Buildings and Contents Insurance
Why is Builidngs and Contents Insurance important?
Buildings and Contents insurance is very simple to set up and can take only 5 minutes, yet the consequences of not doing this can be catastrophic.
If you have a mortgage one of the conditions of this will be that you have Buildings Insurance in place. The lender will not want there to be any instance where the property is not insured and their security is not protected.
Buildings insurance protects the structure, the fixtures and fittings in your home; while contents insurance covers your belongings.
At Regal Finance Group we source your product from a range of insurers to find the one most suitable to your needs. Please speak to your adviser today to obtain a quote.
How Long Do I Need Cover For?
The length of your cover depends on what it is you want to protect. Taking into account the remaining term of your mortgage, the age of your partner and children helps you work out how long you need cover for.
Life Insurance Cover
Whilst there are many life insurance products available, many have similar basic benefits and exclusions. It’s important to speak to an advisor to work out what cover is right for you.
Lump Sum Payment
If you were to die, your family would receive the amount as a lump sum payment.
Some products will payout on your claim at the point your condition is diagnosed as terminal.
Flexible Cover Terms
Different products have different terms of cover. Some policies end when you reach a certain age, others are for a set time period, for example, 50 years.
You would typically find your policy becomes void if you fail to make your premium payments, or obviously once your term ends. Additionally, most policies will not payout should you commit suicide or evidence self harm within the first year of the policy.
Life Cover Over Time
Depending on the type of product you go for, the amount you’re covered for over time can change. The difference is known as increasing or decreasing life insurance.
Increasing Life Insurance
The amount you are covered for increases over time, to protect your family in line with inflation. Your premiums, however, increase at the same rate. Increasing life insurance gives your family more complete protection should you die.
This type of insurance helps your family to maintain their lifestyle as well as have the mortgage paid off. It’s common for these policies to have a cap on how much your policy will increase by.
Decreasing Life Insurance
Decreasing life insurance pays off a certain amount, like a loan or mortgage. You pay the same amount over the period, but your level of cover decreases in line with your mortgage balance reducing.
Unlike increasing life insurance, it doesn’t protect your family’s lifestyle.
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