Life Assurance is a type of plan that will pay out cash pay-out if you or anyone who has an insurable interest with was to die.
Many insurance providers also provide complementary terminal illness cover as part of their life plan. Typically, this is where a doctor advises you that you have less than 12 months to live.
The pay-out can either be a cash lump sum or a regular income.
There are various types of plans available for each policy and this depends on your circumstances, needs and priorities.
Why is Life Insurance important?
COVER THE MORTGAGE
COVER UNSECURED DEBT
COVER FUNERAL COSTS
MEET DAY TO DAY FAMILY RUNNING COSTS
Different types of cover
life cover
There are various different types of plans available for various needs and priorities.
You may wish to have something that reduces in-line with a repayment mortgage. Or, you may wish to have something that pays the same amount to repay an interest only mortgage. Perhaps, you just want to provide a regular income until a child finishes university.
CRITICAL ILLNESS COVER
Critical illness cover provides a lump sum in the event of being diagnosed with certain illnesses or disabilities. The kind of illnesses that are covered are usually profoundly serious illnesses such as heart attack, cancer, or stroke.
The pay-out is usually in a lump sum format and can be in a reducing form, level, or increasing amount over the years.
INCOME PROTECTION
Income Protection, also known as Permanent Health insurance, is designed to provide you an income if you are unable to work due to an accident, sickness, or injury, whether you are employed or self employed.
It is a long term insurance plan to cover you until you return to work or retire. The amount of money you will receive is typically two thirds of your annual salary and has a deferred period where the insurance provider doesn’t pay. Deferred periods can be as little as 4 weeks going up to 52 weeks.
Please note: A Protection 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 and you may not be covered if a claim is made.
DISCLAIMER
Whilst Robin Hood Mortgages Ltd take all reasonable steps to ensure the accuracy and timeliness of the information contained on this website. We cannot guarantee this and accept no liability for any errors or omissions. Any information provided on this website is for information purposes only. Full advice and recommendation can only be obtained by a suitably qualified adviser. Under no circumstances should any of the information contained within this website be construed as advice. You should seek professional advice in respect of your own circumstances. The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
think carefully before securing other debts against your home. your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Robin Hood Mortgages Ltd is Authorised and regulated by the Financial Conduct Authority under reference 987739. You can check this on the FCA’s website www.fca.org.uk or by contacting the FCA at 0800 111 6768. The firm is registered in England & Wales at P.O. Box 11018, Nottingham, NG5 0NE. Telephone: 01156 712351 under reference 11416342.
If you wish to register a complaint please write to the address above or email us on info@robinhoodmortgages.co.uk
A summary of our internal procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567.
Although Robin Hood Mortgages are regulated by the Financial Conduct Authority, Business Finance, Loans and most buy-to-let and offshore mortgages are not regulated by the Financial Conduct Authority.
A Protection 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 and you may not be covered if a claim is made.
We do not charge a fee for residential mortgage advice. We charge an administrative fee for processing each of your mortgage contracts; our fees only apply when you decide to go ahead with an application.
