The Insurance market is competitive as ever and the insurance companies make ever frequent changes in premium charges, to stay competitive. So, The Mortgage Files will provide you with the latest and most up-to-date illustrations, by using our 'on-line' technology. Our Assurance policies are also extensive and can repay your mortgage liability on your death or the diagnosis of a Critical Illness.
1 in 8 men aged 30-49 and 1 in 12 women aged 30-49 in the UK may die before they reach 65 (source: Government Actuary's Department - Interim Life Tables based on data for the years 2004-2006)
Over 13,000 properties were repossessed in the second half of 2007 (source: Council of Mortgage Lending)
1 in 5 British workers have no insurance and hardly any savings to fall back on (source: Alliance & Leicester Research December 2006)
How much will the Government help you out, particularly if your mortgage or remortgage was taken out after 1st October 1995? This will depend on your savings, or you or your partner working more than 24 hours a week. Or, you can insure to provide a tax-free income should either of you become unable to work through accident or illness until the end of your mortgage term?
Consider for yourself: Why you are buying in the first place? Is it for the financial security of you and your family? Should something happen, could you or your partner afford to keep up the payments on your mortgage over the typical 25 year period? If not, then taking a mortgage without any protection insurance can leave any potential beneficiaries in an impossible state of affairs. Even homeless, should the mortgage lender decide to repossess the home, should repayments not be met.
Should the worst happen, say from either a Critical Illness or untimely death, where should your priorities be? The last thing needed, would be to worry about how to pay the mortgage, or bills that continue to come through your letterbox.