Whether you are arranging a mortgage or not, it is important to have the correct Insurance & Protection products in place.
“Our job is to ask you about life insurance. Please do not make it our job to explain to your family why you didn’t have any.”
At AFP Mortgage Services we deal with some of the country's top insurers and will take the time & trouble to discuss what you are looking to achieve from your protection arrangements as well as recommending the most cost effective and secure solutions we possibly can. It may be that you already have arrangements in place but wish to ensure that they will do the job required should the worst happen, or you may wish to take advice to set up new arrangements.
For further information please see below our guide to the terms used and options available when choosing the right kind of cover.
We can help arrange the following insurances:
Income protection policies
This type of policy replaces your income if you are unable to work due to ill health.
Total and permanent disability
This is usually included in most (though not all) critical illness policies.
Trusts & wills
If a policy is in a single name (ie. not joint), then you may consider putting it in to trust. In any case, two single life policies can usually be arranged at minimal extra cost when compared to a joint life policy. Setting up the appropriate trust(s) will ensure the proceeds reach your intended beneficiaries, speed up the claim payment and can help negate the cost of inheritance tax.
We also recommend that you set up a will or update any existing Will. Depending on the complexity of your individual situation, it may be appropriate to take further advice on the subject of Wills & Trusts. We can arrange this for you if necessary and you should note that there will be costs associated with this.
Application process
Your policy will be applied for and the insurance company may then undertake a series of investigations.
This will enable the underwriters to determine if they are willing to provide cover, if standard terms can be applied, and whether the 'headline rate' quoted can be offered.
Critical illness cover
Critical illness cover pays on the assured being diagnosed with a defined illness that does not result in death.
Lump sum and monthly income
Lump sum policies are typically suitable to repay a fixed debt or where a one off payment is required on claim.
Monthly income policies, termed Family Income Benefit or Family and Personal Income protection, are available as life and critical illness policies. On death or diagnosis of a defined illness, the policy will pay a monthly sum until the end of the policy term.
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