Mortgage Insurance

In today’s world of finance and credit commitments it’s becoming more and more important to protect your finances, your home and your loved ones with the appropriate insurance cover such as:

  • Building and contents
  • Income protection
  • Accident & Sickness (ASU) insurance
  • Mortgage Payment Protection Insurance (MPPI)
  • Life cover & term assurance
  • Landlord’s Insurance
  • Critical Illness cover

We could help you source competitive, comprehensive insurance products from a number of leading insurance and life assurance companies, to help protect your finances and your family.

 

Mortgage Payment Protection

A mortgage is typically the largest investment a person will make, with that in mind it is important to ensure adequate precautions are met to ensure your mortgage payments can be maintained should you be unable to work due to unemployment or illness. Mortgage Payment Protection insurance is designed just for this purpose.

There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk .

Please be aware that by clicking on to the above links you are leaving Baker financial website. Please note that Baker Financial is not responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

For Accident, Sickness and Unemployment insurance, based on a 30 year old male, a typical cost per £100 of cover would be £4.03 per month. This is based on a 30 day deferred period.

Life Insurance

Life cover is there to help your loved ones manage financially should the worst happen. There are different types of policies available to cater for most needs. For homeowners the life cover would usually cover the complete repayment of the mortgage upon death of those insured. For instance if you have a £200,000 mortgage, the life cover would normally be for that amount which would be used to repay the full mortgage upon death.

Critical Illness Cover

This type of insurance could pay out a lump sum should you be diagnosed with a critical illness. The types of critical illness covered by policies will vary from insurer to insurer, but generally they will include certain forms of cancer and heart conditions. As with life insurance, if you have critical illness cover of £100,000, it could pay out that amount in a lump sum, most will pay out upon diagnoses of a critical illness. In many cases critical illness cover and life cover can be taken out on the same policy, which could help reduce monthly premiums. When considering critical illness cover, it is important to ensure you understand which illnesses are covered and which are not. Once you receive the paperwork it may be beneficial to speak to a medical consultant.

Landlords Insurance

Landlords insurance is specially designed to provide buildings insurance where you have a property being  rented out under a tenancy agreement. This would typically be termed as a buy to let property. A buy to let property should be insured with some form of landlords insurance which differs to standard building and contents insurance.

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