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If you are obtaining a mortgage, the only compulsory insurance generally required by the lender is Home Buildings Insurance. This is because the building is the lender’s security against the mortgage loan and so they must ensure that it is protected. Typically, Home Insurance will also insure your home’s Contents but this is optional.

Other insurances that may be suitable to you are as follows :

Life Assurance

Often referred to as Life Assurance, Life Insurance, Life Cover or Family Income Benefit. In the event of your death either a tax-free lump sum or tax free regular income benefit can be paid to your beneficiaries. In the event of a lump sum, it is recommended that it at least covers the mortgage debt.

Critical Illness Cover

Often referred to Serious Illness Cover. Statistically, you are many times more likely to suffer a critical illness than to die whilst of working age. A tax-free lump sum can be provided in the event of such a diagnosis which can be used to fully or partly repay a mortgage or pay for healthcare.

Income Protection

Often referred to as Permanent Health Insurance or Accident & Sickness Cover. This is an insurance that may provide you with continued tax-free income whilst you are unable to work owing to long-term illness or injury.

Why bother with Insurance?

The payment from an insurance policy could be vital to the protection of you and/or your family’s standard of living. It could mean the difference to whether to you or your family can keep your property that you have worked so hard to obtain.

Clearly there is a cost in paying for insurance. If insurance cost us nothing then we would take out all available policies.

If you are not able to afford all policies then you should discuss your budget with your adviser and perhaps prioritise what you feel is most important to you.

We can also review any existing policies that you may have to make sure that they are still appropriate to your circumstances. It may be that a more appropriate and/or cheaper option is available for you to consider.

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