Which type of cover do I need?

Which type of cover do I need ?

In this section: Lenders want to protect their interests You need a protection plan for your mortgage - Why? Which policy should you take out? To make the right choice, make good use of the competition! Test your knowledge Read more

Lenders want to protect their interests

As soon as your lender has released the funds for your mortgage, they will seek to ensure that not only the initial capital is recovered, but also that interest is paid... In order to avoid any loss due to unforeseen events (illness, accident, unemployment, death...), they will seek to take security interests (guarantees). In other words, if you fail to repay they will be able to recuperate investments plus interests. However, resorting to drastic measures is clearly not in their (...) Read more

You need a protection plan for your mortgage - Why?

With a mortgage, you are committed to repaying a large sum of money over a long period of time. Although you want to meet your payments and live in your new house, anything can happen. There are a number of things you need to consider for the long term management of your mortgage; unemployment, illness, invalidity and death could affect your ability to meet future payments. Therefore, you need to take out some insurance policies which will act as guarantees. Each type of cover will (...) Read more

Which policy should you take out?

You need to critically appraise your situation and identify the risks you are really incurring. Taking out too many insurance policies can work out very expensive; often the amount you pay far outweighs the real benefits. However, limiting insurance cover can be a big risk to take for you and your family. So, you need to ask yourself the following questions: How am I going to pay the mortgage if I have an accident? With my spouse’s salary, housing benefit, help from my parents...? Bear (...) Read more

To make the right choice, make good use of the competition!

Usually, the monthly payment of insurance premiums seems quite small in comparison to the sum borrowed, yet it is not quite as insignificant as it may seem. When added up, month after month, these payments constitute a substantial part of your budget. As such, it makes perfect sense to avoid any unnecessary spending, and you need to make good use of the competition between insurance brokers. However, this may not be quite as easy as it first appears given that the lender will often offer (...) Read more