When you buy a home with a mortgage you sign a mortgage declaration. By doing this you are stating that you will make your mortgage payments no matter what life throws at you. Mortgage Lenders are very clear on the consequences of not being able to pay your monthly mortgage payments.
A mortgage protection policy is designed to cover your mortgage against events that are out of your control. In most cases it will mean that your mortgage would be paid off if you were to die during the period of cover. This is so your family won't have to worry about continuing to pay the mortgage each month or face being repossessed.
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Most mortgage protection policies will also allow you to select to cover the mortgage debt with Critical Illness cover if you wish. You can also cover the monthly mortgage payments with Income Protection Benefit (Permanent Health Insurance) so you can continue to make your mortgage payments if you are unable to work due to accident or sickness after your employer stops paying you sick pay.
It is important, when selecting one of these policies to make sure that it is the cheapest way to purchase the level of cover you want, rather than separate policies. You should also ensure that it provides you with the benefits that you require so that you do not find yourself not being able to make a claim. A good example of this is making sure that Income Protection Benefit will pay out if you are not able to do your own job.
To discuss your requirements call us on 0800 3893796 or 01483 419288. Alternatively request a call from us by completing our contact form.