Insurance Tailored To You
The mortgage brokers on Mortgage Propeller, offer a range of insurance plans tailored specifically to your needs. From life insurance, to income protection - your needs will be carefully assessed by an experienced Broker to ensure you receive the perfect cover for you.
Types of Protection
1. Life insurance
Life insurance provides a safety net for your family, such as your children and spouse, in the case of your death - providing them with essential financial support that will help them during the transitional period. It is up to you decide whether you would like the money to go towards paying for specific payments, such as mortgage or rent, or whether you would prefer to be given to your family in the form of inheritance.
Connect with award winning FCA Authorised Mortgage and Protection Advisors, receive tailored advice and save on your mortgage.
Get in touch:
Mortgage and Protection Advice is provided by Mortgage Joy Limited (FCA: 955439)
2. Family income benefit
Family income benefit is a type of insurance that will protect your loved ones, such as your husband or children if you develop a terminal illness or unexpectedly pass away. It will be paid out to the person or people under your policy on a monthly basis, or in the form of a lump sum, to help them with living costs and to cover any costs associated with your ongoing care if you become terminally ill.
3. Critical illness cover
Critical illness cover helps you protect yourself against the unexpected costs of being diagnosed with a serious or critical illness. Critical illness cover will be paid as one lump sum on diagnosis, which you’ll be able to use for anything from medical bills or to cover costs of day-to-day living.
4. Income Protection
Income protection will help you support yourself financially if you are no longer able to work, for example, if you go through a life changing illness or an accident. The amount you will receive from your policy will depend on your current salary and will be paid out to you on a monthly basis, and depending on the severity of your illness can be paid until you return back to work, a pre-specified time period, or until you retire.
5. What type of insurance do I need?
If you are not sure where to start, our expert protection advisers will be able to help. We believe there is no cookie cutter approach when it comes to insurance - our advisers provide only highly personalised guidance tailored to you and your circumstances with the highest level of transparency, so you can rest assured you understand your options thoroughly and ensure it fits within your budget.
Connect with award winning FCA Authorised Mortgage and Protection Advisors, receive tailored advice and save on your mortgage.
Get in touch:
Mortgage and Protection Advice is provided by Mortgage Joy Limited (FCA: 955439)
6. FAQ's
What do I need for my insurance application?
Depending on the insurance policy you choose, you may need all or some of the following:
- The name and address of your doctor
- Medical history
- Details of any ongoing illnesses or conditions
- Details of any medication that you are currently on, or have taken in the last five years
- Your height and weight
- Bank Account Details
The broker handling your case will help you organise these and then submit your application for you.
What is a life insurance trust ?
Trusts are legal arrangements that allow you to specify exactly who your assets will be passed on to. These can be friends or relatives, referred to as your beneficiaries. A trust will then be managed by one or more of your chosen trustees until paid out.
Do I need life insurance for a mortgage?
There is no legal requirement for you to obtain life insurance to get a mortgage, however, it might be considered as a precondition in the eyes of some lenders when you’re looking to borrow money for a home.
How Much cover do I need?
The amount of cover you need as well as the type of cover can rely heavily on your circumstances and your budget. One of our expert Advisers will be able to help you identify your specific needs, and assists you in picking the best policy for you.
Can I increase my cover or change the term of a policy after it had started?
The short answer is - yes. If you wish to add extra products to your policy, change it's term or review it you can do so by contacting our team directly who will be able to help you with making any alterations.
What if I need to make changes to my life insurance policy?
Whenever your circumstances change - such as your employment, living situation or even the permanent state of your health, your policy should change too. If that’s the case, contact us directly and we will help you make the required changes to your policy.
What does life insurance not cover?
Life insurance will not cover death due to any existing conditions. Death caused by risky or antisocial behaviour may not be covered also - however, this depends on your individual circumstances and your policy.
My smoker’s status has changed, will this affect my policy?
If you have stopped smoking since you first acquired your life insurance policy, your policy won’t be affected. You may be eligible to take out a new policy as a long-term (12 months +) non-smoker, which could potentially alter the price of your policy.
Who can be a beneficiary on my insurance policy?
A beneficiary can be any person or people that you wish to pass down your assets to. You can select beneficiaries by putting your policy in a trust or a will.
Can I have multiple insurance policies at the same time?
Yes, legally you can have more than one life insurance policy. However, you will find that unless you wanted to benefit from the different terms and conditions from different policies, simply increasing your cover with your existing provider will turn out cheaper, and more efficient.
Can I cancel my policy if I no longer need it ?
You can normally cancel your policy for up to 30 days to get a refund for any premiums you have already paid. You will still be able to cancel your policy after that, however, may not be eligible for a refund of any previously paid premiums.
Connect with award winning FCA Authorised Mortgage and Protection Advisors, receive tailored advice and save on your mortgage.
Get in touch:
Mortgage and Protection Advice is provided by Mortgage Joy Limited (FCA: 955439)