Protection
It is easy to put off safeguarding your interests, but the reality is that by doing so, you are taking a gamble. The right protection can provide you with peace of mind that you can cope, no matter what life throws at you. ADS Mortgage Solutions can help you.
We are always researching new protection products which can provide superior cover. We also offer exclusive products that you cannot get directly from insurers as a customer.
To protect your interests is probably a lot quicker, simpler and more affordable than you expect.
Please contact us to find out how we can help you.
Some of the products we can offer and help you with are listed below, click on the area of interest to get a brief summary:
Life cover
With life cover, a lump sum payment, free from income and capital gains tax will be paid out to your named dearest if you pass away or are diagnosed with a terminal illness while you have your policy.
Payment from the plan will normally go to your estate, which may be liable to inheritance tax.
A life policy placed in a trust which will be separate from your estate may not be eligible for inheritance tax. To find out more about the benefits of trusts please click here
To find out how a life policy is taxed click here
Critical illness cover
With this cover, you will receive a lump sum payment, free from income and capital gains tax if you are diagnosed with a serious illness or condition covered by the policy or become permanently and totally disabled.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
Family income benefit/assurance
Family income assurance provides a tax-free income until the end of a selected term, on the death or on earlier diagnosis of a terminal illness of the person who’s life is assured within a specified term. The income can be given as a lump sum or at regular intervals.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
Why take out life cover, critical illness cover and family income benefit/assurance?
It gives you the peace of mind in knowing that in the event of you passing away or losing your income, a lump sum or regular payment will be paid out, which can help to:
- provide for your dependants and family
- pay off your mortgage
- pay for any medical treatment
- pay for any necessary alterations to your home
- fund rehabilitative therapy
- leave your estate free from income tax, capital gains tax and inheritance tax
- prevent your debts from being passed on.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
What is a trust?
A trust is a legal arrangement made for the benefit of others ie, a life assurance policy held in a trust is for the benefit of beneficiaries (loved ones). There are many different types of trusts.
The person who creates the trust and gifts (gives) assets/property ie,(land, buildings, money) to it is called the settlor. The people appointed by the settlor to look after the trust funds in accordance with the terms of the trust deed (legal document) are called the ‘trustees’.
Usually the settlor or with a jointly owned policy, the settlors will appoint themselves as trustees and will ask other people to act with them as additional trustees.
A beneficiarys entitlement is under the terms of the trust and not under the life assurance policy.
Reasons for placing a policy under trust
The main reasons for placing a policy in Trust are:
- The insurance provider will pay the benefits to the trustees within days of receiving the various title documents and, where relevant, the death certificate. The trustees can then, if applicable, distribute the proceeds to the beneficiaries. If the settlor(s) has/have died, there are no months of waiting for Grant of Probate or Letters of Administration, providing there is a surviving trustee. The Trust funds are outside the settlors estate and should be free from Inheritance Tax.
- The right people benefit from your assets. The appointed trustees will pay the policy benefits to beneficiaries chosen by the settlor paying the benefits at the right time, which can also help to ease other commitments associated with a death.
Any reference to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which is subject to change.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
Making a will, why it is important financially
It is easy to put off making a will, but if you pass away without making one, your estate may be distributed according to the government rather than your wishes. This could result in your partner or family receiving less than you would wish.
There are many reasons for making a will:
- You choose how your assets are distributed - without a will, the government will decide
- If you are not married or in a civil partnership (same sex or not) your partner will not inherit automatically – by making a will, you can make sure your partner is looked after
- you can ensure that not more inheritance tax is paid than necessary
- If you are divorced or if your civil partnership has been dissolved, you decide if you wish to leave anything to an ex-partner living with someone else.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
Buildings and contents cover
Building insurance: This covers the total rebuilding cost of your property if it is damaged by an insured incident.
Building insurance is considered as compulsory by lenders if you have a freehold property.
Contents insurance: Covers the cost of replacing or repairing the contents of your home.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
Mortgage & lifestyle protection
Why is mortgage and lifestyle protection so important?
In our current climate, unfortunately hundreds of thousands of mortgage payers have lost their homes through no fault of their own. They were simply often victims of redundancy or an extended illness.
A property is probably the most valuable and important asset you will ever own. Primarily, it is your home, a secure environment for your family and you. Can you imagine how devastating it would be to lose this most precious and valuable asset?
Think of the trauma and anguish you and your family would go through, not to mention the expense.
Could the Government actually help you in this time of need? Many people believe they can rely on benefits to help if they are unable to meet their mortgage commitments, but this is simply not the case any more.
If you have taken out a mortgage since November 1995, you will not receive any help with mortgage payments at all for nine months. Within this time, your lender may well have repossessed your home.
Also, if you have more than £8,000 in savings, you will not be entitled to any Government help at all.
So the need for mortgage and lifestyle protection insurance has never been greater. ADS Mortgage Solutions can help you.
With a mortgage and lifestyle protection policy, money will be received on a monthly basis to meet mortgage commitments if you are unable to work because of being made unemployed, illness or injury during the term of your policy.
Even if you do not work ie, you are a homemaker, you can still take out a mortgage and lifestyle protection policy to help pay your mortgage.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
Income and lifestyle protection (for tenants)
Protect your rental payments and lifestyle outgoings
It is pretty difficult to escape the daily news of recession, growing unemployment, and rising inflation. With the downturn in the economy, most of us have found ourselves wondering how secure we are financially.
As someone who has a financial commitment to pay rent for your home, not to mention the cost of living, you may be concerned about what would happen if you lost your income.
Income and lifestyle protection pays you a regular monthly income to replace some of the income lost if you are not able to work because of injury or illness during the term of your policy.
Even if you are not working (for example if you are a homemaker), you can still choose income and lifestyle protection to help with day-to-day expenses and bills or to get some additional help with your home and family.
Do you need protection?
Imagine for a moment that you have to stop work because you were sick or unemployed.
- How much would you need for your rent and the cost of living each month?
- How long could you live on your savings?
- What would happen when your savings ran out?
Being out of work is stressful enough and, if it happens, it is important to be able to concentrate on finding another job or getting well.
Please also note that as a tenant, you are responsible for insuring your own furniture and possessions.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
Buy-to-let buildings and contents cover, rent guarantee & legal expense cover (for landlords)
As a landlord, you need to be aware that adequate insurance protection for your investment(s) is vital.
The buy-to-let property insurance ADS Mortgage Solutions provides is specifically designed to offer insurance cover for your buy-to-let property and its contents. It also has the added options of extended accidental damage, legal expenses and rent guarantee cover for up to £50,000, to ensure maximum protection for your investment.
Please note that insurance for the tenants’ own furniture and possessions need to be arranged by the tenants themselves.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.
Buyers protection cover
What is it?
Home buyer protection provides insurance and reassurance in the event that the contract for the purchase of a property fails to complete for specified reasons.
How does this benefit you?
- Up to £750 in total for conveyancing fees including any charge for local authority searches
- Up to £250 in total for mortgage arrangement fees/lender fees
- Up to £500 in total for survey fees and valuation fees
Insured events include:
- The property being withdrawn from sale by the seller due to reasons beyond the buyer’s control
- The seller gazumping the buyer for an offer at least £1,000 greater than their accepted offer
- The buyer being made redundant or relocated, leaving them unable or unwilling to proceed
- A local authority search highlighting that the property is subject to a compulsory purchase order
- The seller not being legally entitled to sell the property
The lender’s valuation being less than 90 per cent of the sum that has been accepted by the seller.
Period of cover
Cover is for 90 days and starts when solicitors are instructed or a mortgage application is submitted, whichever occurs first. The start of cover must be no later than seven days after this date.
This is only a brief summary. To find out full terms, conditions and exceptions and to find out how we can help you, please contact us.