Life Insurance

Posted on April 20th, 2015

Life Insurance protects your family and mortgage with a single lump sum if you die during the plan term. Your loved ones will get a guaranteed lump sum paid out if you die during the period of the cover.

Most people have life insurance to cover financial responsibility such as:

  • Personal debt
  • Dependant (children) care
  • College education for dependants
  • Funeral costs
  • Mortgages
  • Spouse/partner

There are two types of life insurance for mortgage protection as follows:

Level Insurance

This is where the amount of cover remains the same throughout the term of the plan. For example, if you take out a £200,000 worth of cover over 25 years, the amount payable would still be £200,000 if you died at any point during that 25 year period. This type of insurance is suitable for customers whom have an ‘interest only mortgage’.

Decreasing Insurance

This is where the amount of cover decreases during the term of the plan. The rate at which the cover reduces is designed to reflect the way the debt reduces on a ‘capital and interest mortgage’, also known as a repayment mortgage. This type of plan is generally cheaper than level term assurance.

We Know Mortgages Ltd have access to the whole market for insurance. We can source the most suitable products at competitive prices. Speak to one of our experts. We are based in Manchester city centre.

If you would like a quote on life insurance, please click here and submit your details.


Critical Illness Insurance

Posted on April 20th, 2015

It is expected one in three people are diagnosed with some form of cancer during their lifetime (Source: info.cancerresearchuk.org). The good news is serious illnesses may not prove fatal due to medical advances over the years. However, they can still have a major impact on your life especially if you have credit commitments.

One of our partners; Legal and General has paid over 647 million in critical illness claims since 2006. 147 million in critical illness claims in 2010. According to Legal and General; the top five reasons for claiming were: cancer, terminal illness, heart attack, multiple sclerosis and stroke.

Critical Illness cover pays a lump sum on diagnosis with a qualifying critical illness. A lump sum payment towards the mortgage eases financial worries during the traumatic times.

The lump sum received can help towards:

  • Cost of the care and treatment
  • Any recovery aids
  • Financial debt i.e. mortgage
  • Cost of dependants

Typical critical insurance covers

  • Alzheimer’s Disease – resulting in permanent symptoms
  • Aorta Graft Surgery – requiring surgical replacement
  • Aplastic Anaemia – with permanent bone marrow failure
  • Bacterial Meningitis – resulting in permanent symptoms
  • Benign Brain Tumour – resulting in permanent symptoms
  • Blindness – permanent and irreversible
  • Cancer – excluding less advanced cases
  • Cardiomyopathy – of specified severity
  • Coma – resulting in permanent symptoms
  • Coronary Artery By-Pass Grafts – with surgery to divide the breastbone
  • Creutzfeldt-Jakob Disease (CJD) – resulting in permanent symptoms
  • Deafness – permanent and irreversible
  • Dementia – resulting in permanent symptoms
  • Encephalitis – resulting in permanent symptoms
  • Heart Attack – of specified severity
  • Heart Valve Replacement or Repair – with surgery to divide the breastbone
  • HIV infection – caught from a blood transfusion, physical assault or accident at work
  • Kidney failure -requiring dialysis
  • Liver failure – of advanced stage
  • Loss of hands or feet – permanent physical severance
  • Loss of Speech – permanent and irreversible
  • Major Organ Transplant
  • Motor Neurone Disease – resulting in permanent symptoms
  • Multiple Sclerosis – with persisting symptoms
  • Paralysis of limbs – total and irreversible
  • Parkinson’s Disease – resulting in permanent symptoms
  • Primary Pulmonary Hypertension – of specified severity
  • Progressive Supranuclear Palsy – resulting in permanent symptoms
  • Respiratory failure – of advanced stage
  • Stroke – resulting in permanent symptoms
  • Systemic Lupus Erythematosus – with severe complications
  • Terminal Illness
  • Third Degree Burns – covering 20% of the body’s surface area
  • Total and Permanent Disability
  • Traumatic head injury – resulting in permanent symptoms

We Know Mortgages Ltd have access to the whole market for insurance. We Know Mortgages Ltd are agents with Aviva, Aegon, Friends Life, Legal and General, Zurich. We can source the most suitable products at competitive prices which could you save you time and money. Speak to one of our insurance advisers.

If you would like a quote on critical illness cover, please click here and submit your details.


Income Protection

Posted on April 20th, 2015

Income protection is an insurance policy paying benefits to the policyholder who is unable to work due to an illness or accident. The policy pays out weekly or monthly.

The amount of cover required is based on an approximate level of spending for an individual or family. The state provides a very low benefit; therefore an income protection policy supplies an income to cover those financial commitments such as mortgage, food, utility bills and travel.

Most providers determine a benefit as a percentage to the total annual income i.e. 70% of £25,000; the provider will offer £17,500. Providers could offer less or more pending their own criteria. Please speak to one of our advisers for more information.

A deferred or a waiting period is assigned with the policy I.e. 4 weeks or 13 weeks (an individual sick pay received by employers can determine the deferred period).

Advantages of Income protection in comparison to Accident Sickness Unemployment policy:

  • The maximum benefit is likely to be higher
  • The benefit is generally payable for a much longer period
  • Income protection is usually cheaper

Long term sickness is something we prefer not to think about; 131 million days were lost due to sickness absences in the UK in 2013  (source- office of National statistics Feb 2014). Please speak to one of our advisers for more information on income protection.

We Know Mortgages Ltd have access to a limited number of insurers for Income Protection Insurance. We can source the most suitable products at competitive prices. Speak to one of our experts. We are based in Manchester city centre.

If you would like a quote for income protection, please click here and submit your details.


Accident Sickness Cover

Posted on April 20th, 2015

General Mortgage Insurance

Accident, Sickness and Unemployment (ASU) cover is also known as Mortgage Payment Protection. ASU is a short term policy designed to protect the mortgage payment. It usually pays out at 100% or 125%. Policy usually covers up to 12, 18 or 24 months.

Accident, sickness and unemployment can be taken out separately; I.e. unemployment cover can be taken out itself.

Many people take out ASU because:

  • The mortgage is the most important payment
  • State welfare in not enough to cover payments
  • They do not expect any financial problem to last more than a few months
  • ASU is easy to buy as underwriting is limited and any previous conditions are often excluded.

We Know Mortgages Ltd have access to a limited number of insurers for Mortgage Payment Protection Insurance. We can source the most suitable products at competitive prices, which could save you time and money. Speak to one of our experts. We are based in Manchester city centre.

If you would like a quote for ASU, please click here and submit your details.


Unemployment cover

Posted on April 20th, 2015

Unemployment cover has become more popular mainly due to recent economic conditions. This type of cover is highly recommended if there are any concerns of future employment. The mortgage payment must be fully protected from all eventualities.

Unemployment cover can be combined with Accident and Sickness or taken out separately. Accident Sickness and Unemployment is a short term policy designed to protect the mortgage payment. It usually pays out at 100% or 125%. Policy usually covers up to 12, 18 or 24 months.

Many people take out Accident Sickness Unemployment cover because:

  • The mortgage is the most important payment
  • State welfare in not enough to cover payments
  • They do not expect any financial problem to last more than a few months
  • ASU is easy to buy as underwriting is limited and any previous conditions are often excluded.

We Know Mortgages Ltd have access to a limited number of insurers for Mortgage Payment Protection Insurance. We can source the most suitable products at competitive prices, which could save you time and money. Speak to one of our advisers. We are based in Manchester city centre.

If you would like a quote for ASU, please click here and submit your details.


Buildings Insurance

Posted on April 20th, 2015

Mortgage Insurance

Building and Contents insurance is highly recommended for all homeowners. The loss of their home and all its contents could be one of the most serious financial losses they’re likely to face. Buildings insurance is compulsory as their mortgage is secured against the property. Contents insurance is strongly advised.

Buildings Insurance premiums are usually determined by postcode, applicant’s date of birth, age of property, number of bedrooms and type of property.

Property insurers usually insure most types of properties; however premiums may be increased due to the following:

  • A property with a thatched roof
  • A property within a flood risk area
  • A property subject to coastal erosion
  • A property of unusual construction

We Know Mortgages Ltd have access to a limited number of insurers for buildings and contents insurance. We can source the most suitable products at competitive prices which could save you time and money. Speak to one of our insurance advisers. We are based in Manchester city centre.

If you would like a quote on buildings and contents cover, please click here and submit your details.


Contents Insurance

Posted on April 20th, 2015

Insurance Broker in Manchester

Contents insurance is very important for all mortgage homeowners. The loss of their home and all its contents could be one of the most serious financial losses they’re likely to face. Buildings insurance is compulsory as their debt is secured against the property. Contents insurance is strongly advised.

Contents insurers usually cover all kinds of household and personal belongings, as there is no standard policy. Contents insurance usually covers:

  • Household goods
  • Money
  • Valuables
  • Property in the open
  • Accidental damage

Optional extras are available such as bicycles, sport equipment, or entertainment equipment. Any specific and expensive items, please speak to one of our mortgage advisers.

We Know Mortgages Ltd have access to a limited number of insurers for buildings and contents insurance. We can source the most suitable products at competitive prices which could save you time and money. Speak to one of our insurance advisers. We are based in Manchester city centre.

If you would like a quote on contents cover, please click here and submit your details.