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What types of cover are there?


Life Insurance/ Cover

Selecting a life insurance policy is one of the most important decisions that you will ever make to ensure your family’s financial wellbeing, security and peace of mind. We strive to find the most suitable and personalised life cover for you, including joint life cover.

Life insurance, whether sole or joint, can help minimise the financial impact that your death could have on your loved ones. If you die, or if you are diagnosed with a terminal illness with a life expectancy of less than 12 months, during the length of the policy, it could pay out a cash lump sum. Life insurance can give your family financial security, and ensure your peace of mind that your family’s lifestyle will be protected should the worst happen.

This cover will pay out on death, providing an annual income for the term remaining on the policy. For example, for a 20-year term, where the claim occurred after five years, there would be 15 annual payments made in total.

The payments are not normally subject to income tax but may affect some state benefits.

This pays for medical treatment on a private ward or enables you to be seen earlier on a NHS ward. Some plans also allow you to claim if you are not able to be seen by the NHS within a set time period.

You may be medically examined and underwritten at the outset so that you know exactly which conditions you are covered for. Alternatively, there will be no medical examination at the outset, but conditions that occur two years before taking out the insurance are not covered, and often there is no cover for a reoccurrence within five years of taking out the plan. Premiums are usually reviewable annually.

This pays out after certain medical events occur, for example, heart attack, stroke, cancer or other specified critical illnesses.

Cover is for a set term, which may be equal to a mortgage term, or may end at a specified milestone in life, such as retirement or children turning 18. It may be worth considering having one policy for a set term to cover the mortgage, and another that will provide money if a serious illness should occur. Most people choose a lump sum to be paid out, although there is the option of receiving a set income over the term remaining.

This provides an income if you have to stop working due to illness or injury. It is designed to replace most of your net income.

Cover is provided either for a set term or up to a certain age (typically your state retirement age). The amount you pay is called the premium. It can either be guaranteed not to change, or it can be reviewable.

This can cover your mortgage repayments if you lose your income as a result of accident, sickness or unemployment.

General insurance

Home insurance

Whether you are buying a new property or looking to remortgage, it is compulsory to take out home insurance when you take on a mortgage. If you are purchasing a leasehold property, this is covered by a maintenance charge. If you are buying a freehold property, you will have to insure the building yourself.

Buildings insurance covers the actual structure of your home. It will always include the main building and can be extended to cover outbuildings, such as sheds and garages, as well as fences and garden features, such as swimming pools. Buildings insurance is only a consideration if you own the whole property. If you own a flat, the liability to cover the buildings insurance is apportioned between all the flat owners. This is sometimes covered under the Service Charge.

If you are a homeowner, having buildings insurance in place would normally have been a condition of your mortgage. Even if your house has no mortgage on it, it is still advisable to take out buildings insurance in case of fire, flood, subsidence, storms, lightning, theft or vandalism, water or oil leaks, and damage caused by falling trees, branches or other objects. It will also cover the reinstatement cost of the building without any unnecessary financial burdens on you or your family.

Contents insurance covers practically everything inside your home, including furniture, household goods, food and drink, TVs, computers, clothing and valuables, usually up to a specified limit. This policy pays out if any of your home contents are lost, stolen, vandalised or accidentally damaged, for example by fire, explosion or leaks.

Landlord insurance provides financial protection to landlords who rent out property to tenants. It differs from a home insurance policy as it covers the increased risks associated with renting. It can include buildings insurance, contents insurance and property owners’ liability insurance, and can cover loss of rent following a claim.

Landlord insurance is not a legal requirement; however, it is vital to protect your financial investment. If you have a mortgage on your property, your lender may require you to take out insurance before you take on tenants.

Whether the property is a short, medium or long term investment, it is wise to put the correct protection in place, if only for peace of mind. As a landlord, you may be faced with unique challenges and additional financial outgoings to ensure that the property is kept up to standard.

The most essential cover is buildings and contents. Landlords can take out additional insurance policies to cover:

  • Damage to the rental property by the tenant
  • Non-payment of rent
  • Emergency overnight accommodation for the tenant
  • Emergency repairs
  • Liability for loss or injury related to the rental property
  • Loss of rent and cost of alternative accommodation if the tenant has to vacate the property

    Your home may be repossessed if you do not keep up repayments on your mortgage
    Mr. Pardeep Kumar is a Mortgage & Protection Adviser with Match Mortgages Limited.
    Registered office: Beechwood Cottage, Beechwood Lane, Wendover, Buckinghamshire, England, HP22 5QL.
    Registered in England and Wales under number 14279332.
    Match Mortgages Limited is regulated and authorised by the Financial Conduct Authority under number 983246 in respect of mortgage, insurance and consumer credit mediation activities only. The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based within the UK.