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Mortgage Protection

Life is full of surprises. Being open to unexpected
turns in the road is important. Mortgage
protection is generally the lowest cost
security in financial planning.

Be prepared for anything by expecting the unexpected

In most cases, mortgage protection is a legal requirement. Even if there are exceptions to this legal requirement, the lender will typically insist on the cover. Your Financial Broker can get you the best quality cover at the most competitive cost.

Remember, you are not obliged to deal with the bank who gives you the loan. In fact it is illegal for a bank to offer you a mortgage on condition you complete insurance with them.

At its most basic, mortgage protection is life insurance that parallels the outstanding mortgage. The cover diminishes alongside the loan (taking assumptions about maximum interest rates on the mortgage over the term).

your home is probably the biggest investment you have made

Mortgage Protection


  • Add to your Mortgage Protection

    You can also get covers with options to increase the term and life insurance should you move home. This is useful in the case of your health going against you as you may be unable to trade up without the cover. Ask your Financial Broker to look at the cost of adding serious illness cover to the mortgage protection.

  • Making the Process Easy

    Applying for cover starts with completion of a medical proposal form. The life insurance company may write to your GP for a report, and in some cases a medical examination is required. Once you are accepted by the life company, cover is permanent for the term of the policy regardless of what happens to your health. Your Financial Broker will assist you with the form filling and will ensure the policy is set up correctly.

  • Protecting you & your Family

    If you or your spouse die, the loan is cleared. If you are young, you should consider convertible term; this cover stays the same over the mortgage term and you can extend the cover at the end without health evidence.

Things to watch out for
  • Some buy-to-let mortgage lenders didn’t insist on mortgage protection.
    This may now leave a debt to the estate if the property is in negative equity.

  • Your bank may have given you a quote from only one
    life company on your existing mortgage protection.
    Check out how competitive the premium is with a Financial Broker.
    You are entitled to change cover.