- 01392 353899
- info@hlprotection.co.uk
With a service that is designed to help protect you and your family, HLProtection is your trusted adviser.
Buying a home is probably the largest financial commitment you’ll ever make, and almost certainly the most important – it is after all, the safe haven for you and your family.
It’s likely you’ve saved for a deposit, and are planning to borrow a large sum to repay over a 20-to-30 year period – so there’s a lot riding on your purchase.
Our advisers’ role is to make sure that you can buy a home, maintain payments of the mortgage and keep your property if something were to go wrong either financially or medically in the future. We want to highlight some of the major risks and financial losses you could incur and provide you with a route to protecting yourself. Ultimately, you can’t insure yourself against everything, however it’s your decision as to what level of risk you are willing to accept.
Taking out a mortgage is similar to taking out any other financial loan or credit card, just on a grander scale. The lender expects you to repay the loan as per the agreed terms. If you are unable to do this, it has the right to repossess your home unless you are able to reduce and eliminate any payment arrears and restart regular payments. Failure to reach an agreement could mean the loss of some or all of the equity in your house, including the deposit you had saved for and any increase in value that the home could have accrued over time.
In the event of repossession, there are serious implications on your ability to borrow money, whilst also affecting other financial commitments that you may have and making it difficult even to rent a home. However, by taking expert insurance advice you can protect yourself from some of the risks with a level of cover that is tailored to your needs and budget.
Each year one million people in the UK find themselves unable to work due to a serious illness or injury (ABI 2017). Income protection insurance is designed to give you some cover if you can’t earn an income for those reasons. If something happened to you would you be able to survive on savings, or on sick pay from work? If not, you’ll need some other way to keep paying the bills and you might want to consider income protection insurance.
There’s one certainty to life in that one day we’ll all be gone. It’s important to think carefully how you could cope financially as well as emotionally, if you or a partner died – whether the bills can continue to be paid, and if your family can afford to remain in the home that you’re buying. Bear in mind also, the additional mental and physical stresses brought about by the grieving process on you or your spouse’s ability to keep working successfully and maintain the sole income to pay the bills going forward.
We think of ourselves as invincible, but we are all susceptible of becoming critically ill. This can impact you or your partner in varying ways from taking a few days sick leave through to being off work for extended periods, taking ill health retirement or becoming a full time carer for your partner. Critical Illness cover is an insurance policy that helps protect you if you become critically ill during the policy term. It pays out a tax-free lump sum that you can use however you like – whether that’s to help cover health-related costs, monthly expenses, or lost income while you get better.
At HLProtection, we know that taking out a mortgage is a big deal. Buying a home is one of the largest financial commitments you can make, so it’s important you’re fully protected to keep you and your family in your home for many years to come, no matter what life throws at you.
There’s a bewildering variety of insurances available out there, and it’s tricky to insure against everything. The risk is that should you pick the wrong one, there’s a real danger you could find yourself underinsured or out-of-pocket should the worst happen. HLProtection is passionate about listening to you and giving you accurate, bespoke advice based on your individual circumstances to allow you to make an informed decision about the level of cover that’s right for you.
HLProtection is a trading name of HL Partnership Limited. Registered in England No. 5011722
Authorised and regulated by the Financial Conduct Authority. Registered Office: Unit 1, 2nd Floor, Southern Gate Office Village,
Southern Gate, Chichester P0198GR
Contact Details:
Office Address: HL Protection, 2 Ulysses House, Ulysses Park, Heron Rd, Exeter, EX2 7PH
Tel: 01392 353899
Email: info@hlprotection.co.uk
HLProtection is a trading name of HL Partnership Limited. Registered in England No. 5011722 Authorised and regulated by the Financial Conduct Authority. Registered Office: Unit 1, 2nd Floor, Southern Gate Office Village, Southern Gate, Chichester P0198GR
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
