Insurance

Taking out a mortgage is one of the biggest financial commitments anyone is likely to make – which is why it makes sense to have insurance should you find yourself unable to meet the monthly repayments.

IMS South West can provide you with decreasing term life cover to insure against the whole of the loan, or mortgage or income protection, and because it is not tied to any single insurance provider, you’ll be sure to get the cover you need.

Some people think that they will be able to rely on their savings or State benefits to pay the mortgage if you they are unable to work - but research has revealed that for the majority of borrowers both these routes would be inadequate to cover them.

The State benefits for people in this situation are limited and they are means tested, so if you have savings you would be expected to use them first. Also, expect to wait around nine months before you see any payout!

A good policy would start to pay one month after you are out of work (either through illness or redundancy). Typically policies pay out for 12 months. It is expected that within that period people will have found other employment or recovered from illness.

In the case of mortgage protection cover, it is usual in most cases that payments are made directly to the mortgage lender, although in some cases payments are made to the customer.

Alternatively, if you are looking to cover a loan then you can take out income or loans protection as it can cover all or any of your monthly outgoings, as well as your loan payments.

IMS South west can also arrange buildings and content insurance for a peace of mind solution!