Insurance

Many people will often ask do I need insurance. Protection policies are often taken out at the same time as a mortgage. Life insurance will pay out if the insured dies during the term of the policy and a critical illness policy will provide financial protection if you are diagnosed with a specified critical illness


Usually lenders will only require you to have buildings insurance as a condition of the mortgage. However, mortgage and protection specialists like us, feel more people should look at their financial protection needs.


Nobody wants to think about falling ill or dying. However Fusion Financial Services Limited can review your circumstances and establish what protection arrangements are required and right for you.


There are three main types of Mortgage protection Insurance:

Income Protection



An Income Protection policy, after a specified period of time, will help pay a regular income if you are unable to work due to an accident or sickness until you return to work, the policy ends, or you die.

Life Insurance 



Life insurance pays out in the event of the death of the life assured to someone you nominate such as a friend or family member. It gives them financial security if you are no longer around to support them.


There are two main types of life insurance policy. ‘Term life insurance’, which protects you for a set amount of years. And ‘whole of life insurance’, that last until you die.


Term life insurance can come as level and decreasing. Decreasing term insurance is best suited to be repayment mortgage. This is because the level of cover will fall as the mortgage balance does.


You can include critical illness cover as part of your life insurance cover or take it out as a separate policy. The Idea is that if you die the life insurance pay-out will support your family if they rely on your salary.


Your family will be able to spend the money on whatever they want.



People often priorities paying :

  • The mortgage
  • Household bills
  • Debts
  • Childcare or education costs
  • Funeral costs


Critical Illness 



Critical illness cover pays out if you are diagnosed with a specified critical illness. Unlike Income Protection this usually pays out a lump sum.

How does Life Insurance work?

You pay most life insurance policies in monthly premiums. When you buy a life insurance policy you’ll choose who’ll get the life insurance pay out. ‘This is a death benefit’.


Do I need life Insurance?


You do not have to have life insurance. But it’s good idea to have it if you:


  • Are married
  • Have a joint mortgage with your partner
  • Have children
  • Have other people that rely on your salary such as elderly parents


It’s also useful for stay-at-home parents. This is because if they died the partner would have to pay for childcare or domestic help.


Whatever is your requirement please give us a call to discusses.




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Building Insurance

Building Insurance protects you from the cost of repairing or rebuilding your home if its damaged or destroyed. It covers the structure of your home like the roof, walls and windows. And any permanents fixtures and fitting like fitted kitchen units and bathroom suites.


What does buildings insurance covers?

Buildings insurance protects you against damage caused by:

  • Weather such as storm and lightening
  • Flooding
  • Burst or frozen pipes and water damage. It will not cover pipes that burst due to being old or corroded.
  • Fire or explosion
  • Subsidence (Most buildings policies will cover this as long as it has not happened before. To might be harder to find well priced cover if your property has subsidence in the past)
  • Theft and Vandalism
  • Falling trees or branches


Do I Need buildings Insurance?

you need buildings Insurance if you have a mortgage. This is because the lender needs to know your home is protected as it’s their security.


The person responsible for organising the buildings insurance is:

  • The owner of the property if family home for example  someone who lives in a flat, they’ll need to insure the whole building . if it’s jointly owned, you’ll all be responsible
  • A landlord that is renting out a property.
  • If you’re landlord, you’ll need landlord buildings insurance.
  • If you’re building your own home you’ll need self- build insurance.


Give us a call to evaluate your situation and provide you with suitable quote 


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Contents Insurance

Contents insurance covers everything you’d take with you if you moved home. This includes furniture, kitchen appliance, curtains, bedding, clothing, television, computing equipment and jewellery.


It does not cover the structure of your home such as the roof. Walls and windows. It does not include permanent fixtures and fitting like fitted kitchen units and bathroom suites. You can cover these with Buildings Insurance.


Do I need home contents insurance?


you do not have to take out house contents insurance, But it’s good idea a it protects your belongings against fire, theft and other risk, if you do not have insurance, it can cost a lot to replace items if something happens to destroy or damage them, if you are a tenant, your landlord will be responsible for building insurance. But it’s up to you to buy your own contents insurance.  If you live in a leasehold flat. Your freeholder should arrange for building insurance, you’ll need to buy your own contents insurance.


Get in touch to see how we can help you with quote.


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Interested in our services? We’re here to help!


We want to know your needs exactly so that we can provide the perfect solution. Let us know what you wants for Mortgages and Protection  and we’ll do our best to help. 

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