Why should I protect my mortgage?

For most of us, buying a property and getting a mortgage is the most significant financial commitment we have. That is why we should obtain advice from Mortgage Advisers, Solicitors and Surveyors to ensure that we can make an informed decision before we make that commitment.

Having made this commitment and arranged the mortgage, one should then make sure that there is adequate protection in place to make sure that we can remain in the property and pay all the bills, should the unexpected happen to a member of the family.

This could take the form of:

  • Life insurance to protect our standard of living, and/or to repay the mortgage – to ensure that if we were to die, then the mortgage on our homes would be repaid in full
  • Critical Illness cover – where one would usually protect the mortgage against the chance of suffering one of a number of defined critical illnesses (such as Cancer, Heart attack, Stroke) and that is regardless of what the outcome of your condition is. So, should you recover from an illness covered by the policy, you would have no mortgage, as the insurance company would have paid it off for you.

Please note any critical illness suffered would have to be from a specified list, and that the life assured would usually need to survive for a specified number of days before the benefit would be paid out.

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