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In addition to the Mortgage recommendation it is important that customers are aware that AMML can provide and offer a range of protection products, from a range of insurers. This ranges from Income protection to maintain Mortgage repayments through to home protection to cover the capital costs of the building & contents, and personal products to repay the mortgage in the event of an illness or death. A simple summary is shown below; it is important to understand that when an insurance policy seems more expensive it is often because it is more likely to happen.
Income Protection
This may provide a monthly income in the event of sickness or injury and can cover up to 65% of the first £15,000 of a client's pre-tax earnings, plus up to 55% of the remainder, up to £250,000 a year. To balance the cost, the Term of the cover can be either 1 year, 2 years, 5 years or until the mortgage term ends, or until a certain age. In addition clients who receive sick pay from their employer can select deferred periods of 13, 26 or 52 weeks which again helps to reduce the costs of the premium (monthly cost).
Family income benefit
Clients can choose to receive any potential Life Cover or Critical Illness Cover claim as an income rather than a lump sum which could result in reduced premiums.
Critical illness.
Individuals, couples and families who want to insure themselves against financial hardship in the event of a critical illness. This product can pays out a regular income or a lump sum. The payment would customers allow to maintain payments on financial liabilities such as monthly payments, and/or pay off a large debt such as a mortgage. The amount of critical illness required is selectable by the client in the case of budget restraints.
Life cover.
This is a product which pays out a lump sum or regular income in the event of the death of the person covered or the diagnosis of a terminal illness during the chosen term of cover. This can be used in-addition to top-up the cover provided by your company.
Buildings
Also, it is your responsibility to insure and maintain the building which is a condition of the mortgage offer.
You are aware of your responsibility to consider and ensure that all insurances such as mortgage re-payment protection, Critical illness or life protection. are understood. These do not constitute part of the mortgage. However, it is your responsibility to insure and maintain the building has a condition of the mortgage. You are not obliged to use Apricot Mortgages or the Mortgage lender for any of the above but it is our duty of care to inform you of your responsibility.
Income Protection
This may provide a monthly income in the event of sickness or injury and can cover up to 65% of the first £15,000 of a client's pre-tax earnings, plus up to 55% of the remainder, up to £250,000 a year. To balance the cost, the Term of the cover can be either 1 year, 2 years, 5 years or until the mortgage term ends, or until a certain age. In addition clients who receive sick pay from their employer can select deferred periods of 13, 26 or 52 weeks which again helps to reduce the costs of the premium (monthly cost).
Family income benefit
Clients can choose to receive any potential Life Cover or Critical Illness Cover claim as an income rather than a lump sum which could result in reduced premiums.
Critical illness.
Individuals, couples and families who want to insure themselves against financial hardship in the event of a critical illness. This product can pays out a regular income or a lump sum. The payment would customers allow to maintain payments on financial liabilities such as monthly payments, and/or pay off a large debt such as a mortgage. The amount of critical illness required is selectable by the client in the case of budget restraints.
Life cover.
This is a product which pays out a lump sum or regular income in the event of the death of the person covered or the diagnosis of a terminal illness during the chosen term of cover. This can be used in-addition to top-up the cover provided by your company.
Buildings
Also, it is your responsibility to insure and maintain the building which is a condition of the mortgage offer.
You are aware of your responsibility to consider and ensure that all insurances such as mortgage re-payment protection, Critical illness or life protection. are understood. These do not constitute part of the mortgage. However, it is your responsibility to insure and maintain the building has a condition of the mortgage. You are not obliged to use Apricot Mortgages or the Mortgage lender for any of the above but it is our duty of care to inform you of your responsibility.