Protection Products
At AIM Independent Mortgage Solutions Limited, we will ensure you have the correct protection policies in place to safeguard you and your family during the term of your mortgage.
We will discuss the importance of the wide variety of protection policies, how these will benefit you, and advise you accordingly.
According to Cancer Research UK; 1 in 2 people in the UK, born after 1960, will be diagnosed with some form of cancer during their lifetime. The correct Insurance policy will ensure that should you be diagnosed with a critical illness, you will receive a cash lump sum to help pay for your mortgage, essential bills and debts or even medical treatment. How much you receive will depend on the amount of cover you have in place. Ideally, you will have a policy in place that will clear the mortgage in full should the worst happen.
There are a large number of insurance products available which can provide you with peace of mind during your lifetime:
Life Insurance Only
This type of policy is designed to pay out a tax-free, lump sum to your beneficiaries if you die during the term of your mortgage. This provides yourself, and your family, with peace of mind knowing they are taken care for when you are no longer around to support them. This money can be used to clear an outstanding mortgage balance, personal debts and bills.
We will ensure the policy is set up correctly and written into Trust to make any claim that little bit easier.
The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Critical Illness Cover
This type of policy is designed to pay a lump sum on diagnosis of a critical illness or specific disability. Not all policies cover the same critical illnesses/disabilities, so it is important the correct cover is put in place for your specific needs.
Not all providers offer the same type of Critical Illness Cover, with some covering just the basic illness, stroke, advanced cancers, heart attack and multiple sclerosis.
AIM Independent Mortgage Solutions Limited have access to a wide range of providers who offer cover for less advanced cancers and a large number is illnesses. There are also providers who will make a smaller lump sum pay-out, typically £25,000 or 50% of the sum assured (whichever is lower) if less serious illnesses are diagnosed.
We can also ensure your children are covered as part of your policy.
We never like to think about potential illness or disease, but it is important to ensure the uncomfortable conversations as had to protect you during the term of your borrowing.
How would you, or your family, cope should the worst happen?
Could you maintain your mortgage and essential monthly debt payments if you are unable to work?
Could you face losing your home?
This is something we don’t want you to worry about, we want you to have peace of mind you have the correct cover in place to protect you and your family in the future.
The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents.
Income Protectuon
This type of policy is designed to pay you a percentage of your salary on a monthly basis, up to as much as 70%.
Should you find yourself unable to work due to illness, injury or involuntary redundancy, this will ensure you are still able to meet your financial obligations.
You will receive a monthly, tax free income once you have been unable to work for a certain period of time – typically 3 to 6 months. The policy can be designed to cover you for a limited amount of time, from 12 to 24 months or until your pension is due to start. The payments will stop when you are able to work again, retire or when the policy finishes.
There are many variables when deciding on the correct policy for you needs, AIM Independent Mortgage Solutions will help you make the right decision.
Not having the correct protection policies in place, could result in the loss of your home for yourself and your family.
The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Family Income Benefit
Family income benefit is designed to pay a regular, monthly income to your family if you die, replacing any lost income as a result.
Once the Life Insurance has paid out and your mortgage has been cleared, how will your family maintain the home and pay the monthly bills without the monthly income they’re used to?
With this type of policy your loved one will be paid a regular income for a set period of time, providing you with peace of mind they will be looked after when you’re no longer here.
Family income benefit is generally seen as the most budget-friendly form of life insurance available. This is because, rather than a large lump sum of money like Life Insurance, the insurer only has to make smaller monthly payments.
The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.