ABP Mortgage Solutions

Insurance & Protection

None of us know what is around the corner, but it is whilst our lives are going well that plans should be made. The effects of death, illness or redundancy can be devastating. With the right protection policy in place you can provide for yourself and your family to avoid additional worries about your finances.

For most people, their mortgage is their largest financial commitment. Should the worst happen, it would be reassuring to know that your mortgage payments will be maintained or that you or your dependants will receive a cash free lump sum.

For most of us, buying a property and taking out a mortgage is the greatest financial commitment we make.

Life can be very unpredictable and unfair, and that’s why it’s so important to consider what would happen if your financial position changed drastically.

1) What would happen if you lost your job and could no longer afford your monthly mortgage payments?
2) What would happen to your mortgage debt if you die?
3) Could you cope financially if you were off work sick for a significant length of time?
4) How can you make sure the burden of your debt is not passed on to your family?

At ABP Mortgage Solutions we will listen to what is important to you and make sure you have the right protection in place and ensure it is within your budget.

Life Insurance

Ensure your mortgage and family are safe in the event of the unexpected.

In the unfortunate event of an untimely death, who would look after your family? A life insurance policy pays out a lump sum in such events, meaning your loved ones have one less thing to worry about if anything happens to you or your partner.

We find and arrange the best life insurance policies to suit your personal situation. Moreover, we help you choose the amount of cover you need and how long you need it for.

You often don’t realise how important life insurance is until something happens to your family. A lump sum in the event of death or terminal illness can’t replace a loved one, but it helps keep your family afloat during the grieving period. It also helps pay off a mortgage if you’re a property owner. Meaning you can leave your home to your family.

The cost of your cover will vary depending on factors including age, health and occupation. If you’re an underwater welder, your premiums would be more expensive than a desk worker.

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Critical Illness

Critical Illness Cover provides protection in the event of contracting a specified critical illness. It is paid out as a lump sum on diagnosis, to help you financially in your time of need.

If you are diagnosed with an illness or suffer a serious or life-changing injury, critical illness cover pays you a tax-free lump sum of money.

Because of advances in medicine, you are more likely than ever to survive a critical illness. However, you may be unable to work for a while, or ever again. This can put a huge strain on your family and make it hard to keep up with your payments.

Critical illness cover is important for you if:

You wouldn’t be able to live off your savings if you fell ill or became disabled.
Your employer won’t cover you for long periods off work due to illness. Critical illness cover helps you pay for your things like your mortgage, rent and any debts. It’s also very useful for helping you pay for alterations to your home that you might need, like wheelchair access ramps and medical equipment.

Examples of critical illness include:

Strokes
Heart attacks
Certain types and stages of cancer
Conditions such as multiple sclerosis

Most policies also consider permanent disabilities as a result of injury or illness.

Income Protection

How long could you survive if you couldn’t work and had no income, ensure you don’t have to worry about this!
Income Protection provides cover if you are unable to work due to an accident or long term Illness, this will replace a pre-agreed level of income until the end of the policy term or until you are able to return to work.

If you were unable to work, and your sick pay ran out, could you afford to pay the mortgage and other household bills? The last thing you need while unable to work is the additional worry of keeping on top of your bills, especially your mortgage.

What does income protection cost?

Income protection policies can vary in price. It depends on the age you are, your health, type of job you do and the amount of cover you need. We can help you with getting a quotation, simply contact us and we can run through the details.

Home Insurance

Ensure your property is insured against the unexpected.

Buildings and Contents insurance can be split into two products:-

Buildings insurance protects your house the bricks and mortar against insured risks such as fire flood subsidence earthquake etc.

Contents insurance protects your belongings and furniture also known as chattels against all of the above and also burglary theft etc.

Both policies can be extended to cover additional risks such as accidental damage, which would insure your television if someone spilt a drink over it by accident for example, or falling through the ceiling whilst in the loft.

Also you can protect high risk items such as bikes and tools in sheds and jewellery and credit cards whilst you are out and about.

Costs vary depending on amount to be insured, post code area and the policy holders previous claims experience.

Mortgage Payment Protection Insurance

Mortgage protection also known as accident, sickness and unemployment cover can give you peace of mind knowing that in the event of redundancy or illness your mortgage payments will be made and your home will be safe.

Most standard mortgages do not have any protection insurance included, so it’s important to decide what kind of separate cover you need. Accident, sickness and unemployment cover insures you against changes in your circumstances due to redundancy, disability, or illness. Usually payments are made for up to a maximum of 12 months. If you would like to be covered for longer than this you may want to consider taking out income protection.

Landlord Insurance

Landlord insurance for buy-to-let properties provides protection from all sorts of damage to your property such as storms and floods, or subsidence or vandalism. If there is major damage to your property like a burst pipe, or a fire, the onus is to get the property fixed and the subsequent bill could run into the thousands. Repairs for a burst pipe could run into thousands of pounds and a fire could destroy your property. Having buy-to-let insurance would protect you from hefty repair bills.