Mortgage Repayment Protection
Mortgage Cover in the Event of Not Being Able to Work
When you take on a huge commitment, such as a mortgage, one of the biggest fears you may have, is how you would keep up to the payments on your loan should you not be able to work for a period of time. This is why we suggest considering Mortgage Repayment Protection
What is Mortgage Repayment Protection?
This insurance is a way to protect your income to cover the cost of your mortgage if you are unable to pay through serious illness or injury or because of the loss of your job (if it’s not your fault).
What does Mortgage Repayment Protection cover?
This depends on the level of cover that you choose to pay for, but generally the policy will cover:-
- Sickness & Accident– If you are unable to work due to injury or serious illness, this type of policy this can cover your mortgage repayments. It won’t pay out if you lose your job
- Unemployment – if you are made redundant from your job, this policy will give you the income to cover your mortgage payments. This policy won’t pay out for sickness or accident
- Unemployment, Sickness & Accident – As this option covers all 3 scenarios, it is the most inclusive cover
How much does a Policy cost?
All policies are personal to individuals’ circumstances such as your age, job, salary and how much your mortgage repayments are.
For example, if you do a job that is office based, your premiums wouldn’t be as high as someone who does a statistically riskier job such as manual labour or a motorcycle courier.
Self-Employed people can also have Mortgage Repayment Protection, but there will be some exclusion to be made aware of
For further information and to discuss your needs further, please call our experienced team on 01274 028019
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Mortgage Protection
A safety net to cover your monthly repayments in changed circumstances
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