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Keep the roof over your head with mortgage payment protection cover
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For most people, the mortgage is their biggest monthly payment and probably their most important one. Mortgage protection cover shields you from the worries of homelessness by covering the cost of your mortgage if you are unable to. You can even get decreasing term assurance so that, as time passes, you only pay for the cover that you need.
Simply put, mortgage protection cover (also known as ‘mortgage payment protection insurance’ or ‘mortgage protection life and critical illness cover’) is a type of insurance that means your mortgage will continue to be paid if you become unable to pay through no fault of your own. This may be as a result of illness, injury, unemployment or even death. This means that there’s one less thing to worry about if you ever end up in such a turbulent and uncertain situation.
When a claim is made, the claimant will usually receive payments every month for a pre-determined period (usually up to two years) and this money should cover the cost of the mortgage to ensure that the claimant can keep their home.
Having mortgage protection life cover means that your family or dependents will also receive a payout in the event of your death to help cover the cost of your mortgage. This is in addition to any payment they may receive as a result of another life insurance policy.
Mortgage protection life cover can come as a decreasing term assurance so that you are only paying for what you need as time goes on. As you pay off more of your mortgage, you will need a smaller payout if you were to pass away unexpectedly because there would be a smaller amount owed than when you took out the policy. Decreasing term assurance simply means that the payout amount reduces as your mortgage does – and, as a result, so do your premiums.
This means that decreasing term mortgage protection cover is a cost-effective way to make sure that you have the cover that you need. Ask our team about decreasing term mortgage protection cover today to find out more.
This depends on the type of cover you choose. There are three different types of cover to help protect your mortgage. You can choose from.
Unemployment cover only: this will cover you if you are made redundant but will not pay out if you are unable to work due to illness or an accident.
Accident and sickness cover only: policies of this type will cover your mortgage payments if you are unable to due to an accident or illness. This type policy would not cover redundancy or unemployment.
Accident, sickness, and unemployment: as the name suggests, this policy will cover you in the case of redundancy, accident or illness. This type of mortgage protection cover will have a higher premium than the other two policies but this is because it covers any eventuality and provides the most security.
Some mortgage payment protection insurance policies will provide cover similar to a life insurance policy, by helping your family to continue paying off the mortgage if you were to pass away unexpectedly. However, not all policies will include this cover so it’s important to check the small print, or purchase a separate life insurance policy to be prepared for all eventualities.
You can choose what you would like your mortgage protection policy to cover in the event of a claim. Your policy can pay out just the monthly cost of your mortgage or you can include the cost of other bills in your plan as well. It is entirely up to you to decide what you want or need for your protection.
You can also choose to base the cover on your salary so that you receive a percentage of your salary each month once you have claimed rather than a set amount.
Please note that mortgage protection cover will only pay out a certain amount of money once a claim is made and will not pay off your mortgage for you. Your home may be repossessed if you do not keep up repayments on your mortgage.
To talk with one of our experts today, call 03333 440 129. Alternatively, please fill out the form above and one of our experts will contact you directly to discuss your requirements.
As the director of a start-up marketing agency, I’m too busy to spend a lot of time researching all of the insurance policies we need, let alone finding time to search for the best cover. When I spoke with Gareth, he was incredibly helpful. He explained to me exactly what I need... I would highly recommend Gareth, Darren and the rest of his team.