Life Policies & Insurance

Your lender may insist that you take out appropriate life cover to repay your mortgage in the event of your death.Even if your lender does not require cover it is advisable to have this cover in place before you finalise your property purchase.

Cover can also be obtained to repay your mortgage should you suffer a critical illness.

You can obtain insurance to meet your mortgage repayments in the event of one of the following-:

• sickness
• unemployment
• disability

Property insurance will need to be taken out as follows-:

• buildings : upon exchange of contracts
• contents : upon completion

The amount of buildings cover required will usually be recommended by your surveyor.This is not usually the same as the purchase price and in many cases can be a good deal lower.

You will need insurance cover for your contents.Many people under estimate the amount of contents cover or deliberately under insure to save money on the premium.However,in the event of a claim the insurance company can refuse to pay out or reduce the sum paid if a property or its contents are under insured.

Make a list of the contents that will be in your new new home and their replacement value.Do not forget any recently or soon to be purchased items.

Please contact us for further information.