Payne & Co - Residential Sales & Lettings Agents

Residential Sales & Lettings

Essential Protection - mortgage insurance

Term Assurance
Decreasing Term Assurance Plan provide life cover which is designed to decrease in line with the reduction of the outstanding mortgage. This means that whilst you can expect the mortgage to be re-paid in the event of your death, you are not paying for more protection than you actually require

Level Term Assurance Plan are simple, low cost arrangement that gives you the peace of mind of knowing that it provides life cover for the agreed term.

Critical Illness Cover
May people think of taking out protection for their mortgages in case they die, but how would you cope if you suffered a critical illness or disability?

Did you know that 1 in 4 men and 1 in 5 women aged 20 to 40 will suffer cancer, heart attack or stroke by age 65? Source: OPCS Cancer Statistics 1989 and Morbidity Statistics for General Practice 1991 —1992.

Critical Illness Protection Plan are designed to provide a lump sum during their term on diagnosis of any critical condition as defined under the terms of the policy. This means that you can be reassured that money will be available at a time when a critical condition might seriously affect your financial position.

Income Protection
Have you considered how you would continue to pay off your mortgage and other household bills if you were unable to work due to accident or sickness?

Statistics show that a man aged 35 is 3 time more likely to be off work for more than 6 months before the age of 60 due to illness, than he is to die. For women, the risk is greater. A woman aged 40 is more than 7 time more likely to off work for at least 6 months before age 60 due to illness than she is to die before age 60. Source: ERC Frankona — Decemeber 1998.

Income Protection Plan policies will provide a regular income for you should you be unable to work due to accident or illness. This means that you can be assured of essential financial stability from the end of the Deferred Period until either you return to work or the policy ends.

The level of weekly benefit proposed for Income Protection policy is based on your current earned income. The amount that might actually be paid in the event of a claim will be affected by two things - first, the amount of any increase in income and second, your entitlement to the Incapacity Benefit paid by the State.

Building and Contents Protection
This insurance of the property against major damage such as fire and other risks will normally a condition of the mortgage lender. In addition to the brick and mortar, you may also wish to insure your contents.