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Mortgage Protection

Missed mortgage payments and the threat of repossession are one of a homeowner’s worst fears, which is why mortgage protection cover can prove to be such an effective product.

When you understand the basics of mortgage protection (or decreasing insurance), you can make a more informed choice as to whether you need this form of cover. For instance, it will not be required if your mortgage payments are interest-only. There is also no need to pay over the odds, especially when there are some cheap policies out there.

In essence, MPPI is a policy that will pay the outstanding sum on your mortgage should you die or, if included on the policy, be diagnosed with a critical illness.

The three types of mortgage protection insurance are as follows:

Death Benefit Only

This is the basic cover offered by most insurers. In essence in the event of death the outstanding mortgage will be settled with the lender. Tends to be the cheapest form of life insurance as the sum assured reduces in line with the mortgage repayment. Not suitable with Interest only mortgages.

Death Benefit and Critical Illness Cover

This policy is the same as above, however, it will incorporate a payout in the event the insured contracts a critical illness in line with the policy definitions of critical illness. Again this policy is not suitable to be used with interest only mortgages.

Payment Protection

As a standalone policy or incorporated with either of the above this policy will meet your monthly mortgage repayments in the event of a debilitating accident or illness that would not allow the insured to work. This can typically pay out for 12 months 24 months, 60 months or until retirement age. Unemployment cover is an optional extra that will payout for 12 months in the event of involuntary redundancy.

Keyfacts

  • The FCA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide ifour services are right for you.

  • We offer products from the whole of market for Private Medical Insurance, Term Assurance and Critical Illness Insurance.

  • We will advise and make a recommendation for you after we have assessed your needs for Private Medical Insurance, Term Assurance and Critical Illness Insurance.

  • No fee for Private Medical Insurance, Term Assurance and Critical Illness Insurance.

  • We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.