Mortgage Protection
This guide will help you to make sense of the options available for mortgage protection insurance.
"Your home may be repossessed if you do not keep up repayments on your mortgage."
Sadly, that is a fact all to well known by thousands of individuals every year.
However, the good news is that there are insurance policies available that can protect your mortgage and by extension you and your family to ensure this doesn't happen to you.
Life Insurance
Life insurance can pay off your mortgage balance in the event of your death.
Critical Illness Cover
Critical illness cover can be used to pay some or all of your outstanding mortgage balance should you be diagnosed with a specified critical illness within the mortgage term. See Critical illness cover guide.
Income Protection
Income protection will pay you a percentage of your monthly income if you are unable to work due for health reasons, until you are well enough to return. The benefit can be used to pay your committed outgoings including your mortgage payments.
Further Details on Mortgage Protection
Find out more about mortgage protection, including:
- Mortgage Payment Protection Insurance (MPPI)
- Accident, Sickness & Unemployment (ASU)
- Do you need extra cover?
More Information
The Council of Mortgage Lenders reported that 27,100 properties were repossessed in 2007.
"Repossessions are set to rise in 2008 to an expected 45,000." – Source: Council of Mortgage Lenders
