won't receive any money back.
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Will existing conditions be covered?Depending on the condition, when you were diagnosed and if you have fully recovered will determine if an exclusion will apply to your policy. We'll discuss your medical history with a host of providers to see who can offer the best solution.
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How long will I be paid if I can't work?You can choose a pay-out term when setting your policy up. You can choose 1 year, 2 years, 5 years or up to your retirement age.
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I already have sick pay through work. Do I need Income Protection?Most sick pay entitlements only last for a few months. Consider what would happen if you needed a year, two years or even longer off work? An Income Protection policy can take over once your sick pay runs out
FAQ
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