Protecting your family and home is usually the main priority for most people.
Whether it be replacing your income during long term sickness, accident or redundancy, providing for your partner and family in the event of serious illness or death or insuring your home and contents, Oakwood Independent Mortgage Consultants is able to guide you to the right solution for your individual circumstances.
With access to the whole insurance market, Oakwood will be able to tailor an insurance package to cater for all you and your family's protection needs.
Your individual needs and circumstances will change throughout your life - Oakwood will agree a regular review period with you in order to maintain suitable cover for you and your family, home and lifestyle.
Below is a summary of the types of protection cover Oakwood will advise you on:
- Life cover: provides a lump sum to your beneficiaries/family in the event of your death. Often this sum of money can be used to pay off a mortgage and/or provide for your family.
- Critical illness cover: provides a lump sum in the event you are diagnosed with an illness from a specified list of illnesses - where the lump sum can be used for any purpose - including paying off some or all of your mortgage or paying for medical treatment.
- Income protection: will pay an income to you, proportionate to your earned income, in the event you are unable to work due to ill health or incapacity. This could pay you until the end of your mortgage term or until you reach retirement - and without it you must rely on your own resources to maintain your mortgage payments, associated costs and lifestyle.
- Accident and Sickness protection: Accident, sickness and unemployment plans will pay out the regular monthly benefit in the event of you being unable to work due to unemployment/redundancy or disability. The monthly premium is based on the level of monthly benefit you choose but premiums are not affected by age, health or smoking habits.
- Redundancy protection: which will pay a benefit to you in relation to your mortgage payments for up to 12 months, if you are involuntarily made redundant. This will ensure your mortgage payments and associated costs are maintained for a specified period, and without it you must rely on your own resources.
- Building and Contents: buildings insurance is a requirement of all mortgage lenders, and will pay out a sum adequate to rebuild the property in the event the property is seriously damaged. Contents cover will insure your personal possessions stored within the home, which you have worked hard to accumulate.
No-one knows what the future will hold and if you become unemployed or you were disabled due to an accident or sickness you may not be able to meet your financial commitments. Over 70% of people will not qualify for Income Support and those who do will receive only a small percentage of their normal income.
There are many places to buy accident sickness and unemployment cover and the cost varies dramatically. Banks, building societies and mortgage lenders often offer policies that are expensive when compared to those available from brokers. Oakwood is able to research the market place to find you the most suitable and competitively priced protection for all your financial needs.
For more information please call us on 01202 587555, or send us your enquiry using the enquiry form on the right hand side of this page.