The Protection you require is very much down to individual circumstances, and of course budget. Our expert advisers will work with you to establish and help you understand what the right level of cover is for you, and to insure you and or your family are fully protected.
Types of Protection Insurance from NGM
Life Insurance: This type of insurance covers you against Death or Terminal Illness. Life insurance also known as term insurance, provides a tax-free lump sum to your dependents in the event of your death. There are two main ways this type of cover can be arranged:
Decreasing Term Assurance (DTA): This is one of the more popular options when choosing an insurance policy. It is the cheapest form of life cover, as its pays a lump sum based on a pre-selected figure (usually the starting loan amount) and decreases over the term with the loan. These policies work well alongside repayment mortgages, as the amount payed out is the same as the balance left on the mortgage loan.
Level Term Assurance (LTA): This type of life insurance is where the sum assured remains at the same level thorough the length of the policy. This type of policy is usually suited to interest only mortgages, where the amount owed on the loan does not decrease over time. Level term assurance is more expensive than decreasing term for this reason.
Critical Illness Cover (CIC): This type of insurance provides you with a tax-free lump sum in the event you are diagnosed with one of the common defined critical illnesses. Some lists vary from provider to provider, but will usually have a common core selection. The Cash sum can be used however you desire, but is usually taken out to ease the pressure on loved ones of any mortgage, loan debt or to help with the day to day running of the family home at what would be a difficult time. Like life insurance critical illness can be brought for a fixed sum or decreasing sum depending on your circumstances.
Family Income Benefit (FIB): This insurance type pays out in the event of death, critical or terminal illness. Instead of a lump sum a regular monthly income is payed to the dependents of the person insured. This type of cover works well alongside life cover, as although the mortgage debt would be paid off with the life cover the dependants would still need a regular income to provide for the daily running of the household.
Income Protection (IP): In the event of an accident or sickness income protection pays out a monthly income to cover a proportion of your salary. Providers will vary but usually the amount will be between 55% and 65% of your monthly income. A chosen deferral period will be selected at the start of the policy along with benefit period. A longer deferral period will help to lower the monthly premium and may be tied in with benefits from a work place. (i.e. 6 months’ sick pay from work will give you a 6-month deferral period). The benefit period will also determine premium cost with shorter 1 and 2 year pay-outs or payment until retirement age.
General Insurance from Neville Green Mortgages
Buildings and Contents Cover: Buildings insurance is a mandatory requirement from all mortgages lenders and having buildings cover will be required as a term of your mortgage loan before exchange of contracts can take place.
Buildings insurance covers the fabric and permanent fixtures in your home, everything from the floors to the ceiling, walls, roof, doors and windows. It also includes fitted kitchens and bathrooms. The sum assured should cover your property for full cost of repair or reinstatement in the event of: Storm damage, Fire, Lightning strike, vandalism, earthquake, vehicle collisions, falling trees or bursting of any plumbing works.
Contents of your property is defined by the type of things you would take with you if you moved home, so items such as TV’s, furniture, clothes, jewellery and white goods. Contents insurance may also cover such things as carpets and curtains. It’s vital to always set the maximum level of cover the policy will pay out for, too many people under insure the contents of their home.
Why use NGM for your Buildings and Contents?
- We only recommend high quality insurance products based on an analysis of a number of insurers
- All our products we recommend are 5 star Defaqto rated
- Access to specialist insurers for commercial or non-standard cases
- No hassle for you – no form filling in, our team will do it all for you
Price comparison sites and why should they be avoided?
Many price comparison sites don’t take personal circumstances into consideration and only select ‘Standard’ policies. Because they also don’t provide one to one advise, there is a danger you could be left with unanswered questions or be under insured for what you require or worse still unable to make a claim because of small print you weren’t aware of during the application process.
If you have solely chosen to conduct Insurance business via ourselves there is no broker fee for this process.
The FCA does not regulate commercial insurance and we act as introducers for it.