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As a guide, these are the key areas of protection you should consider:
Life assurance
As a minimum, life assurance would typically be taken out to ensure the mortgage is fully repaid on death to prevent the property having to be sold to repay the outstanding debt. In addition, you can also take out family protection to help cover the loss of earnings to give you extra peace of mind. This could be suitable to help protect your dependants.
Critical illness
The inability to repay a mortgage or maintain a lifestyle for you and/or your family may also occur should you become seriously ill. Critical illness cover will pay out a lump sum which can then be used to help repay your mortgage, replace a valuable income, or help support any other expenses such as long term care, or having to adapt the home to suit subject to a valid claim.
Income protection
You can help protect your income in the event of you not being able to work due to an accident, illness, or unemployment. Any of these circumstances could result in mortgage payments being missed which ultimately could lead to you losing your home. Our advisers will explain how income protection can be tailored to your individual circumstances such as ensuring the policy complements the cover that may be provided by your employer, and/or budget restraints.
Buildings & contents
It is normally a condition of your mortgage that you take out buildings insurance to protect your home. For your peace of mind, it is also important to arrange adequate contents insurance so that your belongings are covered against things like fire, theft and flood.
How much cover do I need?
This will depend on your mortgage amount. One of our expert mortgage & protection advisors will help you through the process step-by-step, working out how much cover is needed and the cost. They will even take care of all the protection paperwork for you, so you don't need to worry about a thing.
These policies have no cash in value at any time.
Source: Stephen Webb of The Mortgage Shop.
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Your home may be repossessed
if you do not keep up with repayments on your mortgage. |
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