Mortgage Life Insurance:

Mortgage protection covers a range of policies that can simply protect the balance of your mortgage or your income so that you can continue to pay for your mortgage should you become ill or even lose your job.

Knowing which policy is right foryou and how much cover you need is always a tricky calculation. This comes down to your own specific needs and taking into account all the various factors of your own personal situation and affordability. It also is made all the more difficult due to nature of the terminolgy that insurance companies use.

Whether you choose simple mortage protection to just pay off the mortgage should you die before the end of the term of the mortgage, decide to add critical illness protection in the event of developing a serious medical condition or include income protection so that you can continue to maintain your standard of living is down to personal preference and affordability.

Seeking independent protection advice will mean you get impartial help in determining what it is you need and can afford. An independent protection advisor will also be able to source policies from a wider range of providers compared to those on websites like moneysupermarket.

Some tips for protecting your mortgage

  • Consider insuring not just your mortgage payments, but other bills and living expenses on top.
  • Check what your employer offers as sick pay and income protection, so you do not duplicate cover.
  • Take your savings into account, as the longer the delay before an income protection policy starts to pay out, the less it will cost.
  • Declare any medical issues when applying, or risk having your claim rejected.
  • Make sure income protection pays out if you cannot do your own occupation, as opposed to any occupation.

Our top tip would be: Always seek independent advice: insurance is never as simple as it seems.

To help you understand life insurance we have put together a FREE comprehensive guide that you can download.