3 ways to protect your mortgage in 2023

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3 ways to protect your mortgage in 2023

So many people in the UK have a mortgage, but you’re not required to take out protection insurance if you have one, and we absolutely think you should. Having protection insurance in place provides invaluable protection, not only are you and your loved ones financially protected but it’s also a great peace of mind. Here are our three ways you can protect your mortgage.

1. Life insurance

Life insurance will pay a lump sum to your chosen beneficiaries if you were to pass away. Usually, people will put their dependents, children, and partners as beneficiaries. Basically, any person who might have to take on a debt if you were to pass, a debt such as a mortgage. Mortgages can be difficult at times for people to pay off, especially if it’s not something they’re expecting. Having life insurance takes away the worry of passing on your debt. This money can be used for a few things, but a mortgage is one of the main reasons why we arrange life insurance.

2. Income protection

Income protection is quite different from life insurance. Income protection will pay you a monthly sum to replace your usual income if you are unable to work due to ill health. Most people in the UK only have enough saved up to go about their usual life for a few weeks, when there’s things such as a mortgage in place, that can become quite the issue.

Nobody ever expects to be off work ill, so it might not be something that you’ve thought about. Income protection can give a great peace of mind, and doesn’t have to be too expensive either, so it’s worth seeing if it’s something that you can have.

3. Critical illness cover

Critical illness cover will pay you a lump sum if you were to be diagnosed with one of the critical illnesses listed by the insurer. This varies from insurer to insurer, but there’s normally over 50 listed conditions. These can be things such as cancers or heart attacks, the list goes on.

Now you might be thinking, how does critical illness cover help with your mortgage? Being diagnosed with a critical illness can be tough in quite a few ways, and the last thing you want is also having to worry about being able to pay the likes of your mortgage, especially if you are off work because of your condition. Once the insurer has accepted your claim, the money is yours to do whatever you like with it. We see people use the money to make home improvements to make every day life more comfortable, and also see people use it to pay off large debts such as a mortgage so that it’s one less thing to worry about.

If protection insurance is something you’ve considered, or you’d just like to know more information about how it might be beneficial for you, get in touch with one of our advisers who can help.

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Jade Van Der Vegt
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Categories: Access to insurance

Client Reviews

"Alan and his team were great! Alan helped get me cover where my own company could not (I work in financial services too!) Would highly recommend and will come back in the future."

"Krystle was fantastic throughout and managed to knock almost 50% off my current life insurance premium."

"Leanne couldn't have been more helpful and thoughtful with her questions and work on my enquiry."

"Kathryn and her colleagues were very helpful because of my recent illness."

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