Insurance Frequently Asked Questions

Do I need insurance?

Insurance provides you with peace of mind that in the event of unforeseen circumstances, such as unemployment, illness or property damage you and your dependents will be covered financially.

Can I apply for insurance?

You must be a resident in the UK and at least 18 years old at the time of applying.

What insurance do I need?

There are many different insurance products available, each person will have different needs depending on their situation. If you aren’t sure about the kind of insurance you need, we will be able to talk you through your options and help establish the right products for you.

What if my circumstances change?

Protection requirements will change throughout your life as your family situation, employment, and financials change. It’s important to consider the kind of protection you might need and review this on a regular basis to take into consideration any changes.

Do I need life insurance to get a mortgage?

No, there is no legal requirement to take out life insurance with your mortgage.

When should I get the insurance?

We recommend that you take out the appropriate insurance as soon as possible. Buildings insurance needs to be taken out at the time of the mortgage.

What if I cancel my policy and switch to a new one?

If you’ve only just taken out your policy then cancelling it should be fairly simple.

If you’re further into your policy and want to cancel your life insurance, critical illness or income protection policy before the term ends, there shouldn’t be a penalty to pay. But, there could be a penalty to pay for the cancellation of buildings and contents insurance.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Mortgages MK is a trading name of Astons Financial Services LLP which is an appointed representative Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited who are authorised and regulated by the Financial Conduct Authority.

Astons Financial Services LLP. Registered Office: 26 St John Street, Newport Pagnell, Buckinghamshire MK16 8HJ. Registered in England No: OC361518

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