Mortgage Best Buys

Insurance Explained

Once we have your mortgage in place your gr8 advisor will meet to discuss and make recommendations for its protection. As a responsible company we will advise you on how best to protect you and your dependents against the unexpected perils in life. For your peace of mind we offer products from a restricted panel with some of the largest and most reputable insurance companies, for Life Assurance, Critical Illness Protection and Income Protection.

Life Assurance

There are many differing forms of life assurance. Typically policies are set to run alongside your mortgage to protect your mortgage and repay it in the event of your early death within its term. This provides a little peace of mind, takes away the financial burden for your dependents, and has the benefit of protecting those around you against financial hardship.

Critical Illness Protection

This can be selected as a single benefit or simply added to life assurance as a bolt-on option. It is designed to remove your mortgage liability in the more likely event that you suffer a specified serious illness.

Income Protection

In the event of a prolonged illness you may not receive an income from your employer. If you do receive an income, it may only be for a short period of time. Many people take the sensible option to protect their most valuable asset, their income. Without this, in only a very short period of time, you may struggle to repay your mortgage.

Income Protection policies are rated according to the risks associated with your employment. Most have a deferment period for which you will need to wait until payments are made. Typical deferments are set in line with the benefits available from your employer to reduce costs and can run for the mortgage term or to your intended retirement age.

Ask your employer about your own sick pay scheme, its better to be prepared.

Mortgage Payment Protection

Unemployment, Accident and Sickness can strike without notice. It is important that you protect your mortgage repayments in such an event. This protection pays your monthly mortgage payments for a specific period, this can be 12 or 24 months dependant on your choice if you suffer an accident, sickness or unemployment.

This payment protection insurance is optional. There are other providers of payment protection insurance and other products designed to protect you against loss of income. For impartial information about insurance, please vist the website www.moneyadviceservice.org.uk.

(By clicking on the above link you will be leaving the regulated site of Ferris Financial Solutions Ltd. Neither Ferris Financial Solutions Ltd nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

Private Medical Insurance

Private treatment is designed to help you avoid the stress of long hospital waiting lists and inconvenient appointment times. You can request where and when you want treatment carried out and by whom.

Family Income Benefit Insurance

Life Assurance and Critical Illness Protection policies are designed to protect a mortgage by producing a lump sum benefit to remove the main liabilities for you and your dependents. Family Income Benefit policies however provide a cost efficient way to provide for you and your dependents in the event of death or specified critical illness

Buildings & Contents

We can point you in the right direction when the time comes to insure the buildings and the contents of your new home. Options are available to include accidental damage, for example, and thus much more in-depth discussions may be required when you have received your survey report.

For Mortgage Payment protection and Buildings and Contents Insurance we usually offer products from a limited panel of providers.

gr8 Mortgage Solutions is a trading style of Ferris Financial Solutions Limited. Ferris Financial Solutions Limited is an appointed representative of Sesame Limited, which is authorised and regulated by the Financial Conduct Authority. Sesame is entered on the FCA register (www.fca.org.uk/register/) under reference 150427.