General Insurance Services

A link to an interesting report on the social value of general insurance, published by the Association Of British Insurers (ABI):
http://www.abi.org.uk/Display/File/523/Social_Values_02.05.pdf

A link to another report by the ABI concerning the economic value of general insurance:
http://www.abi.org.uk/Display/File/523/Economic_Values_02.05.pdf

Which insurance do you need?

Insuring yourself and your mortgage

There are various types of insurance to pay off your mortgage or meet the monthly payments if something unexpected happens. Whether they are right for you depends on your personal circumstances - see

Different types of insurance

Insurance to cover your home
Insurance to cover your mortgage payments
Insurance to cover your mortgage loan in the event of death or serious illness.

Is it right for you?

Where you have to take out the insurance as part of a mortgage deal with the same lender it might not be the cheapest or best available, or it might not be right for you.

Don’t forget the premium can also increase in the time you have to keep it – you may find it difficult to cancel this policy later unless you repay the mortgage.

Watch out for these costs when considering a ‘tied’ deal. Remember there are plenty of good mortgage deals around that don’t make you buy insurance from the lender.

It may be convenient to arrange insurance with your lender or mortgage broker but you don’t have to accept a mortgage deal with insurance tied in. It’s worth asking your independent broker (Surrey Financial Advice) to shop around for insurance. You will often be able to save money compared with what’s on offer from the lender. [Contact Us]

Insurance to cover your home

The General Insurance Services made available to you through our links and search engines are introduced by ourselves to a third party, however you can be assured the quotes you will receive will be some of the best available in today's marketplace. They are there simply to help you to obtain competitive quotes and simple policies with the minimum of effort required, providing that you know what you want. We are therefore not giving you an advice service on these products if you choose to take this route.

Types of insurance	What's it for?	Is it right for you?
House buildings insurance	Covers the cost of repairing or rebuilding your home if it's damaged or destroyed	Yes, everyone who has a mortgage must have this cover (though if you live in a flat you might pay for it out of the service charge instead).
House contents insurance	Covers the cost of repairing or replacing your possessions if they're damaged, destroyed, lost or stolen	Yes, if you could not otherwise afford to replace your possessions.

Insurance to cover your mortgage

Type of insurance	Is it right for you?
Critical illness cover Pays out a lump sum if you suffer a life-threatening illness, such as cancer or heart attack. Can be used to pay off the mortgage or for anything else.	Yes, if clearing the mortgage would be a top priority in case of serious illness. Yes, if you have dependants and no other household income to repay the mortgage. No, if you have enough funds available. No, if you want to be covered for a wider range of health problems - consider income protection insurance instead. No, if cover would not apply to you because of an existing illness.
Income protection Replaces a substantial part of your income if you are unable to work over a long period because of illness or disability (so could be used in part to meet your mortgage payments). Continues to pay out until you recover or reach retirement whichever is sooner.	Yes, if you can afford it and the cover clearly applies to you - for example, if you are in good health. No, if you have other sources of income in the event of illness, for example if you have a policy through work/your employer. No, if cover would not apply to you, which is possible if you have existing health problems or a dangerous job. or your employer).
Life insurance/mortgage protection cover(term insurance) Pays off the mortgage loan if you die. Note that endowment mortgages automatically include life cover - you do not need a separate policy for any amount covered by the endowment policy.	Yes, if you have dependants. Yes, if you share the mortgage costs with someone else (joint mortgage). No, if you have no dependants and it is not a joint mortgage. (The lender will take possession of your house, sell it to get their money and the rest goes to your estate.) No, if you have enough life cover already.
Mortgage payment protection insurance (MPPI) also called ASU (accident, sickness and unemployment insurance) Meets your mortgage payments for one, or maybe two years if you are unable to work because of illness or unemployment.	Yes, if the cover clearly applies to you - for example, if you are a permanent full-time employee in good health. No, if you have other sources of income to repay the mortgage in the event of illness or unemployment. No, if cover would not apply to you, which is possible if you are a contract worker, part-timer, self-employed or have existing health problems. No, if you already have enough cover (perhaps through income protection insurance or your employer).