Mortgage Protection

Taking out a mortgage is a big financial commitment for most people but it should also be a time to celebrate. You have just got your mortgage application over the line and you have purchased the property of your dreams. However, it is also a time to reflect and make sure that the purchase you have just made is fully protected. Here at The Friendly Mortgage Co. we offer a comprehensive range of products including life insurance, critical illness and income protection to ensure you are covered should the worst happen.

Life insurance "does exactly what it says on the tin". When you take out a policy it insures you I'm the event of death. Most life insurance policies will have an end of term after which your insurance will no longer be valid, however, it is possible to take out a "whole of life" policy that will cover you up to any age (provided you keep up your premium payments).

Rather than covering you in the event of death, critical illness policies payout a lump sum (or sometimes a monthly amount) if you are diagnosed with a serious illness such as cancer*. You can choose how big or small you want that lump sum to be but the larger the lump sum the higher the policy premiums will be. Maybe you might want to use that lump sum to pay for private medical treatment, have a once in a lifetime holiday with your family or use it to to pay your mortgage if you are unable to work. Whatever you think you might spend it on The Friendly Mortgage Co. can advise you on the perfect policy for your needs. 

Critical illness Cover can be taken out in conjunction with life insurance or on its own but people often take out both as they work hand in hand to give you a great level of protection.

Have you ever thought what would happen if you became unable to work and could not afford to pay your mortgage? Well that is exactly what income protection is there for. If you had a trip or a fall and injured yourself to the point where you were you could no longer work your income protection would kick in and would pay you a monthly amount either until the point where you are able to return to work or for a set period of time. Depending on your policy, if you are never able to return to work it could continue to pay out monthly for the duration of the policy! 

As with Critical Illness Cover, Income Protection is often taken out along side life insurance to give you enhanced protection and can also be taken out in conjunction with Critical Illness Cover and Life Insurance to give you an even more of a comprehensive level of cover. 

As a responsible mortgage broker it is our duty to talk you about your protection options alongside your mortgage application but we can also offer protection to customers with pre existing mortgages. Why not drop us a call today for a friendly chat about your protection needs.

*Based on the policy terms and definitions.

Whilst it is not a legal requirement to have your property insured most lenders will stipulate it I'm their term and conditions. It's also prudent to have suitable insurance in place to protect your home or your investment property against the risk of damage such as fire or water damage from floods or burst pipes. Here at The Friendly Mortgage Co. we offer a range of general insurance products as well as the aforementioned protection policies. Feel free to ask about how we can help you find the right insurance policy for your property and save you some money at the same time! Just drop us a call.

Contact us to speak to one of our friendly mortgage advisors today!