When applying for a mortgage it is important to consider an adequate protection policy to protect the mortgage and your income.
We offer a full advice and recommendation service for protection, and we build this into our mortgage process to ensure you are provided with quotes that match your needs and circumstances. Further information on personal protection can be found below.
Life Insurance – Life insurance can provide a cash lump sum in the event of your death, or if you are diagnosed with a terminal illness. This policy is intended to safeguard your loved ones from financial hardship if the worst were to happen. The money can be put towards funeral costs, repayment of a mortgage or other debts, or your family’s living expenses.
Critical Illness Cover – Critical illness cover provides a lumpsum payment to the policyholder if they are diagnosed with one of the conditions that is specified in their policy. The three core conditions covered by all critical illness insurance policies are cancer, heart attack and stroke. In addition to these core conditions, critical illness policies can cover a wide variety of other conditions, or just a few. The money can be used for a variety of purposes, for example, private hospital treatment, adaptations to your home, repayment of a mortgage or other debts.
Income Protection – Income Protection insurance helps to support you financially if you have time off work and suffer a loss of earnings because of injury or illness. This type of insurance covers most illnesses that leave you unable to work. For example, if you are unable to work due to a stress-related illness, mental health, or a physical health condition. Income Protection Insurance only covers you if you are unable to work due to illness or injury – it does not pay out if you are made redundant.
Family Income Benefit – If you are the sole or main income earner in your family protecting your income becomes especially important. In the event of death this type of policy is designed to provide your family with a regular monthly income.