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Life Cover: Plan for the future NOW

Life is unpredictable, but preparing for the unexpected can provide peace of mind and financial security for you and your loved ones. Whether you are considering life cover or re-evaluating your finances, it’s always important to plan for the future.

Cost-of-living pressure

With inflation remaining high, and continuing to affect household budgets, dealing with price rises could be difficult especially for those on fixed incomes.
While not all types of insurance are indispensable, it’s important to think carefully and consider your future financial security.

Why is life insurance important?

If you were to have no life insurance in place what position could this leave
your family in, should the unthinkable happen? It’s more important than ever to have protection. The policy pay out can cover expenses such as funeral costs, outstanding debts and can provide ongoing financial support for dependants, after the loss of a primary income earner.

Always plan for the future

Planning for the future goes beyond life cover. It requires long-term goals and taking the right steps to achieve them. By taking steps to prepare for the unexpected you can provide financial security for you and your loved ones, giving peace of mind knowing those closest to you will be taken care of if you’re not there to provide for them.

Although it may be challenging to afford insurance, with the uncertainties of life, it’s always important to plan ahead and provide a safety net. It’s essential to act now, if you are able to, as you could face higher premiums when starting a life policy at a later date.

Advisers are there to provide guidance on the most suitable protection plans for you. Updating your life cover to reflect changes in circumstances will also give you the most appropriate level of cover.

To get in touch with us to review or discuss your protection needs, contact us here and an adviser will call you back as soon as possible

Focus on Buy to Let Mortgages in 2023

Demand for rental accommodation in the UK was up by 23% in 2022, as rents hit a record high. The new year could see a continued rise in rental demand and prices, is now the time to undertake a new challenge?

What is a buy-to-let mortgage?

Buy-to-let mortgages are designed to help you buy a property that you intend on renting out to others, instead of living in the property yourself.

The amount you can borrow usually depends on the rental income you expect to earn from tenants, although lenders may consider other forms of income dependent on your situation.

Differences between buy-to-let and residential mortgages

Buy-to-let is specifically for someone else to live in the residential property. A residential mortgage is solely for you to live in the property. Buy-to-let mortgage payments are usually interest-only, with the total loan fee due at the end of your mortgage term. Residential mortgages are typically on a repayment scheme within a term, eventually owning the property at the end of the term.

How much will it cost?

The cost depends on several factors. Typically, you will need a higher deposit for a buy-to-let mortgage, which is usually around 25% of the property value. The bigger the deposit you can put down, the smaller the mortgage you’ll need to borrow. Interest will only be paid back each month, not the full capital amount.

Although your monthly payments are cheaper than a residential mortgage, you need to consider how you will repay the full cost of the mortgage at the end of your loan term.

Whether you are new to the buy-to-let market or have years of experience, there are options out there for you.

Head over to our website page at Buy to Let Mortgages to find out more or Contact Us for more information

General and Contents Insurance: Get Your Gifts Protected

The festive season is upon us. A time of family, togetherness and most importantly – presents! In a time of gift giving, it’s important to consider how you can protect any fancy new gadgets or expensive gifts you may receive this year. It would be devastating enough for your home to be broken into or damaged by fire or flooding – but the added anguish of losing your valuables could make it even harder. Of course, no one wants to think about these things happening to them – but it’s essential that you’re protected just in case.

Contents insurance is an optional protection plan that covers the contents of your home against damage caused by things such as fire, flooding and theft. Of course, these aren’t things anyone wants to think about over the festive period – but the alternative could be a lot worse. In a time where money is tight for millions of people, the prospect of having to pay large sums of money to repair or replace damaged or stolen goods could put a real strain on household budgets. Personal Belongings cover can be added to a Contents policy. This covers a range of various valuable belongings that wouldn’t otherwise be included under a contents insurance policy. Such things could include mobile phones, laptops, jewellery and camera equipment.

Usually, you’ll be covered against fire, flooding and theft – although accidental damage cover can be added as an optional extra. It’d be a real shame if your brand-new sofa was damaged during a particularly animated game of Christmas charades – so this could be an option worth considering!

Most policies will offer new for old cover. This means you will get the full replacement cost of any damaged or stolen items. However, some policies will only cover the current value of the items in question, so it’s worth checking the fine print of a policy before deciding what’s right for you.

Contents insurance policies are usually worked out on a sum-insured or bedroom rated basis. With a sum-insured policy, you get to put forward the figure you wish to be insured for based on the full value of the contents of your home. Alternatively, a bedroom-rated policy means that the amount you are covered for is based on the number of rooms in your house.

With Christmas just around the corner, many will be looking forward to both giving and receiving gifts. It’s therefore so important to make sure the contents of your home are protected against flooding, fire and theft. If you’d like to know more about how contents insurance can help you this holiday season, get in touch with us today!

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