Reasons for cover

Reasons for cover

Why do you need it?

The loss of a spouse or parent can leave dependants with additional issues to cope with other than the emotional. If you are inadequately insured, your dependants may be left with a dramatically reduced household income, which could affect their quality of life. Potentially there may be reduced opportunities for children such as the ability to pay for a university education or difficulties in maintaining mortgage payments on a reduced income.

In the event of your death, a lending institution will not write off your debt. Rather, they will continue to pursue the debt through your dependants and could, ultimately, foreclose on the loan meaning the loss of the family home.

What will the State provide?

The main benefits the State may provide are the Widowed Parent's Allowance and Child Benefit. Depending on whether the widow(er) qualifies for Income Support, the State may or may not help with paying the mortgage interest.

The method for calculating which benefits an individual may qualify for is extremely complicated. More information is available at the Department of Work and Pensions website www.dss.gov.uk.

Use these quick links to get an idea about how much you could borrow and apply today.
Your home may be repossessed if you do not keep up repayments on your mortgage!

FR Associates is a trading style of Nigel J S Farrar and is an Appointed Representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Conduct Authority under number 300866 in respect of mortgage, insurance and consumer credit mediation activities only.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service ( https://www.financial-ombudsman.org.uk/consumer/complaints.htm ).

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