Mortgage Protection

Protecting Your Family And Income

Your mortgage is likely to be the biggest financial commitment you ever take on, and failure to keep up your mortgage repayments can, as a last resort, lead to your property being repossessed. No-one likes to imagine themselves becoming seriously ill, losing their job or even their life, but your family may have to shoulder your debts if you’re uninsured. Fortunately there is a wide array of products out there to protect your mortgage and provide peace of mind for you and your family.

In the event of accident, illness or loss of employment, the correct insurance can throw you a lifeline in a moment of financial crisis.

Whilst the majority of protection policies will deliver suitable cover, it’s important you read the fine print because some make it harder than others to file a successful claim in the event of certain illnesses or injuries. From life insurance, mortgage life insurance, critical illness cover, income protection, to mortgage payment protection; there are so many different options it’s crucial to get good advice and choose the right policy for your needs.

What you need to know

Critical Illness Cover

Critical illness cover is a long-term insurance policy that pays out a lump sum – a one-off tax-free payment – if you find yourself diagnosed with one of the serious illnesses listed and covered by your insurance policy. You can use this money however you choose; paying off the remainder of your mortgage, covering medical bills, making alterations to your home, for example to create wheelchair access, or you can use the sum to invest however you choose to provide an income for your family.

Life Insurance

Life insurance is a long-term policy that pays out a lump sum in the event of your unexpected death. Depending on the policy, beneficiaries may receive monthly payments instead of a lump sum. Typically you will pay a fixed monthly premium for a period of perhaps 25 years, and if you live beyond this term and the policy lapses you stop paying the premiums. For a higher premium you can opt instead for what’s called “whole of life” cover whereby the policy covers your whole life rather than a set term.

Income Protection

Income Protection will pay you a pre-agreed amount every month if you can not work due to accident or sickness. You can choose the level of payment you want and how long you have to be out of work before it starts paying. This amount not only can cover your mortgage but bills, food and lifestyle at a time when you need it most.

F.A.Q.s

Which plan is right for me

What payment method are available

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

What if i pick wrong plan

Do I have to commit to a contract?