Oakwood Finances
01303 621511 - Folkestone, Canterbury, Ashford, New Romney, Margate
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Oakwood Finances Insurance Provision

Insurance

Oakwood Finances Insurance Provision

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Life Assurance Cover

Life cover will pay out a cash lump sum should you pass away. The amount you need to be covered for will differ depending on how much money your loved ones will need to maintain their living standards. This will include all the bills, mortgage repayments and any other debts you may have.

Oakwood Finances: Life Cover
Oakwood Finances: Life Cover

It is possible to have a a combined policy with your partner but this is not always the wisest choice so seek advice before deciding.

There are a number of types of Life Cover:

Level Cover

This is a policy that covers you for the same amount for the entire term of the policy. Level Cover life assurance is normally used for short term needs.

It can be a good option to secure the following types of debt:

  • Covering your salary
  • Maintain your loved ones’ living standards
  • Help with health and living costs if you become terminally ill
  • Paying the children’s school or university fees
  • Continue to keep up mortgage repayments
  • Paying off an interest-only mortgage

Decreasing Life Cover

These are used to protect your dependants from mortgages and loans debts. The premium remains the same throughout the term but the cover reduces as the mortgage or loan is paid off. These are a cost effective way of limiting your liability but are seen as less cost-effective as the loan or mortgage capital is being paid back. Many people use these policies initially and then terminate them later in the life of the mortgage once the capital left to pay has significantly reduced.

Some Life policies can include elements of critical illness so to get the best out your life insurance it is wise to consultant an knowledgeable advisor who has a thorough knowledge of the Life Insurance and Payment protection and Critical Illness insurance markets,

Contact Oakwood Finances and speak to an expert to find out more.

Ian Brown trading as 'Oakwood Finances' is an appointed representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 843578. The FCA do not regulate Business Buy to Let Mortgages or Commercial Mortgages to Limited Companies. The guidance and advice contained within this web site Is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. Oakwood Finances operate throughout Folkestone, Canterbury, Ashford, New Romney, Margate and surrounding areas in Kent, United Kingdom.

-- Your home may be repossessed if you do not keep up the payments on your Mortgage --

There will be a fee for mortgage advice, the precise amount will depend upon your circumstances. Your Consultant will confirm the amount before you choose to proceed but we estimate it to be 0.75%.

Commission Disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.