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Mortgage Protection - what will you need?

Once you have a mortgage in place and own a home, it’s important to ensure you keep it should anything go wrong. That’s where mortgage protection products come in. They act as a safety net for you and your family. 

What is Mortgage Protection?

Mortgage protection is a term that describes various insurance products designed to look after you and your family if the unexpected happens.

Mortgage protection can include life insurance, critical illness cover, income protection and mortgage payment protection. 

The products that you choose will depend on your personal situation, your job, your income and the size and type of mortgage you have. Talk to a financial advisor for a professional recommendation about how best to protect your home and family. 

What are the different options for mortgage protection?

Life insurance pays a lump sum to your beneficiaries in the event of your death. They can spend this sum how they wish, but typically the priority is to pay off the mortgage. You can choose different types of cover to meet your needs – for example, to decrease in value over time as you reduce your mortgage debt. 

Critical illness insurance works in a similar way, paying out a lump sum if you were to be diagnosed with an illness named on your policy. Examples include heart disease, cancer, stroke, Multiple Sclerosis and Parkinson’s Disease. 

Income protection insurance is a little different. It pays you a monthly amount if you are unable to work due to illness or injury. This is particularly relevant to people who are self-employed or who would not be able to manage on sick pay. There is often a set waiting period between diagnosis and starting to receive payments. 

Mortgage Payment Protection Insurance (MPPI) is a more specific form of income protection insurance. If you lose your job or are unable to work through accident or sickness, mortgage payment protection insurance will cover the cost of your mortgage monthly repayments. This is usually for 12 months or until you return to work – whichever comes first. You can choose to protect against both accident/sickness and unemployment, or reduce the cost by taking just one option. 

How much does mortgage protection cost?

The cost of mortgage protection varies enormously depending on many factors. These include: 

  • The amount of money you are seeking to receive if you need to claim
  • Whether you want the products for a set time or to continue to pay for life
  • Whether you have any pre-existing medical conditions
  • Your age

Will my job affect my Mortgage Protection?

Certain jobs are seen by insurers as riskier, particularly if there is any physical danger in your work. Construction work and manual jobs are seen as riskier than office-based roles. If you are self-employed that can also have an effect on some insurance premiums. 

How much will Mortgage Protection payout?

The amount you will receive from your insurance policy will vary depending on how you set the product up. Some people choose to simply cover their mortgage payments, while others spend more on insurance premiums so that the payout is larger. 

This is a balance between keeping the cost of your monthly premiums down and maximising the benefit you would get from a claim. A financial advisor will help you get good value for money.

How long must I wait before I can claim?

With income protection and Mortgage Payment Protection Insurance, you usually agree to a waiting period on the policy. This sets out how long you wait before the payments begin. The period can range from a few weeks to a few months, in line with any sick pay you might receive or savings you can fall back on. A shorter waiting period will usually mean a more expensive policy.

How can a Mortgage Broker help?

Most mortgage brokers are qualified financial services advisors, who can help you explore mortgage protection for your specific situation. We may recommend a combination of products to give you a good breadth of cover and compare quotes so that you can understand the cost. 

We will set a protection budget with you that will be manageable alongside your mortgage repayments. Our job is to give you peace of mind that you’re well prepared for the unpredictable side of life.