Introduction to Protection Insurance

life protection and critical illness protection

Life Protection

Once you’ve exchanged contracts on your new house purchase you are liable for that property and the mortgage debt. This may well be the biggest investment you make in your life but have you considered what would happen should you die within the term of your mortgage; how would your partner cope on their own trying to cover the monthly mortgage payment as well as the other bills? And if you have young dependents and you have no mortgage protection in place the risk increases. A worse case scenario would be debt and your partner potentially having to hand the property back to the bank. Where would your family live if this happened?

These are questions you should seriously consider when you take out your mortgage. It is a sad fact that many people take a risk and think this won’t happen to them but what if it did? Being able to pay off the mortgage would mean security for your family at a time when the last thing they should be worrying about is how to keep a roof over their heads.

With mortgage protection in place, your dependents need not worry about repaying the mortgage if you die because it is designed to pay off your remaining debt within the period of the policy.

Critical Illness Protection

You may also wish to consider taking out Critical/Serious Illness cover to complement your policy. As with life cover, it will pay out a lump sum if you are diagnosed with a critical illness covered within your terms (please check the Key Features and policy documentation for definitions of illnesses covered and any severity payments). This can be used to help fund any changes you may need to make to your lifestyle because of that illness, be it converting your home to ease mobility, private care or you may wish to pay off your mortgage or reduce your financial liabilities. At a distressing time, having the financial burden eased can be one less thing to worry about.

This is not a savings or investment product and has no cash value unless a valid claim is made.

Contact Us

If you are considering taking out a life protection and/or critical illness policy, please feel free to contact us for advice tailored to your meet your individual needs and a bespoke quote.
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