Looking after your Kingdom

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Making sure you protect yourself and your family is one of the most important considerations when securing a debt against your home. There are many different types of protection policies available and it depends upon each individual's situation which policies may or may not be relevant. At Kingdom Mortgages we can talk you through your options and make recommendations on the most suitable cover for your needs.

 

We’ve all known someone who has died unexpectedly or suffered a life changing illness or injury and whilst we hope that these things will never happen to us, the reality is that it can happen to anyone at any time. Making sure you have adequate protection in place is vital to ensuring your mortgage is protected and that financial support is there when you or your family need it most. If the worst happens, we want to make sure you stay in your home and don't risk losing it. See below for more information on the types of policies available.

 

Life insurance

 

Simply put, life insurance pays out a pre-defined sum of money in the event that the policy holder dies within the policy term. The cash lump sum is paid tax free and can be used by the dependents as they see fit, however, it is recommended that life insurance is generally taken out to cover the full mortgage balance.

 

Critical illness

 

Similar to life insurance, critical illness cover pays out a pre-defined cash lump sum. However, rather than on death of the policy holder, it pays out on diagnoses of a critical illness or injury from the list defined within the policy.  Most critical illness policies cover about 40 illnesses and the cash can be used however you need to use it. Due to the nature of the cover, it is typically more expensive than just straight forward life insurance, but some cover is better than none and there are options to suit all budgets.

 

Family income protection

 

Similar to life insurance, family income protection will pay out a cash lump sum on death of the policy holder. However, rather than in one large lump sum it pays out a tax free monthly benefit until the policy ends and is designed to replace the income lost through the death of a breadwinner. It is a relatively inexpensive way to make sure your family has a monthly income and financial stability if you are no longer alive and able to provide.

 

Income protection

 

Income protection is becoming increasingly more popular due to medical advances. Today people can often survive serious illness or injuries but as a consequence may be off work for some time or indefinitely. Unfortunately the state provides little protection for long term illness and continuing to pay a mortgage and cover bills can quickly become a struggle, even more so with a family to support. Income protection is designed to replace a proportion of your income should you be unable to work due to illness or injury. The policy would pay out a monthly tax free income and continue to pay until you return to work, retire or the policy ends. Should you be well enough to return to work the policy remains in place so you are still protected should you fall ill or injured again.

 

As with all insurance policies, conditions and exclusions will apply.

 

Kingdom Mortgages Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.

 

Registered Office: Kingdom Mortgages Ltd, Station Road Workshops, Station Road, Kingswood, Bristol, BS15 4PJ. Registered Company Number: 07201271 Registered in England & Wales.

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YOUR HOUSE MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

 

You may have to pay an early repayment charge to your existing lender if you remortgage.

 

Think carefully before securing other debts against your home.

We do not charge a fee for mortgage advice, but commission will be received from the lender once the mortgage completes.

 ** Average saving of £2300 based on monthly savings of £96pm over a 2 year fixed rate. TSB customer survey 2018,
 *Representative Example 4.39% APRC, based on borrowing £120,000 over 25 years on a 1.28% fixed rate until 31/12/2020, giving 23 monthly payment of £467.62  followed by 277 payments of £666.38 on a variable rate (currently 4.74%). Total amount payable £197,547, including the following one off costs - £1995 arrangement fee (rate valid as of 14/12/2018)