What is protection?

‘Protection’ is a term used to describe different types of policies that can help keep you and your family protected, should the worst happen. 

As you go through life, your protection needs will change. Perhaps you’ll move home, start a new job or expand your growing family. With this in mind, it’s important to review your protection needs regularly - when you take out a new mortgage is the ideal time for this.

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Do I need life insurance to get a mortgage?

Life insurance is not a legal requirement to get a mortgage, however, we strongly advise that you consider having it. A mortgage is likely to be the biggest financial commitment you have, so it makes sense to protect it, especially if you have dependents such as a family who rely on your income to pay the mortgage.

The only insurance you need as a legal requirement to get a mortgage is buildings insurance.

Types of insurance

For peace of mind against worst-case scenarios, here are the different types of protection you should consider:

  • Life insurance 
  • Income protection
  • Critical illness cover
  • Buildings and contents insurance 
  • Mortgage payment protection
  • Mover protection

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Life insurance

Life insurance gives you the comfort of knowing that your loved ones will be provided for in the event of your death. You can link a life insurance plan to a mortgage, which will pay out a lump sum. This can be used to cover the rest of the mortgage or alleviate any other financial pressure.

Buildings and contents insurance

Buildings and contents insurance covers the cost of repairing damage from unexpected events such as fire and flooding, and ensures that the lender’s assets are protected as well as your own. You will need buildings insurance as a minimum to be accepted for a mortgage, but we recommend you take out the contents part of the insurance too.

Income protection

Income protection offers financial support if you’re unable to work due to illness or injury. It replaces part of your income and will continue to pay out regular, tax-free instalments until you’re able to return to work.

Mortgage payment protection

Also referred to as accident, sickness and unemployment cover (ASU), mortgage payment protection will often cover your mortgage payments for a maximum of two years if you’re unable to work due to illness or injury.

Critical illness cover

Critical illness cover is designed to look after you financially should you be unable to work due to diagnosis of a critical illness. Your specific illness needs to be covered under your policy in order to receive the tax-free lump sum that could be used to pay off your mortgage.

Mover protection

If you’re unable to continue with either the buying or selling of a property due to circumstances outside of your control, then mover protection could help you recoup any costs you’ve already incurred.

Important information

For insurance business we offer products from a choice of insurers.

What you’ll need to bring to your appointment

Bring along some proof of identity and any paperwork for current insurance or protection policies you have in place. We also recommend preparing any questions you’d like to ask our advisers so that you get the most out of your time with them.

Protection advice

Our advisers are committed to finding the right protection policies for your needs in order to protect what matters to you most and give you peace of mind, should the worst happen. 

Get in touch with us today to arrange an appointment.

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