Protection - Prospect Tree Mortgages Ltd.

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Protection Advice

If you are looking for life insurance then you have come to the right place. Prospect Tree Mortgages are experts in protection and can offer you advice tailored to your unique needs.
Our experts are on hand to help you build a plan which suits you.

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About Us

Why is life insurance so important?

As professional mortgage advisors we must consider all outcomes throughout the life of your mortgage. In instances where your family would be financially worse off if you were no longer here, it is important to take steps to ensure that they are not.

After all, it is not about what you need, it is about what your family needs if you are no longer here. You don’t buy life insurance because you are going to die, but because those you love are going to live.

Life Insurance

Level Insurance

Life insurance will provide a sum of money in the event of death during the term of the policy.
The sum is currently paid under current legislation tax free (tax year 2019/2020) and can be used by your dependents however they choose.

There are two main ways in which this cover is arranged.
– Level Term Assurance
-Decreasing Term Assurance
Speak to an advisor for a bespoke quotation or read on.

Which cover do I need?

Level Term Policies

Level term assurance policies

A level term assurance policy is where the amount of cover stays the same throughout the length of the policy therefore the premiums are usually higher than decreasing term assurance.

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DTA

Decreasing term assurance policies

A decreasing term assurance policy pays out a cash sum in the event of death, however the amount paid out decreases over time. These policies are usually taken alongside a repayment mortgage so that the amount paid out is the same as the amount outstanding on the mortgage. As the amount of cover decreases over time, the premiums for decreasing cover are typically cheaper than level term cover.

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Critical Illness Insurance

Critical illness cover supports you financially if you’re diagnosed with one of the conditions included in the policy. The tax-free, one-off payment helps pay for your treatment, mortgage, rent or changes to your home, such as wheelchair access, should you need it.

If the worst does happen, it’s important to make sure you’re covered against critical illness and any impact it could have on you and your family. Critical illness insurance will provide a tax free (tax year 2019/2020) cash sum if you are diagnosed with one of a set list of critical illnesses.

How can the money be used?

How can the money be used?

This cash sum can be used however you need to use it. It could be used to clear a mortgage, or it could be used to replace a lost income, to pay for private treatment or for whatever else you feel is required. Essentially it is there to make a really difficult time a little bit financially easier and to allow you to concentrate on what is important like getting better or spending time with the family rather than worrying about the money side of life.

Which cover do I need?

Types of Cover?

What types of cover?

Like life cover, critical illness cover can be a fixed (or “level”) sum or can fall in line with your mortgage balance (“Decreasing”) and you can either take it alongside life cover or as a standalone option.

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How much cover?

How much cover do you need?

You don’t even need to fully cover the mortgage balance if your budget is tight, you could always just do a years’ salary, after all some cover is better than none. There are differences between providers as to their definitions as well as the additional benefits that are available so it is not just a question of looking for the cheapest policy but making sure you have the best level of cover you can get for your budget.

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Income Protection

Ill health can happen to anyone, at any time. In fact, every year almost half a million people in the UK suffer an injury or a serious illness that means they can’t work for a month or more. Income protection could provide you with an income during these difficult times.

What is IP?

What is Income Protection?

An income protection policy pays out a monthly income to replace a proportion of your salary if you are unable to work because of an accident or sickness.

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Why I need IP?

Why do I need to protect my income?

Statutory sick pay in the UK is £94.25 a week. Would that cover your mortgage? Your car insurance? Your bills? Is that enough to feed your family? If the answer is no, Protect your income!

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How much cover?

How does it benefit me?

It will pay out after a set amount of time has passed (which is decided by you at the start of the policy) and will continue to pay until you are either well enough to return to work, you reach retirement age or at the end of the policy term. This means that you have peace of mind of a regular on-going income to maintain your lifestyle should you fall ill or have an accident and need to take time off work.

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Home insurance

There are two types of house insurance: buildings and contents cover. Buildings insurance covers the structure of your home, so the roof, walls, and windows. Buildings insurance policies vary, but they should all insure your home in case of fire, storm, flood, subsidence, burst pipes, theft and falling trees.

Prospect Tree Mortgages recommend CDC Insurance for general insurance queries, visit them.