This is an insurance policy that will pay out to your beneficiaries whenever you die, at whatever age.
If you cannot afford to cover your full mortgage balance, it is worth getting a policy with a lower payout. It is better than not having anything in place. As with all health-related insurances, pre-existing conditions will not be covered.
You can qualify for a life insurance policy even if you already have pre-existing health problems. You need to complete a medical questionnaire, and the providers will give you an indicative decision.
As specialist mortgage brokers, we are experts in all types of mortgages. So what does remortgage mean? A remortgage is taking out a new mortgage on existing property you own. The remortgage maybe simply to replace the existing loan amount or mortgage for a better rate or it could be to borrow further money against your property. This can be for many reasons, for example for home improvements, divorce settlements or even to purchase further properties.
Loan to value means the % borrowed against the value of the property.
Example - The property you are purchasing is £200,000, and you have a deposit of £20,000 this would be a loan to value (LTV) of 90%.
Your home now is valued at £500,000. However you still have an outstanding mortgage of £250,000- so your LTV is 50%.
Generally, the higher the loan to value, the interest rate will increase. Therefore if you have a larger deposit or equity in your home, you will typically achieve a better interest rate.
Whether you are employed, self-employed or your income comes from rental or a pension, we will have access to a lender, to obtain borrowing.
The amount of borrowing depends on individual circumstances, that is why speaking to one of our advisers is always the best way to find out how much you can borrow. Our advisers will review all your income sources and expenditure. They also check your credit report in the meeting to ensure that the advice is based on your current circumstances.
Please do contact us to arrange a virtual meeting with one of our advisers.
Pre-existing conditions that you have before taking out the plans will not be treated on a new plan.
Private Medical Insurance is there to provide quicker access to treatment for acute medical conditions. The appointments will be often quicker and therefore if you have an underlying condition, this may be diagnosed quickly.
You may also have quicker access to various hospitals, consultants and treatment that may be difficult with the often long NHS waiting lists.
Many consumers have struggled to claim on policies such as wedding and travel insurance as a result of the Covid 19 pandemic, no similar issues have been reported in the life insurance industry.
In fact, data from the Association of British Insurers (ABI) shows that during the height of the COVID-19 crisis, insurers received 7,000 life insurance claims and paid out £90 million – the equivalent of £980,000 every day – to support the families of those who died due to coronavirus.