Insurance Options

Buying a new home can be an exciting time with lots to arrange and organise - there's a lot of planning involved and not to mention a lot of expenses too.

Whilst it can be tempting to save money for furniture, new homewares or perhaps to purchase and insure that super-large, super-smart flat-screen TV - are you planning to insure your largest purchase to date? 

Whilst your income and health are stable, thoughts of insurance products and protection maybe not be at the forefront of your mind or high up on your list of priorities – however, having adequate insurances in place is one of the most important things you can do to protect yourself, your home and family should the worst happen.

How would you meet your monthly mortgage payments if you were to have an accident or become ill?  

Whilst absence from work due to short-term illnesses may be covered by your employer, Statutory Sick Pay or from your own savings, longer-term illnesses require a more robust approach to ensure you can meet your mortgage payment requirements.

In the event of your death, could your family maintain the mortgage payments?

No one wants to think about the worse case scenario, however taking a proactive approach with your insurances can take the financial pressure off should the worst happen.

We offer a range of insurance solutions to protect against death, short and long term illnesses, as well as cover for the property itself.

We can tailor the right solutions for your needs and budget and source cover for a number of existing conditions.


 

Real Story

(names have been changed for privacy)

Upon our review call to look at remortgaging Marcia and John’s mortgage onto a new rate, Marcia informed us that her husband John had passed away the previous year. He had be diagnosed with terminal cancer – John was only 37 years old at the time of his death. Marcia had been left with two young children, Rosie (5) and Brandon (3), they still had £195,000 left on their mortgage.

Marcia explained that although her family went through a devastating time, John was so thankful that he had taken life insurance, critical illness, and income protection out at the time of arranging his mortgage – he knew, that their mortgage payments would be taken care of whilst he was ill and then paid off in full when he died. Marcia said John took great comfort knowing that his family would be looked after, and this allowed the family to focus on being together without worrying about financial concerns.

Life Insurance

Life Insurance is usually a very affordable, yet important cover. Being left with a large debt at the same time as losing someone can be devastating.

There are many ways to ensure that your family are not left in a vulnerable position and Advisors at Evolve Financial Solutions will be able to discuss and recommend the appropriate solution that fits your budget and needs. Life Insurance can be arranged to ensure the mortgage is repaid in the event of death or to replace an income.

 


 

Real Story

(names have been changed for privacy)

Katy called into our office a few years ago to double check and see if her finance had taken out a life insurance policy through us at the time of arranging their mortgage. After a lengthy conversation Katy recalls that they had planned to take out a policy but couldn’t remember whether they did this in the end, and she couldn’t find any paperwork other than a quote.

Notes on our system confirmed that Katy and her partner Joe had been quoted for life insurance during the mortgage process, however they wanted to wait until they were settled into their new home before committing to life insurances, they’d not responded to reminder emails and calls about reviewing this.

Katy was distraught that this hadn’t been taken care of. Her partner Joe had died quite suddenly – Joe had always dealt with the finances/bills for the house, so Katy had no idea what insurances were in place and what cover she could claim for.

Evolve helped Katy locate various insurances policies they had set up; they had buildings insurance in place, car insurances, pet insurance - and Katy’s engagement ring was also insured, however we couldn’t locate any current life insurance policy.

Unfortunately, Katy couldn’t keep up with the monthly repayments on her mortgage with only her salary and had to put her dream home on the market to purchase a smaller property. Katy insured that she had relevant insurances in place on her new property.

‘I’m like a walking advert, I literally tell everyone and anyone who mentions that they are buying a house, to make sure they get the insurances sorted asap. I’m sure they think I’m crazy until they hear my story. Honestly those years when I lost Joe were horrendous and to lose our home together was like being kicked when I was down – don’t assume your covered, check and check again, it’s not worth the risk’.

Earlier this year, Katy moved into her new dream home. The first thing she wanted to discuss with us was her insurance.

Critical Illness

This is an area that we are very passionate about, as we have all had members of our families that have been touched by one of these illnesses - with this in mind, we have access to a range of products to meet your needs, requirements and budget.

You may be aware that not all insurance policies are written the same way - each company offers different levels of cover, with various limits and different exclusions - meaning that one can differ greatly from the next.

At Evolve, we look at what cover is needed to ensure that large debts like your mortgage are protected, but we'll support you with help and advice should you find yourself suffering from one of the illnesses covered. Providers are regularly changing the cover that they offer, and we keep on top of these changes for you.

We have a track record of helping our customers through claims on these criticial Illness plans, and are there to help you every step of the way to ensure that a claim is dealt with as effectively as possible.

Income Protection Insurance

As part of our standard processes, we'll always explore Income Protection products with you as part of our FEE FREE service.  Time off work through illness or accident can leave you with a financial headache in the short or long term, therefore, we want to ensure that you have all the options available to you. We firstly look at what cover you may be able to claim through your employer in the event of illness or accidents -  as it may well be that your employers offers you a comprehensive package and additional cover isn't required at this time, but we would review this regularly as situations may change.

In the event that your employer does not offer you the level of cover that you require, we would review your options with you to ensure that the right product is found; we'll also ensure that this is affordabable and within your budget.

 


 

Real Story

(names have been changed for privacy)

 

Simon had always been hardworking and healthy, proud that the had never taken a day off sick over the past 20 years. Upon handling his remortgage, Simon was insistent that he had no need for mortgage insurance, he had some savings and he felt that this nest egg would be adequate to support him should the unlikely happen.

3 years later Simon called us to see whether he could review his insurance options. 6 months before he’d had a car accident, and whilst not serious, he’d injured his back and neck meaning he had to take time off from his carpentry business to recover. With bills, mortgage payments and physiotherapy costs adding up, his nest egg quickly depleted, and Simon’s Mother had stepped in to support him financially. Thankfully Simon is now well enough to go back to work. Simon admits that he now understands the value in insurances as he found the situation stressful in not knowing how long he could sustain himself for - he has since taken out insurance policies through us to cover himself fully should anything like this happen in the future.

‘I just don’t want to find myself in the same situation in the future – I was lucky this time, but it could have been so much worse’

Buildings and Contents Insurance

When taking out a mortgage the lender will make it a condition that you have Buildings Insurance in place for exchange of contracts (for new build property purchases, you'll need buildings insurance in place at completion rather than exchange). Most customers choose to protect their contents as part of the same policy. 

Buildings Insurance:

  • Cover for the structure of the property and fixtures and fittings such as walls, foundations and roof.
  • Cover for fire, flood, storm damage etc.
  • Additional cover can be added e.g Accidental Damage, Legal Protection, Home Emergency Cover.

Contents Insurance:

  • Cover for contents inside the property including carpets, furniture and clothing
  • Cover for fire or flood, storm damage etc.
  • Additional cover can be added e.g Accidental Damage, Personal Possessions away from the home, pedal cycles, mobile phones

Our expert Home Insurance Team use a large panel of 5 star Defaqto rated insurers to ensuring you have excellent cover in place. We can source more complex policies too from specialist providers if required.