Affordable mortgage cover that can protect your monthly mortgage payment should you be unable to work due to illness or injury.

Protection provider LV have launched a brand-new product specifically to help protect your mortgage or rent payment every month. If you were unable to work due to illness or injury, this cover would protect up to 100% of your monthly mortgage payment.

There is no financial underwriting for applying for this cover. You have to be working (although there is no minimum working hours or earnings required), and you just need to show us evidence of what your monthly mortgage payments are.

So if you are concerned about not being able to pay your mortgage in the event of an accident, sickness or a condition, then as long as you are working any job and any amount of hours – we can ensure you will have a regular income that pays that mortgage for at least a year or until you have recovered and can get back to work when you are fit and well.

How much could this cost?

For example, if you paid £723 on your mortgage payments every month – an example to protect this amount could be:

• £9.27 per month to receive tax-free monthly income of £723 for 12 months
• £10.71 per month to receive tax-free monthly income of £723 for 24 months

Based on a 35-year-old, female, non-smoker.

What you need to know

• Cover is based on your monthly mortgage or rental payment. The minimum amount of cover available is £100 and the maximum is £2,000 per month.
• No financial underwriting is required upon application. You just need to show us your documentary evidence at application to show the regular mortgage or rental payments that you’re legally responsible for.
• The LV Mortgage & Rent Guarantee means LV guarantee will pay the full chosen amount of cover throughout the claim.
• Includes a range of options so you have the flexibility to increase or decrease the amount of cover if your monthly mortgage payments change.
• “Pay my mortgage” facility offered to those with a mortgage so you can choose to have all or some of your claim payments paid directly to your mortgage lender.
• You also will have access to LV= Doctor Services and LV Member Care Line.

This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan

For more information about which protection policy suits you and your family’s needs, call 01224 316200 or request a callback to speak with one of our expert protection specialists.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. 

Group Income Protection gives access to a range of professionally delivered workplace wellbeing solutions, added value services, provides rehabilitation and financial support. It adds value to your business as an important addition to a modern benefits package.

• Help with managing the cost of long-term sickness absence
• Long-term employee absences can have a huge impact on businesses.
• Group Income Protection rehabilitation services aim to reduce lengthy absences by providing early intervention and pro-actively managing employee health issues.

A policy like this can therefore:

• providing financial support to your employees
• helping employees back to fitness
• re-engaging employees with your business

Why your employees need financial support

Long-term sickness can affect daily life in a big way. And on top of dealing with the emotional and physical challenges, your employees may also have to deal with financial issues, which could spiral out of control. State benefits may be available when things go wrong, but these might not be as favourable or as comprehensive as we sometimes imagine.

• Flexible policy design – policies offer a range of benefit levels and payment terms, designed to meet the needs and budgets of individual businesses.
• Flexibility to choose which employees to cover you can select the level of cover and to whom it can apply, creating different categories of membership to suit your budget requirements.
• Flexibility over how much cover to offer you can choose the income benefits as a percentage of the member’s gross earnings. You select the benefit level depending upon your budget, as a percentage of the member’s earnings.
• Some policies offer flexible underwriting which means that medical information is not needed if cover is below a certain limit.

What value does Group Income Protection offer your business?

Group Income Protection cover offers you the opportunity to stand out from your competitors. Here are more ways it gives you value for your money:

• Retention and hiring – Offering Group Income Protection cover as part of an employee’s benefit package helps you show your commitment to your workforce. It can also help make you an attractive employer to potential recruits.
• Value for money – Group Income Protection usually costs less than an employee would pay when choosing to buy it privately.
• Tax – Benefit payments are subject to tax. Premiums will normally qualify as an allowable business expense and therefore qualify for corporation tax relief. All references to taxation are based on our understanding of current law and tax practices, which could change in the future.
• Flexibility – You can combine Group Income Protection with our other policies, such as Group Critical Illness, and Group Life or Group Spouse/Partner Life cover – building an employee benefits package that really stands out.

Speak to our expert advisers about our group protection policies such as Group Life, Group Critical Illness Cover and Group Spouse/Partner cover. Call 01224 316200 or fill in our online enquiry form.

Please note for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

While no amount of money can ever replace a life, insurers have and continue to do everything they possibly can to help families cope financially through these distressing and worrying times.

There are many false rumours and claims circulating regarding life insurance claims and COVID-19. In our article we hope to dispel these myths. If you have any further questions regarding this, tweet us @aberdeenmortgco.

I’ve had a COVID-19 vaccine, is my life insurance still valid?

There are claims being made that having the COVID-19 vaccine will impact your Life Insurance cover. As reported by the Association of British Insurers (ABI), this is false. Receiving a vaccination against Covid-19 will not impact your life insurance cover.

What do the Life Insurance providers say?

Aviva

If you have a life insurance policy with Aviva and they pass away due to coronavirus, Aviva will pay out, if the claim meets the terms and conditions of the policy.

Legal & General

Subject to all the normal criteria for a claim being met, Legal and General have no exclusions around taking medically approved vaccinations. You will continue to be covered if any reaction or complications arise as a result of taking the COVID-19 vaccine.

Equally you will continue to be covered if you have (had) COVID-19 and had previously refused a COVID-19 vaccine.

LV

COVID-19 vaccinations will not have a negative impact on your cover.

LV are aware that there are claims being made that having the COVID-19 vaccine will adversely impact life insurance and other insurance policies. This is not true. If you have had a COVID-19 vaccine as part of the UK vaccination programme, there will be no negative impact when applying for or claiming under any of our personal or business protection policies.

Source: LV, March 2021, lvadviser.com/coronavirus/protection

Royal London

If you’re worried about whether you’re covered for coronavirus under your life policy, Royal London would like to reassure you that claiming on your Life Insurance for death due to coronavirus is valid, as long as the terms and conditions agreed under your plan are met.

Royal London life policies don’t contain exclusions in relation to pandemics or the contraction of a virus in a foreign country.

Vitality

Should you pass away as a result of Coronavirus, or complications from the virus, a claim will be paid, as per the terms of your life insurance plan.

Source: Vitality Coronavirus FAQs, March 2021, vitality.co.uk/coronavirus-faqs/

Has there been life insurance pay-outs for COVID-19 deaths?

Association of British Insurers (ABI) figures show equivalent of over £550,000 per day was paid in Covid-19 death claims in 2020.

According to the figures, there were 11,198 claims received under individual and group life insurance policies. Of these, 10,205 were individual policies (whole life, term insurance and critical illness claims) with 993 on group life insurance schemes.

A total of £202 million was paid out throughout the year on 96% of individual and 99% of group claims.

LV have published their COVID-19 related claims. As of 31 August, the total value of COVID-19 related claims exceeded £6 million.

Craig Paterson, chief underwriter at Royal London, said: “Despite 2020 being an unpredictable year, we continued to pay claims promptly and support our customers. The pandemic has shown the importance of having protection in place and we have paid £13.1 million in Covid-19 related claims.”

Looking for advice on your life insurance?

For more information on arranging life insurance or reviewing your current policy, speak to our expert protection specialists today. Call 01224 316200 or fill in our online enquiry form.
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Lifetime Finance Group trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority.

The client had originally came to us to arrange a mortgage for a house she was purchasing. She was advised to consider her options in regards to life & critical illness insurance. Maybe she felt she didn’t need it, being in her early 30s, like most of us thinking that it’ll be something we may need in the future. But after some consideration and guidance from our specialists, she decided to take out a life and critical illness policy.

With our review service, we got back in touch with our client a couple years later as her mortgage was due to expire and it is part of our service to contact the client prior to expiry.

Whilst in touch she spoke to our protection specialist, Julia. The client had told Julia that since taking out her policy she had been diagnosed with malignant melanoma, a form of skin cancer, but has now made a full recovery and is back at work as normal.

Greater Financial Stability

Moreover, she didn’t know she was entitled to make a claim on her critical illness policy but Julia advised her to do so. Her claim has now been accepted and she will receive a payment of around £125,000. She now has greater financial stability and could potentially use this to pay off her mortgage or cover any losses she may have suffered during her illness.

Who Should You Speak To

Our protection team talk to a number of people who don’t have any cover and don’t realise the importance of ensuring that protection is in place. This is a prime example as to why the team emphasise the importance of protection and why it shouldn’t be overlooked.

For more information and advice on what protection solutions are right for you – speak to our protection specialists. Freephone 01224 316200 or fill in our online enquiry form.

As the nights get longer and weather gets that bit colder, we start thinking about Halloween, Bonfire Night and Christmas; they aren’t that far away now! October offers two options with Stoptober and Go Sober for October. So if you want to quit smoking or drink less, this month has got you covered!

Sober October encourages people to go booze-free in October to raise money for Macmillan Cancer Support, who need your support now more than ever.  In the UK lung cancer accounted for 21% of all cancer cases in 2017 and is the most common cause of cancer death [2].

Stoptober encourages people to stop smoking. Stopping smoking is one of the best things you’ll ever do for your health. When you stop, you give your lungs the chance to repair and you’ll be able to breathe easier. There are lots of other benefits too – and they start almost immediately.

Coronavirus (COVID-19): advice for smokers and vapers

COVID-19 is a respiratory viral infection that affects the lungs and airways. If you smoke tobacco, you generally have an increased risk of contracting a respiratory infection and more severe symptoms once infected.  [1]

How does it affect my life insurance?

You can benefit from participating in these events. If you quit smoking and/or drinking you may be able to save money on your protection policies in addition to the health benefits of your new lifestyle.

While you can’t predict what happens you can predict how you can cope financially in the aftermath of an accident, illness or death. Don’t leave talking to a specialist about protection too long – if the unexpected should happen, being prepared is the key to being protected.

Call 01224 316200 or fill in our online enquiry form to speak to our protection specialists today.

1. https://www.gov.uk/government/publications/covid-19-advice-for-smokers-and-vapers/covid-19-advice-for-smokers-and-vapers
2. http://www.cancerresearchuk.org/health-professional/cancer-statistics/statistics-by-cancer-type/lung-cancer#heading-One