If your job is deemed dangerous by an insurer, this may affect your protection policy. Examples of hazardous occupations Jobs are considered dangerous if there is an increased likelihood of death when compared with the average profession. This includes the Armed Forces and working outside at heights over 15 metres. Firefighters and police officers are also often in this category as evidence shows that there are associated health risks and increased fatalities. How does this affect your life cover? If you have a hazardous occupation, you must disclose this when applying for life insurance, otherwise you risk invalidating your policy. You may need to provide further details about your duties so the insurer can assess the level of risk. Your premiums might be more expensive if the insurer decides there is a higher chance that they will need to make a payout. Get in touch If you are unable to get standard life insurance, you may be able to get specialist cover with the help of a professional adviser. It’s important to consider if you also need critical illness cover or income protection due to the nature of your job. We will explain your options so you can make an informed decision. As with all insurance policies, conditions and exclusions will apply. Source: https://www.legalandgeneral.com/insurance/life-insurance/lifestyle/dangerous-jobs/

Research suggests that many UK households could be missing out on better home insurance deals as they have allowed their policy to auto-renew. A quarter of Brits let their home insurance renew automatically and 17% of this group haven’t checked if better deals are available. A further 8% admit that they left it too late to shop around, by which point their policy had already rolled over. The trend is particularly noticeable among men, who are more likely to let their policies auto-renew. While it can feel convenient, auto-renewal is not always the most cost-effective option. Insurance premiums and personal circumstances can change year to year, so you could end up paying more than necessary. As with all insurance policies, conditions and exclusions will apply. Source: https://press.gocompare.com/news/a-quarter-of-brits-admit-to-letting-their-home-insurance-renew-automatically

House prices picked up in March, with annual growth rising to 2.2% according to Nationwide. This is an improvement on February, when prices rose annually by 1.0%. The average house now costs £277,186. In March, most UK regions saw modest increases in house prices, however the Outer South East and East Anglia both saw price declines. Meanwhile, Northern Ireland outperformed the rest of the UK, with annual growth of 9.5%. In England, the North West saw the strongest increase, with prices rising by 3.3% year-on-year. Interestingly, detached properties recorded the biggest annual growth, with a price increase of 2.4%. On the other hand, the value of flats has only increased by 15% since the start of 2020 – half the growth seen in detached properties. Source: https://www.mortgagestrategy.co.uk/news/annual-house-price-growth-up-2-2-in-march-nationwide/ https://www.nationwide.co.uk/media/hpi/reports/uk-house-price-growth-picks-up-in-march

If you’re self-employed, it’s essential to ensure you have the right protection in place – otherwise, you risk leaving yourself financially vulnerable if you’re unable to work. Many people enjoy the freedom that comes with being self-employed – you can be your own boss and work on your own terms. However, it does mean that you’re not eligible to receive Statutory Sick Pay if you’re unwell. No sick pay, no safety net Research has found that self-employed people take 35% fewer sick days than employed workers because they’re worried about losing out on income. However, carrying on working could be more detrimental to your health in the long run. It’s therefore vital to have appropriate income protection in place, so you can take the time you need to return to full health. The importance of income protection Income protection insurance provides a portion of your income (typically 50-70%) if you are unable to work due to illness or injury. It pays out regular monthly payments until you return to work, retire, or reach the end of your policy term. Unlike critical illness cover, income protection covers a wide range of medical conditions, from mental health issues to physical health conditions. If you have a pre-existing condition, this may not be covered by the insurer, so it’s important to understand your policy terms. The waiting period Once you have stopped work, you will typically have to wait a specific length of time before you can claim income protection payments – this is called the deferred period. As you don’t qualify for Statutory Sick Pay, you may opt for a shorter deferred period so that you can receive financial support sooner. This does mean that your premiums will be higher, so it’s important to calculate how long you could manage without an income. How your work affects your insurance If your job involves a level of risk, this may impact your cover. For example, you might be a contractor who frequently uses heavy machinery and works at height. When applying for income protection, your insurer will ask a range of questions about your job so they can ascertain how much cover you need. It’s important to answer these truthfully, or you risk invalidating your policy. Executive income protection If you are a self-employed director of your own limited company, you might consider executive income protection insurance. The policy will be taken out by the business and protects you or an employee in the event of illness or injury. Get in touch with us if you are considering this option. Here to help We can help you source an income protection policy that is tailored to your unique circumstances. As with all insurance policies, conditions and exclusions will apply Source: https://www.reassured.co.uk/income-protection/income-protection-for-self-employed/#:~:text=Self%2Demployed%20income%20protection%20%5BQuick,to%20meet%20your%20unique%20needs

Mortgage rates are in a state of flux in response to the Middle East conflict, which is a constantly evolving situation. Mortgage rates were on the rise at the start of April, with over 30 lenders increasing their rates and withdrawing some products from the market. However, by the end of the month, lenders had started to make cuts again. Despite this, at the end of April the average two- and five-year fixed mortgage was still higher than at the beginning of March, before the impact of the war had started to filter through to the economy. Those who can afford larger deposits continue to fare better in the current economic landscape, as these are the products that are seeing the biggest rate reductions. On the other hand, homeowners who are coming to the end of their five-year fixed deals are likely to be hardest hit when looking for a remortgage deal, as their new rates could be significantly higher. We can help you understand what the changing economic situation means for you and your mortgage. Get in touch to speak to a professional adviser. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay and early repayment charge to your existing lender if you remortgage. Sources: https://www.mortgagestrategy.co.uk/news/mortgage-rates-keep-climbing-as-lender-repricing-continues/ https://www.mortgagestrategy.co.uk/news/mortgage-rates-fall-for-a-second-week-as-more-lenders-make-cuts/