Life Insurance & Critical Illness

It is important to protect your home and family with suitable insurance policies. we regularly have conversations with people who say we cannot afford it, but you really cannot afford not to.

 

It is one of the most important decisions you will make to ensure if things go wrong your loved ones are protected. This could be the mortgage debt or your families’ individual needs and taking advice is the first step to peace of mind. At DWM Mortgage we can advise on all aspects of protection to suit your individual needs with access to the whole market and can tailor plans to suit your budget too.

Here are some examples of the sort of covers available.

Decreasing term assurance

This tends to be the most affordable way to protect a mortgage debt. At any time during the mortgage if you were to die it will repay the outstanding balance in full. The benefit amount reduces as the mortgage does keeping the monthly costs as low as possible and is paid out tax free.

Level term assurance

Similar to decreasing term but as the name suggest the benefit amount is set at the outset and stays the same throughout the term. There is no maturity value at the end of the term, but the benefit is also paid tax free and can be used, for example, with an interest only mortgage where the capital remains outstanding or as an additional fund, say to cover the up bringing of children until they finish full time education, as the costs can mount over the years.

Family income benefit

This is also a benefit paid on death but unlike the two options above this is usually paid as a monthly benefit. It could provide a spouse a monthly income until the end of the policy. This could work in addition to a decreasing term assurance to pay the mortgage or on its own, an example could be a partner looks after the children instead of working and will have no income if the main earner were to die. How do they pay the bills and continue to bring up the children? Scary thought.

Critical Illness

This offers a more comprehensive cover for specific illnesses which each provider will illustrate. Critical illness generally allows a lump sum benefit to be paid in the event you are diagnosed with certain illnesses, such as Stroke, a Transplant, Heart Attack, certain Cancers, Blindness, loss of limbs and so on. Most providers have an extensive list of what is covered and not which we can supply for you to look over. As so many of us in our lifetime will unfortunately have one of these illnesses it is worth serious consideration for peace of mind.

 

Please contact us at DWM Mortgages to discuss any of these options fully with one of our expert wholes of market advisors.

Mortgage & Protection Advisors

Searching for the ideal mortgage, insurance, solicitor or generally managing your wealth can be a daunting experience.

As an independent broker our services & advice are impartial in helping you find the perfect financial solution that suits your needs…  Enter your details below & we’ll be able to get you on the right track straight away!

    We offer free expert advice, with no obligation!

    Mortgage & Protection Advisors

    Searching for the ideal mortgage, insurance, solicitor or generally managing your wealth can be a daunting experience.

    As an independent broker our services & advice are impartial in helping you find the perfect financial solution that suits your needs…  Enter your details below & we’ll be able to get you on the right track straight away!

      We offer free expert advice, with no obligation!