Purchasing Mortgage Protection Insurance
Purchasing mortgage protection insurance is a crucial step to safeguarding your home and financial future. It ensures that, should the unexpected happen, your mortgage payments are covered, providing you and your loved ones with peace of mind.
The Mortgage Protections Available
When it comes to mortgage protection, several options are available to suit your unique needs. At Finance Factors, we offer an informative and easy-to-use guide to help you understand these protections better.
Mortgage Protection
Life Cover: Life cover is designed to pay off your mortgage in the event of your death, ensuring your family isn't burdened with mortgage debt during an already difficult time. This essential cover helps maintain your family's financial stability, allowing them to stay in their home without the added stress of mortgage payments.
Serious or Critical Illness Cover: This type of cover provides a lump-sum payment if you're diagnosed with a specified serious or critical illness. It helps you manage your finances while focusing on recovery, ensuring that your mortgage payments and other expenses are taken care of during your treatment and recovery period.
Income Protection: Income protection ensures you continue to receive an income if you're unable to work due to illness or injury. This cover is crucial for maintaining your mortgage payments and daily living expenses, providing a financial safety net when you need it most.
Building and Contents Insurance: Building and contents insurance protects your home and belongings from risks like fire, theft, and natural disasters. At Finance Factors, we offer comprehensive policies tailored to your needs, giving you peace of mind that your property is safeguarded against various risks.
Business Protection
Key Person Cover: Key person cover protects businesses if an employee who significantly contributes to their success becomes terminally or critically ill, or dies. This cover ensures the business can continue operating smoothly during challenging times, providing financial support to cover recruitment costs, loss of profits, and other financial strains.
Shareholder Protection: Shareholder protection allows for a planned succession of a shareholder or partner's business stake should they fall ill or die. This cover ensures the business remains stable and operational, including required buybacks to maintain business continuity.
Business Loan Protection: Business loan protection gives co-owners cover for any business loan payments that may be at risk in the event of death or illness. This cover ensures the business can meet its financial obligations without added stress, maintaining financial stability during tough times.
Different Types of Protection Available
Key Person Cover: Key person cover is essential for businesses as it protects against the financial impact of losing a vital employee due to illness or death. This cover helps with recruitment costs, loss of profits, and other financial strains, ensuring the business can continue to operate smoothly.
Partnership Protection: Partnership protection provides partners with the necessary cash flow to buy back the ownership stake of a partner or member of a limited liability partnership who has died or taken ill. This cover ensures the continuity of the business and prevents financial instability.
Shareholder Protection: Shareholder protection is crucial for maintaining business stability. It allows for a planned succession of a shareholder or partner's stake, ensuring the business can continue to operate smoothly.
Business Loan Protection: Business loan protection is designed to cover any business loan payments that may be at risk in the event of death or illness. This cover ensures the business can meet its financial obligations without additional stress, maintaining financial stability during challenging times.
By understanding the various protections available, you can make informed decisions that will safeguard your home, family, and business. Finance Factors is here to guide you every step of the way, ensuring you have the right cover in place to protect what matters most.
Phone: 07785 954074
Address: 2 Kingsbroom Court, Kingswood, Maidstone, England, ME17 3ST
Email: kbl@financefactors.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
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Finance Factors is a Trading style of Finance Factors LTD who are an Appointed Representative of Advice Solutions LTD which are Authorised and Regulated by the Financial Conduct Authority. The Financial Service Register Number is 961681.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances, but will be agreed with you before proceeding.
Finance Factors is a Limited Company. Registered Address: Finance Factors Ltd, 2 Kingsbroom Court, Kingswood, Maidstone, England, ME17 3ST, United Kingdom. Registered in England and Wales under number 15814885.
We always aim to provide a high-quality service to our customers. However, if you encounter any problems, in the first instance please write to the registered address above, email or call Finance Factors outlining your complaint, if we are unable to resolve this, you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (www.http://www.financial-ombudsman.org.uk/consumer/complaints.htm).
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Some calls maybe recorded for training and monitoring purposes.