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It can be overwhelming trying to understand what protection you need for you and your family. It can also be very tempting to just search on a comparison site and get what you think is suitable cover. The Mortgage Broker offer entirely free mortgage protection reviews to ensure you get the right cover for your circumstances.
Speak to a protection specialist today and you can get free quotes and a better understanding of life insurance, income protection, critical illness cover and more. Most importantly though, our team of specialists can quickly understand what you have in place currently, what your family needs are and get you a range of options that you can select from. It isn’t just about making sure you can continue your mortgage payments should anything happen, it’s making sure you secure your financial future or protect your family should anything unexpected in the future.
What Protection Do You Need?
Buying a home is a big financial commitment – and some mortgage protection products can stop you from worrying about the what-ifs. Let’s take a look at mortgage protection.
What does the term Mortgage protection mean?
In the mortgage sector, protection generally means insurance policies that will help you cope with a life-changing scenario.
As an example, if you were to pass away or to suffer a critical illness, a protection product might pay off your mortgage or provide an income if you’re unable to work.
Why do people with a mortgage need life insurance?
A life insurance policy will provide a lump sum for your surviving partner, children, or another family member if you were to die within the policy term. It could pay the mortgage off so that the partner or other family members don’t need to worry about repaying the loan.
Many mortgage lenders require you to have life insurance as part of the contract.
What if I have pre-existing medical conditions?
Many insurers will cover you even with pre-existing medical conditions, depending on the details. If there is quite a serious pre-existing condition the insurer might add an exclusion, which means death caused by that health concern would not be covered. Or, you might pay a higher premium to be covered for that condition.
Quick Advice?
Our job as a mortgage broker is to source the market for the best options for you. Our experience and depth of knowledge can help you to secure that all-important mortage at the best rate we can.
DO I NEED CRITICAL ILLNESS COVER?
A critical illness policy will give you a financial safety net. It is designed to pay you a lump sum if you’re diagnosed with a life-threatening illness such as cancer.
People often insure themselves to provide a year’s salary on the diagnosis of a critical illness, which frees you up from money worries while you undergo treatment
Children can also be covered under a critical illness policy, which gives parents the flexibility to arrange special childcare or take a career break.
WHAT IS INCOME PROTECTION?
Income protection differs from life and critical illness cover because it doesn’t pay a lump sum. With an income protection policy, if you claim you receive a monthly income.
This type of policy covers you if you are unable to work due to an accident, sickness, or injury. It covers your mortgage and monthly bills so that you can recover without worrying about your income.
Who would benefit the most from income protection?
Income protection is very popular among self-employed people, as they don’t receive sick pay if they’re unable to work. But even employed individuals may only receive pay for a limited number of weeks. Income protection can be deferred, to kick in once sick pay ends.
What is family income benefit?
Family income benefit provides a replacement income for a certain time period, should you pass away unexpectedly. The aim is to help your family to maintain their lifestyle and ensure your partner and children have the same opportunities as if you were still around.
Quick Advice?
Our job as a mortgage broker is to source the market for the best options for you. Our experience and depth of knowledge can help you to secure that all-important mortage at the best rate we can.
WHAT ABOUT PLANNING FOR INHERITANCE?
Wills and estate planning are a little beyond a Mortgage Broker’s remit – but we do encourage our clients to make a will and can introduce them to estate planners.
When you take out certain protection policies you can put the funds into ‘trust’, which means it is tax free. This is definitely something to look at when buying protection.
HOW MUCH SHOULD SOMEONE SPEND ON PROTECTION?
As mortgage advisers, we encourage clients to budget 10 to 15% of their mortgage payment for a protection budget. This way, if you’ve got multiple priorities such as life and critical illness cover or life, critical illness, and income protection, you can cover each of these within your 10-15%.
The main thing is to give yourself a financial safety net that isn’t a burden.
HOW CAN I BE SURE I’VE GOT THE RIGHT LEVEL OF PROTECTION?
Even if you have cover in place, it never hurts to have a free, no obligation review of your policies to make sure they’re still fit for purpose. We are always happy to take a look at a client’s protection, to determine any gaps, or to recommend better suited policies available to date.
Contact us with any protection queries – we’ll be happy to help.
Mortgage Protection Podcast Episode Five
Waiver of Premium In the last of The Mortgage Broker Ltd mini protection episode series, Matt Cotter discusses Waiver of Premium, including: What this means
Mortgage Protection Podcast Episode Four
Total and Permanent Disability Cover Matt Cotter, Mortgage Protection Adviser at The Mortgage Broker Ltd discusses Total and Permanent Disability Cover, in the next episode
Mortgage Protection Podcast Episode Three
Income Protection In the third episode of our mini mortgage protection episodes, Matt Cotter returns to cover income protection, including: What this is and how
QUICK FIRE QUESTIONS - Mortgage Protection
Do you need life insurance if you have a mortgage?
The most common reason for our customers to take out life insurance is to cover a mortgage. Protecting your mortgage against death means that your loved ones are not left with the outstanding debt of your mortgage if you were to pass away or become terminally ill.
What happens if I don’t have any dependents? Is there a better product for me?
If you have nobody to leave the house to, it will usually be more of a priority to take out critical illness cover to pay off your mortgage for yourself in the event of a diagnoses of a serious illness. This means that you do not have to worry about mortgage costs and debt and instead can focus on recovery knowing that your house is paid off in full.
I already have life insurance, do I need Mortgage Protection?
This will depend on whether the cover you have is sufficient to cover your mortgage as well as your other family needs. You will also want to ensure the term of your current policy is sufficient. There are many factors involved in assessing protection and it would always be recommended that you speak with an advisor so they can assess your current protection and your requirements.
What are the different types of mortgage protection?
- Income Protection Insurance:
Income protection is a policy which replaces the income you receive from your employer if you become unable to work due to any sickness or injury. It can be set up until retirement age to ensure if you ever become unable to work, you will still be paid
- Critical Illness Cover:
Critical illness cover is a policy designed to pay out a lump sum if a person is diagnosed with a critical/serious illness. This will usually be set up to cover a mortgage and debts, making sure they can be cleared in full if a diagnoses is made.
- Life Insurance:
Life insurance is a policy which pays out upon death or diagnoses of a terminal illness (Less than 12 months to live) Life insurance can be set up for a number of reasons; to clear a mortgage and debts upon death, providing a lump sum for loved ones or providing an income to family.
What is mortgage protection life insurance? How does this work?
Mortgage protection is a life insurance policy specifically arranged to pay off your mortgage in the event of death. If you have a repayment mortgage, they will usually take out a decreasing life insurance policy which decreases in line with their mortgage, meaning that if you were to pass away, the policy will pay out equivalent to the amount left to pay on a mortgage. If you have an interest only mortgage, the life insurance policy will be level lump sum to cover the full loan amount for the full duration of your mortgage.
How do I get mortgage protection insurance?
It is always best to discuss your mortgage protection requirements with a protection adviser, as they will be able to factor in cover levels, term, interest rates and other factors when assessing your personal circumstances and family needs if they apply.
What is the process to get mortgage protection?
An advisor will conduct a fact find to assess your needs and then provide quotes. Once a product and insurer has been selected, you will be required to complete a medical application either online or over the phone. The insurer will assess the information in the application and then offer terms based on the disclosures made in your application. TMB Protect will be with you every step of the way and ensure everything is explained clearly.
What protection is right for me?
All protection requirements will be entirely unique to your circumstance, depending on mortgage, debts, income, and your family circumstances. It is always recommended to speak with an adviser so they can assess your needs and present a relevant solution.
Does it make a difference to my mortgage protection if I smoke?
Most insurers will require you to pay more for your insurances if you are a smoker. There are some exceptions to this in certain circumstances which an advisor will be able to advise on.
What happens if I already have some pre-existing medical conditions?
Some pre-existing conditions will have no impact of insurances and the premium you pay, but others may cause an exclusion or price increase.
This will usually depend on the severity of the illness and the insurer chosen, so it is very important to have an advisor compare the insurance products for you. One of the benefits of speaking with an advisor is that they will be able to select the best insurer for an individual, based on your medical disclosures.
How much does it cost to get mortgage protection?
The cost of a policy will vary based on factors such as cover amount, term, smoker status and health. The cost of mortgage protection is however, a small % in comparison to the debt being taken out and any consequences that may be faced should the unexpected happen.
Do lenders require me to get mortgage protection?
It is not a lender requirement to take out mortgage protection, however it is the best way to protect yourself and family against the lender repossessing the home if someone was to pass away and the mortgage could no longer be paid.
I am a Ltd company director, can I set up cover through my business?
Business protection is a great opportunity for our clients to set up their protections in a tax efficient way.
From Relevant life to executive income protection, clients can protect themselves and their families and have their business pay the premiums.
It is recommended to talk to an advisor if you are looking to set up cover and you own a Ltd company.
10 Reasons To Have Mortgage Payment Protection Insurance
There are many reasons why it is highly recommended to get mortgage protection. We have spoken about the various products that you can get, but here is a summary as to why these insurance products serve as a financial safety net for homeowners. Often referred to as mortgage payment protection insurance, here are 10 reasons why you should get protected today.
1
Mortgage protection provides financial security for your family in the event of your death. Of course this is if the worst happens, but the insurance payout will help cover the outstanding mortgage payments, ensuring that your loved ones can continue to live in the home without the burden of mortgage payments.
2
Some mortgage protection policies offer income replacement in the case of disability or critical illness. If you’re unable to work due to a covered condition, the policy can provide funds to help cover mortgage payments and living expenses. Speak to our Mortgage Protection Specialist to find out what conditions can be covered.
3
In the absence of mortgage protection, any disability or critical illness could lead to being unable to work and missing payments. A death of a homeowner or income earner, means financial strain for the remaining family. Unfortunately, not keeping up with mortgage payments in any scenario can lead to a risk of losing your home when payments to the mortgage are not kept up.
4
Why wouldn’t you protect your own and your families financial future at just a fraction of the cost of your mortgage. Knowing that your mortgage is protected can provide peace of mind. This will enable you to focus on your future without any worry of what would happen if an unexpected event occurred.
7
As discussed above, mortgage protection comes in many forms. You can chose the most appropriate protection policy for your circumstances and choose coverage that suits your specific needs and financial requirements. This flexibility may include options for coverage duration, coverage amount, and additional features such as disability or critical illness benefits.
6
As mortgage protection insurance policies can be flexible and customisable, it therefore also rings true that they can be very affordable. The risk of not having it always outweighs the benefit of buying protection, but this can be done very practically and in a way not to significantly impact your monthly budgets.
7
Yes we have said flexible. However, it is very important to note that mortgage protection can also be customised to suit your absolute circumstances of protection needs, financial desires and monthly budgets. This means you could tailor policies around benefit packages you may have.
8
For company owners, self-employed individuals or contractors, mortgage payment protection can be particular important. In the event of disability or critical illness, having mortgage protection ensures that business-related financial obligations can be covered.
9
Could you survive on £109.40 per week? This is the minimum legal requirement that employers have to pay, and it doesn’t last for ever. Without the right income protection you will leave yourself totally vulnerable. The right protection policies can compliment this income, or kick in when subsequently when any sick pay comes to an end.
10
in the event of a homeowners death, mortgage protection policies can facilitate a far smoother transition for dependents by covering the mortgage balance. This can provide time and financial stability for family members to make important decisions without immediate financial pressures.
