Useful Information about Mortgage Protection

Sadly, most families have to experience the pain and trauma that comes with the serious illness or demise of a loved one. Although this is something all try to shun away, it is wise to carefully consider getting the main income earners covered by some form of insurance.

Luckily, you can now get different kinds of insurance protection against the unexpected. To ensure that our clients have peace of mind, we offer initial-free no obligation expert advice on the most competitive and suitable solutions available.

Some of the popular options that you will learn about when you decide to be guided by our advice include:


a) Level-Term Life Insurance

Level-term life insurance provided fixed lump sum payments should the covered party die before the policy term expires. In case two people take a joint policy, the insurer will pay out the total amount at the first death. Similarly, joint policies will pay out the insured amount on the very first claim.

Additionally, this also includes insurance cover for critical illnesses. This means that the insurer has to pay out a pre-specified lump sum if the insured party dies or is diagnosed with a critical illness.

b) Mortgage-Protection Life Insurance

In this insurance type, the cover amount reduces each month other the course of the term. This amount is typically calculated so that it equals the amount of outstanding mortgage loan under the usual repayment mortgage. If it is a joint policy that covers two people, the insurance company will have to pay out the total insurance cover amount on the very first death of any of the insured parties. Joint policies also give payouts of the total covered amount at the first claim.

Similarly, this cover includes insurance with for critical illnesses. Therefore, in case the insured party is diagnosed with a critical illness over the course of the policy, then the insurer will have to calculate the total cover amount at that specific time.

c) Income Protection Plans

These protection plans are designed to provide monthly incomes to the insured party should they find themselves in a situation in which they cannot work. The cause of this inability to work may be unemployment, sickness or involvement in an accident. The benefits are usually paid to cover the remaining mortgage term. You can also protect yourself against the loss of your income through short-term income protection and other products.

d) Sickness, Accident and Unemployment Policies

This category has many types of cover available. However, most of these policies only pay out for limited periods of time (typically 1 or 2 years, or until the covered party resumes their usual employment).

e) Buildings and/ or Property Contents Insurance

This category also has innumerable options available for tenants, landlords and homeowners. They are all designed to cover all risks to property, including flooding, burglary and fire.

In conclusion, you can get in touch with our expert advisors to receive free counsel on how to go about insuring yourself, your loved ones and your property against any eventuality. We will help you understand the different insurance types available for people who have taken out a mortgage. In this way, you will be secure in the knowledge that you will not lose your house should the insured risk transpire. Give us a call today to find out more.

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