Mortgage Protection Insurance
Protecting you and your home…
Mortgage Protection Insurance is designed to protect you and your family’s biggest investment, your home.
Each Mortgage Protection policy covers your monthly mortgage if you suffer illness, injury or unemployment.
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Policies can start from as little as £5 per month.
What is Mortgage Protection Insurance?
Mortgage Protection Insurance policies are designed to protect your mortgage loan from the risk of default by covering you for accident, sickness, unemployment.
It is likely that your home is the largest investment you have made, and it is important to ensure that you have adequate Mortgage Protection to cover you for these risks.
Mortgage Protection Insurance covers your monthly loan repayments from the risk of accident, sickness and unemployment
If you are unable to work for any of these reasons the plan pays a monthly benefit until you either return to work or reach the full benefit term.
It is possible to cover 100 per cent of your monthly repayments through mortgage protection insurance.
Mortgage Protection Insurance FAQs
Is Mortgage Protection Insurance worth it?
It is really important to work out what the consequences would be if you didn’t have any Mortgage Protection and something did happen. It may the case that you don’t need the cover because you and your family would cope just fine.
Realistically, how long would you be able to continue paying your mortgage if your income ceased right now? It may be the case that you’ve got savings or your partner may be able to continue paying the bills for a while meaning that cover might not be needed. Unfortunately, the reality is that most people would only be able to survive for one or two months.
What is an excess period for Mortgage Protection Insurance?
The excess period (sometimes known as a waiting period or deferred period) is the length of time you would need to be off work before your Mortgage Protection policy starts to ‘accumulate benefit’.
For example, if you have an excess period of 30 days the policy will start accumulating one day of benefit for every day you are absent from work from day 31 onwards. This means that if you were off work for two months you would receive one month of benefit.
Can I have single Mortgage Protection for a joint mortgage?
Yes, it is completely fine to just to have a single policy
With a joint mortgage it is common for each partner to cover their contribution of the monthly repayments with Mortgage Protection Insurance, although there is no stipulation to say that both partners have to have cover. For example, it may be the case that one partner pays the whole monthly loan repayment and therefore cover is only needed for that partner.
Although the primary focus here is on Mortgage Protection, when deciding who is going to be covered and for how much, it is important to also consider all the other monthly bills that need to be paid in addition to the mortgage. With most insurers it is possible to cover up to 125% of your monthly repayment. If more needs to be covered then an income payment protection policy is worth considering.