Income Protection Insurance
The most comprehensive – and therefore likely to be most expensive – form of protection insurance is income protection. There’s a good reason for this, if you need to claim on your policy it pays you a monthly income until you’re better so you can keep paying the bills and the mortgage even if you can’t work and earn any money.
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Because it offers a much more significant amount of financial cover, monthly premiums are a bit higher than critical illness cover or life assurance. But you’re paying for what you’ll get in the event you need to claim on your income protection.
As a rule, the younger and healthier you are when you start paying for any form of protection insurance, the cheaper your monthly policies will be each month – though of course, you’re likely to be paying them for longer over your lifetime.
Income protection can vary a lot from insurer to insurer with each covering different illness or injuries and levels of seriousness, so it’s worth speaking to your financial adviser who will be able to help you find the best policy for you at a price you can afford.
Some policies have great additional benefits including private health consultancy services and even 50 per cent off gym memberships and free cinema tickets so it’s worth asking your adviser to give you all the options.
If you’re shelling out £80 a month on the gym and could save £40 a month by taking income protection which costs you £36 – you’re not only saving money each month, you’re also putting yourself in a far better financial position long term.
How much you’ll pay for income protection will depend on your age, health, whether you are or have smoked and how much of your usual monthly income you want to protect.
Most people take out policies that would pay them part of their typical monthly income only, which makes the premiums cheaper.
Family Income Benefit
Family income benefit is strictly a form of life insurance rather than income protection but it pays out a monthly income to your family after you die rather than a lump sum.
Lots of people prefer this as it can be easier to manage. It works on the same basis as term life assurance (link back to life assurance page) where the cover is taken over a set time period and pays out in the event that you die within that period.
Most people take family income benefit over the period they expect to be working with the policy ending on their retirement for example – or when the kids are grown up and financially independent.
Like the term assurance policy, the amount you’re covered for decreases the nearer to the end of your policy term you get.
For example, if you took out a policy at the age of 35 to cover you until you are 65 and you died aged 62, the policy would pay your family an income for three years – until the time that you would have turned 65.
To find out more and speak to an adviser, contact us.
Find Out Current Best Rates
|0.99%||Discount||2 years||4.99%||4.4%||2 years||£2149|
|0.99%||Discount||2 years||4.75%||4.3%||2 years||£0|
*APR = Annual Percentage Rate *ERC = Early Repayment Charge
*These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made.
In assessing your requirements, we do not use credit scoring and we can provide an accurate estimate of the amount of borrowing and the viability of your requirements, without effecting your credit score.
We avoid credit searches at the initial stages given that numerous credit searches will impact your ability to access cheap credit. It is clear that too many credit applications in a short period of time will impact your score and whilst it is important to shop around, formal applications for a mortgage can trigger rejections, as it gives the impression you may be desperate for credit. It is essential when making enquiries for any financial product, that the Company does not credit score you, until such time as you have agreed to make a formal application.
We can indicate your chances of approval prior to any application being made and where necessary, can obtain decisions in principle from lenders who do not use credit scoring.
Typically we assist customers who have a number of financial commitments and they are looking to understand how much they can borrow. A number of mortgage calculators are used on the Internet, which provide an indication of the amount of borrowing based on an income multiple. In reality, the calculation is much more complex and varies borrower to borrower and lender to lender. For example, a mortgage calculator may indicate a 4 times income multiple, but given the particular individual circumstances of the client and the lender’s chosen criteria and underwriting, the borrower may actually achieve 6 times income. In contrast, a mortgage calculator may indicate 4 times income, but due to an applicant having financial dependents, certain types of income, such as bonus or commissions, or other financial commitments, the specific lender may only allow 2.5 times income.
Clients we assist tell us from the outset, they would like a guarantee of the amount they can borrow and our knowledge of specific underwriting policies within lenders, allows us to accurately estimate, exactly what is available.
Importantly an initial discussion and agreement through us, does not impact your credit score
Capital Fortune are award winning London based mortgage brokers. We are based in the heart of London’s financial district near the Bank of England. We offer advice to first-time buyers, those moving house and to those looking to re-mortgage their existing deal to get a better mortgage rate.
We’re not tied to one lender so you can be sure we’ll get the best deal for you, from the bank or building society right for you.
We provide finance on both residential and Buy to Let property and can assist whether your looking to buy your first home, looking to re-mortgage or refinancing and restructuring your portfolio of buy-to-let properties. Our advisers are here to help.
We advise customers nationally from the Scottish Islands to the Isle of Wight and cover all the regions within the United Kingdom, including Northern Ireland.
Typically, we best assist clients with non-standard requirements and those we successfully help, generally face some sort of difficulty in the mortgage market. They seek not to be penalised for this difficulty and we look to secure them highly competitive, mainstream rates by asking our lenders to take an holistic view of their circumstances.
As expected, we offer all the usual mainstream products all standard mortgage advisers offer, but more importantly, we look to place cases of a more complex and specialist nature. This includes the self-employed, those with difficult income streams, contractors, unusual properties, foreign nationals, British ex pats abroad, overseas diplomats and those recently divorced.
We have long term relationships with nearly all the major UK lenders and have built strong trusted connections with lender underwriters at both a local and national level. Many of these key partners, prove the key to the success sometimes extending the parameters of their advertised lending criteria to assist our clients.
The promise of a rate is not the same as actually delivering a formal mortgage offer in the exact same terms. Our promise is our guarantee and many of our published independent client testimonials, confirm our ability to both deliver and help.
Alongside mortgage finance, our advisers will find you competitive life insurance, critical illness cover and income protection as well as being on hand to advise on a range of company and business insurance options.
Your Capital Fortune broker will be regularly on hand, not just through the process, but afterwards, sometimes, when you may need us most. We don’t just want you undertake the one transaction with us but seek to build a long term relationship and many of our clients have been with us for many years.
We seek to ensure the best possible results for those who choose to use us.
We totally appreciate we are not right for everyone. There are a range of other mortgage brokers in the UK but we hope that on searching through our website, viewing our published rates and transparency, that you will obtain a clear sense of how we operate and how we will look to assist you obtain the most affordable and suitable deal.
Our mortgages are here for all to see and if general information is all you need, you can search yourself here.
However, if you need the assistance of our broker team, we are here to help.
We hope you enjoy the website.
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