Mortgage Protection made simple
Your mortgage is likely to be one of your biggest monthly commitments, so it’s worth thinking about what would happen if your circumstances changed.
Mortgage protection can help provide financial support if you become seriously ill, are unable to work or die, depending on the type of cover you choose.
I’ll take the time to understand your circumstances and talk you through the options available, so you can make an informed decision about what feels right for you.
Should you fail to disclose or misrepresent a fact, then you risk the insurer only paying part of a claim, declining to pay all the claim possibly, declaring the policy invalid.
What could you protect against?
Depending on your circumstances, protection could include cover for:
Life cover
Provides a lump sum if you die during the term of the policy, which could help your family with the mortgage and other financial commitments.
Critical illness cover
Provides a lump sum if you’re diagnosed with a specified critical illness covered by the policy.
Income protection
Can provide an income if you’re unable to work because of illness or injury, subject to the terms of the policy.
The right cover will be different for everyone. That’s why I’ll start by understanding you, your circumstances and what you want your protection to achieve.
Protection that works for you
Just as your mortgage should be based on your circumstances, your protection should be too.
The amount and type of protection you need can depend on things such as:
- Your mortgage balance
- Your income
- Your family and financial commitments
- Whether you have other savings or existing protection
- How long you want the cover to last
I’ll take the time to understand what’s important to you, explain your options clearly and answer any questions you have before you make a decision.
Your questions answered
Mortgage protection can come with a lot of questions. Here are some of the things I’m asked most often.
Do I need mortgage protection?
If you have a mortgage, it’s worth considering how you would continue to meet your repayments if the unexpected happened.
The right cover will depend on your circumstances, including your mortgage, income, family commitments and existing savings or insurance. Having the right protection in place can give you and your family greater financial security and peace of mind.
What's the difference between life cover and critical illness cover?
Life cover and critical illness cover protect you in different ways. Life cover provides a lump sum to your loved ones if you pass away during the term of the policy. This can help with your mortgage, household bills and other financial commitments.
Critical illness cover can provide a lump sum if you’re diagnosed with a specified serious illness covered by your policy. This could help you manage your finances while you focus on your recovery, particularly if you need to take time away from work.
Depending on your circumstances, having both types of cover could provide a more comprehensive level of financial protection for you and your family.
Do I need income protection?
If you rely on your income to cover your mortgage, household bills and other regular expenses, income protection could provide valuable financial support if you’re unable to work due to illness or injury.
How much mortgage protection do I need?
The amount of cover you need will depend on your mortgage, income and personal circumstances. If you’re considering life cover to help protect your mortgage, you may want to have enough cover to repay the outstanding mortgage balance and provide your family with some additional financial support if you were to pass away.
If you’re considering income protection, the level of cover is usually based on your income and the amount you would need to maintain your mortgage payments and essential household expenses if you were unable to work due to illness or injury.
Everyone’s circumstances are different, so it’s important to consider your existing savings, employer benefits and other protection you may already have before deciding how much cover is right for you.
Can I get protection if I have existing health conditions?
Having an existing health condition doesn’t necessarily mean you won’t be able to get protection. Life insurance, critical illness cover and income protection are all assessed based on your individual circumstances, including your health and medical history.
It’s important to be open and accurate when providing information about your health, as this helps ensure you get the right cover for your circumstances and that your policy can provide the protection you expect when you need it.
Can I arrange protection alongside my mortgage?
Yes! Arranging protection when you take out your mortgage can be a good opportunity to consider how you would continue to meet your financial commitments if your circumstances changed. However, protection can also be reviewed or arranged at any point during your mortgage term.
How much does mortgage protection cost?
The cost of protection will depend on the type and amount of cover you choose, as well as your individual circumstances. Factors such as your age, health, lifestyle, occupation, income and the length of the policy can all affect the price.
Life cover, critical illness cover and income protection can all have different costs, so it’s important to choose cover that provides the right level of protection without paying for more than you need.
I can help you understand your options and find protection that fits your circumstances and budget.
Can I change my cover in the future?
Yes! Your protection needs may change as your circumstances change, so it’s a good idea to review your cover regularly. Changes to your mortgage, income, family or financial commitments may mean you need to adjust the amount or type of protection you have. We can discuss this at anytime.