Hallowes Mortgages offers comprehensive protection and insurance, such as home insurance services in Sheffield and the UK. Events such as the death or serious illness of the main earner can profoundly affect families. While we hope to avoid such situations, preparing for the unexpected is essential. Financial protection through insurance can provide a crucial safety net, ensuring funds are available to maintain your home and lifestyle during challenging times. Contact our protection advisors for more detailed information.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
As with all insurance policies, conditions and exclusions will apply.
Why Protection Is Important
Events such as the death or serious illness of the main earner can have devastating impacts on families. While we hope such situations never occur, preparing for the unexpected is crucial. Although no insurance can prevent these events, you can financially protect your family by ensuring funds are available. This financial safety net can mean the difference between keeping your home and maintaining your family's lifestyle during challenging times, providing peace of mind for you and your loved ones.
Life Assurance
Life insurance provides financial protection by paying out a lump sum or income upon the death of the insured or, in some cases, upon confirmation of a terminal illness. Coverage can be temporary (term assurance) or lifelong (whole of life), with options for level, increasing, or decreasing cover based on needs, such as a repayment mortgage. Premiums can be guaranteed or reviewable, with coverage ceasing at the end of the term. Failure to maintain premiums may result in a lapse of coverage.
Family Income Benefit
Family Income Benefit provides crucial financial support in the event of death, paying out an annual income for the remaining term of the policy. For instance, if a claim is made after five years into a 20-year policy, beneficiaries will receive 15 annual payments. Typically, these payments are not subject to income tax but may affect certain state benefits. It's important to note that the plan holds no cash value at any time and will terminate at the end of the term. Additionally, the coverage will lapse if premiums are not consistently paid, leaving beneficiaries without the intended support.
Income Protection
Income Protection Insurance offers vital financial support if you become ill or injured and can no longer earn an income. If houseperson’s cover is included, it will pay out regardless of income cessation due to illness or injury. This insurance aims to replace a significant portion of your net income, providing peace of mind during difficult times. Coverage lasts for a specified term or until a designated age, typically your state retirement age. The premium can either be guaranteed to remain unchanged or be reviewable based on the insurance provider's claims experience. Note that the plan has no cash value and will terminate at the end of the term; if premiums are not maintained, the coverage will lapse.
Private Medical Insurance
This insurance covers medical treatment costs, including private ward care or expedited NHS treatment. Some plans allow claims if NHS wait times exceed a certain period, while others are not tied to NHS delays. Coverage may involve medical underwriting at the outset or none, excluding conditions within two years prior. Premiums are typically reviewed annually. The plan has no cash value and terminates at the end of the term; failure to maintain premiums results in lapsed coverage.
This will be done on a referral/introduction basis only.
Critical Illness
This insurance pays out upon the diagnosis of a defined critical illness, such as a heart attack, stroke, or cancer. Coverage lasts for a set term, which can align with mortgage duration or significant life milestones. Typically, a lump sum is paid, though a lower-cost option for set income over the remaining term is available. Policies without investment elements have no cash value and expire at term end; failure to maintain premiums leads to lapsed coverage. Not all critical illnesses may be covered—refer to the policy document for specifics.
Discover Affordable Insurance Solutions—Contact Our Mortgage & Protection Advisors On 01246 589922