Once you have arranged your mortgage you are committing to the largest debt that you are likely to have during your lifetime. Let’s be honest, even the most hardy of borrowers are likely to feel daunted by the prospect of paying back a loan for the next 25 years! To make things worse, as we all know, life is full of ups and downs. Whilst you may be in a good job with a decent salary and your health is great now, what are the chances of not having a blip during the entire term of your mortgage?

Mortgage protection is designed to help you keep your home, and can also help to protect the lifestyle that you have chosen. Whether you want to simply pay off your mortgage, receive a lump sum or provide a replacement income, we can help you find a combination tailored to suit you and your family's needs and budget.
Here is a quick guide to the most commonly available types of protection:

Level Term Assurance will provide a guaranteed sum assured in the event of your death during the term of the plan. The amount of life cover remains the same throughout the fixed term of your plan. Terminal Illness Cover is usually built into your plan at no extra cost. Level term assurance has no cash value. If you do not pay your premiums cover will cease and you will not get your money back.

Decreasing Term Assurance will provide a guaranteed sum assured in the event of your death during the term of the plan.  The amount of life cover will reduce over the fixed term broadly in line with the balance remaining on your mortgage. The cost of this cover is usually cheaper than level life cover. The decreasing term assurance does not have any cash value and there are no benefits on survival.

Critical Illness Cover is an insurance plan that pays out a guaranteed cash sum if you're diagnosed as suffering from a specified critical illness such as a heart attack, cancer, stroke etc. As with Life Assurance, you can arrange your policy on a Level or Decreasing basis. Statistically you are more likely to suffer a critical illness and survive than you are to die before the age of 65. Some illnesses may not be covered, but we will discuss this with you before we make a recommendation.

Family Protection Plans help provide added peace of mind to you and your dependants. This type of plan is usually arranged in addition to any mortgage related plan.

Mortgage Payment Protection Insurance offers you the opportunity to cover your monthly mortgage payments if you are unable to work due to an accident, sickness or redundancy. These plans usually pay out a pre-set monthly benefit for a period of up to 18 months. Mortgage payment protection will not cover any medical conditions or any unemployment that you know prior to signing the mortgage payment protection insurance cover.

Buildings & Contents Cover provides security for your home. Most mortgage lenders require you to have buildings insurance as a condition of the mortgage.

YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE