INDEPENDENT MORTGAGE ADVISERS
Protection
As well as arranging your mortgage, we can also advise you on the various protection policies available to you.
As independent advisers, we can source the best possible deal.
Here at BGA Mortgages, we are able to advise on suitable protection policies to cover you and your family in the event of death, critical illness, accident, illness or unemployment.
We are not tied to any insurance provider, and can research the market to find the most competitive premiums to meet your budget and protection requirements.
Below is a brief introduction to the protection advice areas we offer.
Life Insurance
What it does
There are two main types of life insurance:
Term life insurance policies: run for a fixed period of time (known as the ‘term’ of your policy) – such as 5, 10 or 25 years. These kinds of policies only pay out if you die during the policy. There’s no lump sum payable at the end of the policy term.
A whole-of-life policy: will pay out no matter when you die, as long as you keep up with your premium payments.
How it works
Life insurance is designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide.
The amount of money paid out depends on the level of cover you buy. You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.
What you need to know
Most people tailor their policy to ensure that their financial commitments would be met in the event of their death, so policies are often aligned with the term of a mortgage or other loan.
Life insurance policies usually only cover death – if you can’t provide for your family because of illness or disability, you won’t be covered. However, some life insurance policies provide a terminal benefit, although these are not automatically granted.
The 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.
Income Protection
What it does
This type of policy pays a monthly income tax-free if you are unable to work due to an illness or injury.
How it works
The monthly income under the policy will be between 50 and 70 per cent of your salary and will be paid until you are fit enough to return to work or reach retirement age.
What you need to know
State benefits aren’t generous and only a few employers will continue to support their staff through a long illness, so income protection policies can help families through difficult financial times. You can choose the date at which the policy would payout in the event of a claim. This can range from a month to up to a year. Policies that payout sooner will have higher premiums.
Income protection (with no investment link) has no cash in value at any time and will cease at the end of the term. If you stop paying premiums your cover may end.
Critical Illness
What it does
Critical illness cover pays out a tax-free lump sum if you are diagnosed with a major illness, including cancer and heart disease. Actual illnesses covered in a policy may vary between providers.
How it works
Many insurers will make a part payment on an early-stage diagnosis of a condition specified in the policy, the percentage will vary from company to company.
What you need to know
Many people buy a combined life and critical illness policy, and it makes sense to do so. In this case, a payment would be made on either diagnosis of a critical illness as defined in the policy, or death, whichever is the sooner. If the cover is combined in this way, the policy premium is usually cheaper than it would be for separate policies, as there is only ever one lump sum paid out by the insurance company.
Critical illness plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with a plan.
Health Insurance
Health insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious long term financial implications for you and your family.
Most people will be aware that Health Insurance can cover the cost of private medical treatment for any acute conditions you may suffer in the future.
However, there are a number of other health related insurance policies which are worthy of serious consideration including critical illness and income protection cover.
Buildings & Contents Insurance
Although there’s a lot to think about when insuring your home, you’ll be surprised at how much easier it can be to get the right policy in place if you get some good advice.
The key to getting the right home insurance in place is to focus on the features, not just the price, and with your adviser’s help you can get the most cost-effective deal for your needs.
As your circumstances are likely to be subject to change year-on-year, your adviser will be on hand to ensure your home insurance needs continue to be properly covered at all times.
Independent
Here at BGA Mortgages, we are experienced protection advisers with access to a comprehensive range of products to ensure you and your family are protected from life’s unwelcome events.
Experienced
Our advisors have a wealth of knowledge in the protection market and will advise and arrange the right cover for you.
Service
As part of our service we will arrange for your policies to be placed in trust to ensure the payout from the policy can be paid directly to your beneficiaries and doesn’t form part of your estate therefore isn’t subject to inheritence tax.
Get in touch
Your adviser is fully contactable 7 days a week, and you can arrange an appointment by using the online diary or emailing us
