When you are considering your mortgage options, it is extremely important to think about protection. Some key questions might be:
- How will we cope if I get a critical illness and can’t work?
- Now that I am self-employed, what would happen to my mortgage if I went off sick and had no income?
- Are there any policies that will ensure I leave something for my children?
We have a broad market knowledge that allows us to help you see all the possible options. Take a look at some of the protection options below.
- Mortgage protection – life only
Also known as “decreasing life insurance”, this protection policy ensures that your loved ones are covered in the event of your death. The pay-out decreases proportionally with the outstanding mortgage amount
- Mortgage protection – life with critical illness cover
Similar to the above, but also pays out in the event of a critical illness
- Family Income Benefit
This is another kind of life insurance, but is paid out monthly for the duration of the plan
- Income protection
This is a plan that replaces your income if you are off sick for a period of time. It is essentially a “sick pay” cover and is very useful for those who do not receive sick pay when they are off work (eg if you work for a small company or if you are self employed)
- Level term life assurance
This differs from decreasing life insurance, in that the pay-out amount doesn’t decrease with the amount owed on your mortgage, or with the length of plan remaining, in the event of your death
- Whole of life cover
This is a type of insurance that pays out a lump sum which is tax free, it is for your entire life and is therefore guaranteed to pay out on death to leave an added inheritance for your family.
While there are a number of options, we conduct thorough, individualised assessments for all of our clients, to help you make the best decision for your circumstances.