Mortgage Insurance Guide
" 93% of families do not feel they have adequate financial protection"
Aviva - July 2011"33% of families have no savings to fall back on "
Aviva - July 2011"87% of families don't have critical illness cover"
Aviva - July 2011
During this time of economic uncertainty it’s understandable if you are a bit uneasy about the financial burden of a new mortgage. You need to consider what would happen to you, and possibly your partner and family, if you couldn’t pay your mortgage because your income was considerably reduced or even lost altogether due to redundancy or serious illness.
Worse still, if you were to die, the mortgage still needs paying. Depending on your personal situation this could leave someone struggling to repay the debt on their own or the lender taking possession of the property, selling it and using the proceeds to clear what’s owed.
What are my chances of dying as a result of…
* Graphic: National Geographic 2007
Life Cover
A life insurance policy provides a tax free lump sum which would help protect your loved ones, or mortgage, should you die - giving you peace of mind from only 17 p a day†. Of course, how much you pay will depend on your personal circumstances, the type and level of cover you require.
Terms and conditions apply. Please see one of our financial consultants for details.
More about Life CoverCritical Illness
- Research shows that the chance of getting a critical illness before age 65 for men is 1 in 5 and for women, 1 in 6^
- More than 1 in 3 people develop cancer during their lifetime^^
- There are around 124,000 heart attacks in the Uk each year^^^
- There are around 111,000 strokes in the Uk each year ^^^^
Sources
^ERC Frankona, 2000
^^Cancer Research, December 2010
^^^www.Heartstats.org, December 2010
^^^^www.Heartstats.org, December 2010
Critical Illness Cover provides a tax free lump sum in the event of you being diagnosed with a condition covered by the policy, giving you and your family one less thing to worry about should you suffer from a serious illness.
More about Critical Illness CoverAccident and Sickness
The chances of being unable to work due to illness or an accident are not as slim as you may think...
- In 2009/10 29 million working days were lost due to work related ill health and sickness~.
- In 2009/10 9.8 Million working days were lost due to stress~.
Sources
~ HSE.gov.uk December 2010.
More about Protecting Your Income
Unemployment
- Unemployment has risen by 1.8% to 7.1% from March 2008 to March 2009 - that's 2.2 million people.
- There have been 286,000 redundancies in the first 3 months of 2009 - the highest figure since records began in 1995.
- The number of job vacancies fell by 232,000 over the last year - giving the lowest figure since 2001.
Sources
Office of National Statistics.
How would you cope if it happened to you? YOUR MOVE has Income Protection policies which cover this possibility.
More about Protecting Your IncomeProtection Advice
Insurance plans are designed to cover your outgoings and protect your loved ones if something unforeseen happens. By talking to a YOUR MOVE Financial Consultant you will get a clearer picture of your protection requirements.
A YOUR MOVE Financial Consultant will:
- assess your personal circumstances to establish your protection needs
- identify any potential shortfalls
- discuss and agree your budget and explore the costs of suitable cover
- prioritise what risks you'd like to cover
- explain the features and benefits of the different products available
- complete the application forms for you
† Based on a male, non smoker born in 1985, Sum assured of £18,981 level term life cover over 10 years.
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