Reason 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 for Work and Pensions website www.dss.gov.uk.
Moneywatch Finance is an Appointed Representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority.
You can find us on their website www.fca.org.uk. Our registration number is 735552. Our registered address is Head Office, 86 Hay Lane, Shirley, B90 4EQ
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0121 7453347 Matthew Jones
07738 261 919 Peter Hunt
07880 900 841
86 Hay Lane