Insurance

If it matters to you ...it matters to us

At Top House we offer great value, high quality Insurance products. Whether you're looking to cut your insurance premiums, need some independent advice or would like a quick chat, we're here for you.

Our Insurance arm of our business is operated by Coversure (Outwell) providing the local community and further with accessible, affordable, independent insurance broking services. From car dealers looking for motor trade insurance to a property owner who needs a home or landlord policy - we have you covered with Coversure (Outwell). Let us protect what matters most to you by calling Jane's team on (01945) 738869 or visiting our insurance website Coversure (Outwell)

HOME BUYERS INSURANCE OVERVIEW

A mortgage is probably the biggest financial investment and commitment many of us will make in our lifetime. An investment that we are always advised to protect and insure.

There are countless reasons why our personal circumstances could change and if those changes affect your income, not only can your home be at risk, but also – and more importantly – your family could be too.

Insurance is there for exactly that reason. To protect your home and your family should the unthinkable happen. You can ensure that your family don’t have financial worries, that they have money to live on; to fall back on if needed. An insurance pay-out could make all the difference.

There are a range of insurance products on the market and by assessing your specific needs and budget, we can guide you through your options to ensure you get the right cover.

• Income Protection

• Mortgage Payment Protection Insurance

• Critical Illness Cover

• Life Insurance

• Life Assurance

INCOME PROTECTION INSURANCE

Income Protection insurance will pay out if you're unable to work due to an accident or ill health.

You will receive monthly, tax-free payments that equate to 50-70% of your salary, until you are fit enough to return to work or until your pension starts assuming you are unable to return to work.

The amount you will receive is calculated on the after-tax earnings you have lost, minus any adjustments for any state benefits you claim.

It should certainly be enough to cover your mortgage as well as help with living costs. And because you are not taxed on income protection pay-outs, it should pretty much replace most of your take home pay.

The policy is not linked to your mortgage, so you can use the pay-out as you wish.

MORTGAGE PAYMENT PROTECTION INSURANCE (MPPI)

Mortgage Payment Protection insurance offers an alternative to Income Protection for those with a tighter budget.

It is designed to cover the cost of your mortgage repayments if you are sick, have an accident, or become unemployed and are unable work. The policy will usually pay out 31 or 60 days after you are unable to work and covers you for 12 or 24 after months after that time.

Pay consideration to the fact that statutory sick pay can only be claimed for a maximum of 28 weeks, meaning many families would struggle meet their mortgage repayments. The pay-out MMPI policies is usually around £1500-2000, so if you have a large mortgage, can you manage the shortfall?

Unfortunately, this is not a long-term solution, but having some form of cover is better than none at all.

CRITICAL ILLNESS COVER

Critical Illness Cover is designed to ease financial hardship should you become seriously ill. It pays out a tax-free lump sum if you are diagnosed with a major illness, for example heart disease, types of cancer, a stroke or multiple sclerosis.

The actual illnesses covered vary from provider to provider, and you can opt which illness/es you want to cover but be aware that the policy will only pay out, if you are diagnosed with the conditions you are covered for. In this event, the insurance company will usually pay out after a specified survival period.

Many insurers will make a part payment for an early-stage diagnosis of a condition specified, but again, the amount will vary from depending on your chosen provider.

According to Cancer Research UK, around 367,000 people get diagnosed with cancer each year in the UK – that’s around 1,000 every single day!

Based on that figure alone and considering just how many lives are affected by other critical illnesses, it is surprising that more people do not take out Critical Illness insurance.

Critical illness cover is sometimes combined with other types of insurance and may even provide an investment element so that, for example, a given sum will be paid out on the death of the insured

LIFE INSURANCE

Life insurance is cover that you take out for a set number of years, it then pays-out to your loved ones, if you die during the policy term.

The term is agreed at the onset and is usually between 10 and 25 years. If you outlive the term, you aren’t guaranteed a pay-out, however you do get peace of mind and the guarantee that protection policies provide you and your family.

This policy is especially important for those with dependants, with families often choosing life insurance to cover them whilst the children are growing up and coming to term when they become financially independent.

You can set the level of cover required and also if you would prefer it to be paid out in a lump sum or in monthly instalments.

The majority tailor theirs to make sure that their existing financial commitments are met in the event of death. For example, policies are often aligned with their mortgage or loan terms.

It is often the case that Banks and Building Societies require you to have life insurance in place as a stipulation of consenting to your mortgage.

LIFE ASSURANCE

In contrast to Life Insurance, Life Assurance is designed to provide cover until you pass away. For that very reason, it can be more expensive, however, it does provide reassurance and peace of mind, that those who depend on you financially – whether family or business partners, for example – are protected.

Usually paid out as a lump sum, these policies are sometimes referred to as ‘whole life’ or ‘whole of life’ policies. They primarily pay out a lump sum which is intended to pay off any outstanding debts and support your dependants or anyone else who may be financially affected by your passing.

Under the guise of ‘Life Insurance’ are different types of policies, including Term Assurance, Whole of Life and Endowment.

The type of policy and level of cover you choose, will be dependent on your personal circumstances and specific requirements. Age, dependants, level of income and financial liabilities are all considerations.

There can be some complexities, but it is also very flexible, and as such it can play a powerful part in your financial planning.

Note

Take advice before buying protection insurance - Depending on your circumstances there may be other protection insurance products you could consider. It's really important to take advice before buying any form of protection insurance as the last thing you want when you're in a difficult situation is to find that your insurance won't pay out. You need to make sure you're clear what will and won't be covered.

For further information on our Insurance Products we offer head to our Insurance Website 'COVERSURE (OUTWELL)'