When buying a home, home insurance is often top of mind, but it’s not the only protection you need. It’s equally important to consider protecting yourself with insurance in case you’re unable to work due to illness or injury. Whether you live in Harlow, Brentwood, Enfield, or anywhere else across the UK, there are several insurance options available to safeguard your mortgage and financial future.
Income Protection: Secure Your Income and Mortgage Payments
If you become unable to work due to illness or injury, income protection insurance can provide a replacement income, typically covering 50% – 65% of your earnings. The deferred period—the amount of time before you can start claiming—can be anywhere from four weeks to a year. Once you start receiving payments, your insurer will continue to pay out until you return to work, retire, or unfortunately pass away.
For homeowners in Harlow, Brentwood, Enfield, or anywhere in the UK, income protection can provide crucial support to ensure you can continue to meet your mortgage repayments during difficult times.
Mortgage Payment Protection Insurance (MPPI): Cover Your Mortgage Payments
Mortgage Payment Protection Insurance (MPPI) is a type of income protection designed specifically to cover your mortgage payments if you’re unable to work due to illness, injury, or involuntary redundancy. MPPI typically covers up to 65% of your gross monthly salary, with most insurers providing support for up to 12 months or until you return to work.
If you’re looking for mortgage advice in Brentwood, Harlow, Enfield, or across the UK, a mortgage adviser can help you assess whether MPPI is the right option to protect your home and your financial stability.
Critical Illness Cover: Protect Your Mortgage from Serious Illnesses
Critical illness cover is designed to pay out a lump sum if you’re diagnosed with a serious illness such as cancer, stroke, or heart attack. This payout can be used to replace any lost income, which can be vital when you are unable to meet your mortgage repayments due to your condition. Coverage options vary by insurer, so it’s important to get expert mortgage protection advice to find the best fit for your needs.
If you live in Harlow, Brentwood, Enfield, or anywhere across the UK, speak with a qualified mortgage adviser to understand how critical illness cover can complement your mortgage protection strategy.
Life Insurance: Secure Your Loved Ones and Your Mortgage
Life insurance provides financial support to your loved ones in the event of your death. If you have a repayment mortgage, decreasing term insurance could be the best option, as it mirrors your decreasing mortgage balance over time. This type of life insurance typically only covers the mortgage, making it more affordable than other forms of life cover. However, if you want more flexibility, level term insurance or whole of life cover provides a lump sum that can go towards anything, including household bills, a mortgage, and other living expenses.
For homeowners in Brentwood, Harlow, Enfield, or across the UK, life insurance is an essential part of protecting your family’s financial future. A local mortgage adviser can guide you through the process to ensure you choose the right policy to safeguard your home.
Family Income Benefit (FIB): Ongoing Support for Your Family’s Future
Family income benefit (FIB) is a type of life insurance that provides your family with regular financial support if you die or are diagnosed with a terminal illness. Unlike traditional life cover, which provides a lump sum, FIB offers a monthly income for the remainder of the policy’s term. This can help your family maintain their standard of living, including making mortgage repayments.
If you’re looking for a long-term way to protect your family in the event of your death, FIB is worth considering. Speak with a mortgage adviser in Harlow, Brentwood, or Enfield, or anywhere in the UK, to determine if FIB is right for your needs.
Expert Mortgage Protection Advice for Harlow, Brentwood, Enfield, and the UK
There are many ways to protect your mortgage and your family’s financial future, from income protection to critical illness cover and life insurance. Our expert mortgage advisers can help you decide what’s best for your situation, whether you’re in Brentwood, Enfield, Harlow, or anywhere across the UK.
As with all insurance policies, conditions and exclusions will apply. Your home may be repossessed if you do not keep up repayments on your mortgage.