Protection Insurance

Types of Protection Insurance

• Mortgage Protection Insurance
• Property and General Insurance

Companies whose protection products we offer include:

• Legal & General
• Norwich Union
• Scottish Provident
• Scottish Amicable
• Scottish Widows
• Prudential
• Bright Grey

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Buying a property or a trading business is an important investment and financial commitment especially if the property is used as security to raise capital.   

You will need to consider the risk of endangering the value of your investment should any unforeseen circumstances arise.  When you take a mortgage the lender will also take particular interest in how unforeseen circumstances could affect the value of its security.

The building itself constitutes the most valuable part of the asset and should be covered against the risk of destruction by fire or damage from other risks such as storms or flooding. When the property is held as security for the loan the lender will impose a condition that the property must be insured with a reputable company and its interest noted on the policy. This entitles the lender to receive the proceeds of any claim which it can off set against your indebtedness. The amount of cover will be specified and your solicitor will be expected to satisfy the lender that cover is in place prior to releasing any funds. You can find further information by clicking on Insurance Products and Property and General Insurance.

If the lender considers you to be a vital part of the business and the value of its security could be jeopardised in the event of your death or incapacity it will insist upon Mortgage Protection Insurance so that repayment of its loan is guaranteed. Sometimes this requirement is optional but it would be prudent to ask yourself the following questions.

• How would my family or partner cope with the affairs or daily running of the business in the event of my death or being afflicted with a serious illness?
• Without me being there would I want my partner or family to be saddled with the same mortgage commitment?
• Could I afford the expense of additional staff if I was no longer capable of looking after the business as a result of an accident or illness?

Fortunately there are a number of different ways you can achieve protection against such unforeseen circumstances. You can find further information by clicking on Insurance Products and Mortgage Protection Insurance.

ACL is authorised by the Financial Services Authority to advise and arrange regulated insurance products. We offer products from a range of insurers for life insurance and health insurance.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE