A mortgage is a debt which is secured against your home.
It is a vital part of the process that mortgage and home insurances are reviewed when applying for a mortgage and through out your mortgage life time. This provides peace of mind especially when changes in your life happen such as starting a family, moving house or promotion.
All protection policies like mortgages are tailored to your individual needs and budgets and can be arranged with or with out a mortgage.
The cost of this insurance depends on several factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.
As with all insurance policies, conditions and exclusions will apply.
Types of Insurance
Buildings insurance
Buildings insurance covers the cost of rebuilding your home if it's damaged or destroyed. It is compulsory on exchange of contracts. Buildings insurance typically covers loss or damage caused by Fire, Theft and Flood.
Life Insurance
Life insurance protects your loved ones with financial support if you die. It can help minimise the financial impact that your death could have on your family and offer peace of mind to those you care about most.
Most life insurance policies are designed to pay out a cash sum to your loved ones if you die whilst covered by the policy. It can help them deal with everyday money worries such as household bills, childcare costs and mortgage payments.
Critical Illness
Critical illness cover pays out a lump sum if you're diagnosed with one of the critical illnesses covered by the insurer. The top claims historically have been related to 4 life-threatening illnesses multiple sclerosis, heart attack, stroke and cancer.
Many critical illness policies are tied in with life insurance, although you can also get standalone cover – so you decide how much cover amount you want, and how long the policy will last.
Income Protection
Income protection insurance is a policy that pays out if you're unable to work because of illness or injury. It is a monthly pay out to replace a portion of your income.
It is designed to help you maintain your independence and continue to pay your mortgage payments, household bills and everyday costs that with out, you would not be able to cover. It is available on a short and long term basis.
