PROTECTION & INSURANCE
It is important to have the correct Insurance & Protection products in place, whether or not you are arranging a mortgage
At Greenoak Mortgages we deal with some of the country's leading insurers and will take the time to discuss what you are looking to achieve from your protection needs as well as recommending the most cost effective & secure solutions we possibly can. Whether you require advice, a quote or just to check your policy covers your mortgage, as your adviser we can help you evaluate what type of protection you need and how much protection - and it need not be too expensive.
For further information please see below our guide to the terms used and options available when choosing the right kind of cover.
BUILDINGS AND CONTENTS INSURANCE
Whether you are purchasing a Family home or Investment property, you will need to have your Buildings and Contents Insurance in place before you can complete. You may be just looking to compare your current premiums, either way click on the Source link below for a no obligation quote.
Term Insurance will pay a lump sum should you die within the term of the policy.
Whole of Life Assurance will pay a lump sum whenever you die.
CRITICAL ILLNESS COVER
Critical illness cover pays on the assured being diagnosed with a defined illness that does not result in death.
LEVEL AND DECREASING TERM
Level term policies will provide the same sum assured throughout the whole term of the policy and are typically suited to family protection and where there is a requirement for a fixed amount on a claim. Decreasing term policies are usually provided in conjunction with a repayment mortgage. The sum assured will reduce on each policy anniversary to broadly reflect the mortgage balance. The premium will not change throughout the term.
LUMP SUM AND MONTHLY INCOME
Lump sum policies are typically suitable to repay a fixed debt or where a one off payment is required on claim. Monthly income policies, termed Family Income Benefit or Family and Personal Income protection, are available as life and critical illness policies. On death or diagnosis of a defined illness, the policy will pay a monthly sum until the end of the policy term.
INCOME PROTECTION POLICIES
This type of policy replaces your income if you are unable to work due to ill health.