This is a difficult question to answer, because it depends on your situation. As a general rule, if you have a mortgage you’ll need buildings and contents insurance, and you may need income protection cover, too. For those of you with dependents, life assurance is a must. And you might want to consider critical illness cover for additional security.
The pages in this section are designed to give you general information about the kind of cover available to you and the circumstances in which you might benefit from it. Once you’ve had the chance to read them you’ll then be ready to call our protection advisers for a more in-depth discussion about which kind of cover is right for you.
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Accident, sickness & unemployment (ASU) protection is one solution to the problem of how to get income if you’re not able to work. ASU is a short-term kind of insurance cover which only pays out for a period of between 12-24 months. As such, ASU policies can be a good product for giving you peace of mind if you’re worried you might lose your income because of short-term illness or redundancy.
When you take out ASU, your cover levels are planned to be enough to meet your mortgage repayments plus regular monthly outgoings. You’ll usually be able to choose a level of payout between 60-65% of your normal income. Together with any statutory payments you’re eligible for, this is often enough to keep your household ticking over while you recover or look for another job.
There are other providers of payment protection insurance, also known as 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.moneyhelper.org.uk
Although buildings insurance isn’t compulsory like motor insurance, taking out this kind of policy is usually a precondition of your mortgage. And it’s a condition which certainly makes good sense: after all, what would happen if your home were to be substantially damaged in a flood, fire or other major incident? You’d still be liable to pay your mortgage but would also have to find somewhere else to live.
Critical illness cover has some similarities to life assurance, the big difference being that it becomes payable if you’re unlucky enough to be diagnosed with one of the illnesses mentioned on your insurance policy. This is usually given as a one-off, tax- free lump sum designed to pay off your mortgage and cover any other expenses you may incur. Like life assurance, it’s a must-have if your family depends on your income to keep a roof over their heads and maintain a reasonable standard of living.
Life assurance isn’t something everybody needs to take out, but if you have dependents such as school-age children then it could be vital. The financial help your loved ones can expect from the government in the event of your untimely death is minimal, and could leave them in very difficult circumstances, even facing the possibility of homelessness. But with life assurance, you have the guarantee that they’ll at least be able to stay in your home with the mortgage paid in full.
At Zing, we’re here to help you throughout your mortgage application. From your first enquiry through to completion - we’re here to make the whole process easier for you.
Efficient and Excellent Experience
1st time buyers and they made the whole process really easy from start to finish. Kept us up to date throughout and answered any questions we had strait away. Thank you Zing
Best choice we made
Gary was patient & understanding when dealing with our mortgage. Ellie was brilliant with weekly updates that increased to daily as we neared completion. Can't thank the team at Zing enough, would recommend to anyone.
Great service
Great service from start to finish. Lee was very knowledgable and got us the deal we where looking for. Was kept informed and he was always available, or called us back. Would highly recommend.
Excellent
Very nice service I will recommend it to my friends and if I need will use again. Very big thanks for Ian.
Good overall service
We have used zings services for a number of years now and have always been very happy with there services, although we had a bit of a slow start this time everything was completed well and would recommend them again for the future.
Would recommend
They chased the solicitors continuously for what was a long tome! They kept me up to date throughout which I really appreciated
