Mortgage Protection

We take a holistic approach to protecting your mortgage, so your financial adviser will recommend a combination of life insurance, income protection and/or critical illness protection that will allow you to remain in your home no matter what life throws at you.

What is mortgage protection insurance?

Mortgage protection insurance specifically covers the cost of your mortgage payments if you either become ill and cannot work or lose your job. For many people a mortgage is their largest monthly outgoing, which needs paying regardless of whether you are working or not. As such, mortgage protection insurance protects your mortgage payments if you become unwell or have to leave your job for another valid reason.

How does mortgage protection work?

There are different options available when it comes to mortgage protection:

Unemployment only protection

Covers you if you are made redundant.

Accident and sickness only protection

Covers you if you have a long-term illness or suffer a serious injury.

Accident, sickness and unemployment protection

Covers you if you are seriously injured, have a long-term illness or are made redundant, making it a comprehensive offering.

How much does mortgage protection pay out?

The provider will often allow you to choose how much your policy will pay out, such as solely covering your mortgage payments or also covering the cost of household bills. The amount paid is usually based on your salary, with the provider paying out up to 50% of your monthly wage for up to two years.

Can I claim mortgage protection immediately?

Your policy will stipulate a set amount of days that you must be signed off from work before you can claim your mortgage protection payments. This waiting period can range from 30 days to 180 days depending on your policy – the longer you have to wait, the cheaper the policy is likely to be. This means that if your employer offers sick pay, it could be worth taking out a mortgage protection policy that has a longer waiting period.

Ask us about mortgage protection

If you’re interested in finding out more about how mortgage protection can provide you with a financial safety net, please get in touch with our financial advisers today.

Get in touch

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Mortgage Protection in Worcestershire and Kent

Droitwich Office

5 Saltway, Droitwich, Worcestershire, WR9 8LB
01905 779697

Sevenoaks Office

46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL
01732 926255