Financial Protection by One77
Financial Protection is an important factor to the majority of us, as statistics show that at some point in the term of a mortgage, we may need to claim on it to protect our family and home. The statistics below highlight just a small number of things that could affect your ability to pay your mortgage debt in its term.
- There were 501,422 deaths in England and Wales in 2014 (office of National Statistics)
- There are 103,000 heart attacks in the UK every year, that’s one every 3 minutes!!! (NHS choice October 2013)
- 1714 Road Traffic Fatalities in Great Britain in 2013 (gov.uk)
- 53,969 people diagnosed with Breast Cancer in 2013 – 11,716 of those died (cancer research UK 2013)
- 47,300 men diagnosed with Prostate Cancer in 2013 – 10,837 of those died (cancer research UK 2013)
- 1 in 3 people will develop some form of cancer during their lifetime (NHS Choices Sept 2015)
A mortgage is the biggest financial commitment you are ever likely to have and therefore understanding the different ranges of policies that are available to you is essential for financial planning:
Life Assurance
What does it do? Provides a tax free cash lump pay out in the event of death
How can it help me? You could potentially pay off your mortgage debt, so your remaining partner, children are financially protected
Family Income Benefit
What does it do? Provides you with a monthly/annual tax free cash benefit in the event of death
How can it help me? Helps replace the loss of an income in the event of death which could go towards paying childcare fees, mortgage payments, monthly expenditure
Critical illness cover
What does it do? Provides a payment if you suffer or undergo a specified critical illness or operation.
How can it help me? Helps you solve the potential financial crisis a sudden illness can bring, helping you pay towards home alterations, medical treatment and your mortgage.
Income protection cover
What does it do? Provides a regular income if due to illness or injury you can no longer work, resulting in a loss of earnings.
How can it help me? Helps you keep up with your ongoing financial commitments such as your mortgage instalments or bills
We like to keep things simple at One 77 Mortgages therefore this is just a very brief outline of what protection is and how it could benefit you. Our advice would be, speak to one of our specialist protection advisers and they can tailor a protection plan that most suits your family’s requirements at a cost you can afford. Please call us on 01225 667177 or email us at protection@one77fs.co.uk.
