Protection
Sentry Advice provides independent protection advice in Eastbourne. We are not tied to any particular provider and our objective is always to find the best solution to suit our client’s circumstances and life goals.
Protecting loved ones in the event of death is ever more important as the cost of living continues to increase. Organising cover for death or critical illnesses takes away the financial pressures from an already emotional and stressful time.
We are under no illusion that insurance is a dull subject and it can also be difficult for people to discuss matters concerning death, but having the correct cover in place will give you and your family the peace of mind that all is protected if the worst was to happen.
Mortgage Protection
Mortgage Protection – also known as Deceasing Term Assurance – is an insurance designed to clear the balance of a capital and repayment mortgage upon the policy holder passing away. As you start to reduce the amount you owe on your mortgage by paying your monthly repayments the amount of cover reduces also.
The risk to the insurer on a decreasing term policy is much lower than other types of life assurance because the older you get the less they will have to pay out, as you will have paid off more of your mortgage.
In most cases you will be able to guarantee the monthly payments known as “premiums” for the life of the policy to ensure that as you get older your cover won’t become more expensive.
Level Term Life Assurance
Level Term cover was designed to help protect those with an interest-only mortgage, as the balance owed to a mortgage lender is not reduced with the monthly payments (making a decreasing term policy not fit for purpose). It is also cover for those that simply want to provide a lump sum for their dependants. With Level Term life assurance the amount you insure for stays the same for the life of the policy.
When applying for life cover of any type the older you are the more expensive it gets, as there is an increased risk that the insurer will have to pay out. It is common for people with capital and interest mortgages to still opt for level term cover, especially if they plan to climb the property ladder, as they can lock in a good price for the insurance earlier in life and just top up the cover as they get older and take on larger mortgages.
Critical Illness
In the UK, we are in a fortunate position that we are all living longer, healthier lives, but with age comes an increased risk of suffering from a critical illness, which could put us out of work and impact on our income.
Critical illness cover—also known as critical illness insurance—is a long-term insurance policy which will pay a tax-free lump sum if you are diagnosed with an illnesses or condition specified within the policy terms of the insurance company. You can use this lump sum to pay off your debts, pay for medical treatments, make alterations to your home or anything else you wish.
Each policy provider covers different illnesses and the more comprehensive the list of illnesses, the more expensive the policy, but common illnesses normally covered are: heart attack, stroke, certain types and stages of cancer and conditions such as multiple sclerosis.
Family Income Protection
Family income protection—also known as family income benefit—is a policy taken out to provide a tax-free regular income to support young families whilst children are in education age if one of the partners should die. If a family relies on a single breadwinner or a family would struggle to maintain their lifestyle with the loss of an income through death, this policy is a low cost solution to fill the gap of the missing income.
Mortgages to Purchase a Property
Mortgages to purchase a property a fee of £495 is payable on application – this is fully refundable if we are unable to obtain a mortgage offer.
Remortgages
For processing a remortgage a fee of £295 is payable on application – this is fully refundable if we are unable to obtain a mortgage offer.
Rate Switch / Product Transfer
For processing a product transfer/rate switch where you are remaining with your current lender a fee of £145 is payable on application.
Adverse Credit
For applications where there is a history of adverse credit then a total fee of £495 will be charged, of which £245 is payable at the point a personal recommendation is made, whether you decide to proceed or not. The remaining £250 is payable if/when an application is made and is refundable if we are unable to obtain a mortgage offer.
Equity Release Mortgages
A total fee of £990 will be charged, of which £495 is payable at the point an application is made with a provider. The remaining £495 is payable if/when the application completes.
We can accept payment via bank transfer, credit/debit card via PayPal.
© 2020 Sentry Advice Limited (company number:8257351)
Sentry Advice Limited are authorised and regulated by The Financial Conduct Authority and are entered on the Financial Services Register (www.fca.org.uk/register) under reference number: 624557
Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it. All enquiries will be passed to a regulated Adviser with appropriate qualifications. The information on this website is for use of residents of the United Kingdom. No representations are made as to whether the information is applicable or available in any other country which may have access to it.
Head Office Registered Address: 89 High Street, Uckfield, East Sussex TN22 1RJ