Mortgage protection insurance is a type of life insurance that pays off your mortgage if you die or are unable to work due to illness or injury. It can provide peace of mind that your loved ones won’t be left with the burden of mortgage repayments if the worst should happen.
Have you ever wondered what would happen to your home if life took an unexpected turn?
It's a question many of us worry about but rarely address. If illness, injury, or even worse were to happen, would your family be able to keep the roof over their heads? Mortgage protection insurance offers a sense of security, making sure your loved ones won't face the burden of mortgage payments if you can't be there to do it yourself.
Maybe you're feeling uneasy about your family&apso;s financial future. Has your situation changed recently? Or are you simply wanting peace of mind, knowing you're covered without paying more than you need to?
If any of this resonates, it might be time to explore mortgage protection insurance—because some things are too important to leave to chance.
Mortgage protection insurance covers your mortgage if you fall seriously ill or pass away. Options like income protection, critical illness cover, and life insurance help secure your home and provide peace of mind for you and your loved ones.
Income protection ensures you’ll still receive up to 70% of your salary if illness or injury prevents you from working. This helps keep up with mortgage payments and daily expenses while you recover.
Critical illness cover also pays if you fall very ill. Unlike income protection, Critical illness cover pays out a tax-free lump sum if you were diagnosed with a critical illness defined by the insurer's definition. The cost is set when you take out the policy.
Life insurance pays out to someone you nominate when you die, such as a friend or family member. Decreasing term life insurance is a specialised type of life insurance that provides coverage specifically aimed at paying off an outstanding mortgage balance, with the coverage amount decreasing over time to align with the declining mortgage balance.
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Secured loans are a viable option if you want to borrow a large amount of money at a relatively low rate
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Please review the following information about our mortgage services
You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
It is important to consider insurance and protection when taking out a mortgage. We will speak to you about this and give you the option to be referred to a protection specialist for advice.
The information provided here is for general guidance only. Please consult with our advisors for advice specific to your circumstances.
