Insurance With a Mortgage

Published / Last Updated on 17/05/2021

Insurance With a Mortgage

There are many types of insurance that you should consider when taking out a mortgage.

Ask yourself these simple questions:

  • Could I afford to rebuild the house and furnish it if it burned down?
  • If I was made redundant, could I afford my mortgage payments?
  • If I was off sick for a few months, could I afford my mortgage payments?  Does my employer have a sickness scheme?
  • If I died tomorrow, could my partner afford the mortgage payments?

If you answered 'No' to any of these questions, you need insurance and you are in the right section.

Undecided? These mortgage benefits could save you alot of money.  Speak to us today and learn free why these are good value.

1.  Accident, Sickness and Unemployment Insurance

Whether you are taking out a new mortgage or you already have an existing mortgage, it is likely to be your largest financial commitment.  With this in mind, you must be sure that you will be able to meet your repayments in the event of unemployment or a disability.

You may think that State Benefits will protect your mortgage payments, but if you cannot work due to an accident, sickness or unemployment, you will not receive any help for at least 9 months.  More importantly, you will not receive any help at all with your mortgage payments if your partner works for more than 16 hours per week or if you and/or your partner have more than £8,000 in savings.

Do not take the risk - we can arrange independent mortgage payment protection insurance for you quickly and cheaply.

Do not waste money - if you would like a premium quotation or any further information about our mortgage payment protection policy, contact us now.

2.  Income Protection for your mortgage

Permanent Health Insurance

Permanent Health Insurance policies pay an income to the policyholder when they cannot work due to illness or injury.  The income starts at the end of a pre requested waiting period which could be from 4 to 52 weeks.

There are various waiting periods that are designed to fit in with pay you may receive from work or savings that you feel you could live on.  The longer the waiting period, the cheaper the policy.  This is because the insurance company do not have to pay out straight away and there is more chance that you will be able to return to work.  The policies normally pay out until you either return to work or you reach State pension age.

Income protection will save you a lot of trouble if you became ill and save you a lot of money in a time of crisis, speak to an adviser today.

Learn more about all the different types of life insurance, sickness income replacement cover.

Decreasing Term Assurance And Mortgage Protection

This type of Term Assurance is designed so that the level of cover decreases over the term of the policy, with no cover or value at the end of the term.  This is the cheapest form of life cover and can be used in connection with loans or mortgages which decrease to nil at the end of the term.  At the end of the term the policy will end and have no value.  You can compare and get quotations for Life Assurance in the Shop.

Level Term Assurance

This is the simplest form of Term Assurance and provides a fixed amount of life cover (known as the sum assured) for a fixed number of years.  If the person or people covered by the policy (known as the life or lives assured) survive to the end of the term, the policy will end and have no value. 

Endowment Life Insurance

Take me to endowment policy cover for interest only mortgages

Income Protection

What happens if I am ill and cannot work and cannot earn to pay my mortgage?

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