Please note that JAM Mortgages is only authorised to advise on general insurance. For investment backed insurance policies we recommend that you contact an Independent Financial Adviser.
 
An Insurance policy is one that protects against something that might happen.
An Assurance policy is one that protects against something that will definitely happen.
 
IP - Income Protection (formerly known as Permanent Health Insurance) provides an income in the event that you are unable to work due to illness or incapacity. Payments do not commence until after a waiting period of between 4-52 weeks. Premiums will depend on your health, occupation and lifestyle. The policy will normally run until you are 60 or 65 and you can claim as many times as necessary during the term of the policy.
Whole of life cover - this is a form of life assurance that will pay out a guaranteed sum in the event of death, no matter when it occurs. Policies can be on a single or joint life basis (to pay out on first or last death basis) and can be set to pay on death or at a given age. JAM Mortgages is not authorised to advise on this type of policy and we recommend that you contact an Independent Financial Adviser.
Buildings and Contents Insurance - it will probably be a condition of your mortgage that you have adequate buildings insurance in place. You should set the policy at a level that will cover the complete rebuilding costs of your property. Contents insurance protects against theft of your belongings. Many contents policies offer Personal Belongings cover for items taken away from the home and Accidental Damage cover in case you damage any of your belongings yourself.
Previous page