Mortgage Protection – Securing What Matters Most!
If you die prematurely your mortgage is cleared so make sure you have the correct insurance for you.
What is mortgage protection?
If you have a mortgage on your family home, you are legally required (with some exceptions) to have life insurance cover to pay off the mortgage should you die before the end of the mortgage term. This is called Mortgage Protection cover.
Should you buy it from my mortgage provider?
Most lenders offer this cover as part of their home loan package. However you are not obliged to take their cover. You can arrange such cover yourself and there are many advantages in doing so:
- With help from your Financial Broker you can search the market for the most competitive mortgage protection policy cover available (lenders typically use just one insurer for their mortgage protection cover).
- You own the cover yourself so if you move to a different lender, you can take the cover with you. Lender’s mortgage protection cover, on the other hand, ceases when you move your mortgage to a different lender and you would then have to take out fresh cover.
Free Guide to Mortgage Protection
Click on the link below to download free guide to mortgages.
- How old you are when you take out the cover
- How long you want the cover
- The level of cover you want, and whether you want this cover to increase annually, say at 3% per year.
- Your general health
- Whether you smoke or not (smokers will be charged more than non-smokers for the same cover)
- What additional benefits and options you want to add on
Best Prices Quoted
Switching is Easy
You can switch providers without incurring any costs. As brokers we will research the market place to bring you the best cover (for you) at the best available price. At Advice First our Key Focus is our customers. We are committed to providing you with a quality service at all times.
At a Glance
- Cash lump sum to be paid out when you die to help clear your mortgage
- Cover the full term of your mortgage
- We’ll get you the best deal from our panel of insurers
- Paid to your next of kin or your lender (dependent on how the policy is set up) with minimum fuss
- Cancel the policy at any time without penalty
- Pay monthly by direct debit to spread the cost
Why not take advantage of our Protection Review, this review will give you a professional assessment on how well your existing arrangements meet your needs and may even save you money.
Important Note: You do not have to take out mortgage protection insurance if: you are aged over 50; the mortgage is not on your principal private residence; you cannot get the insurance or can only get it at a much higher premium than normal. These are exemptions to the legal requirement to have mortgage protection life cover in place. However, your lender may still specify mortgage protection life cover as a condition of the loan offer even if these exemptions apply to you.
The above if for information purposes only and does not constitute financial advice in any way, we recommend that you speak with us before making any financial decisions. We recommend a holistic approach to financial planning and we can help you put your plans in place.