Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it

How Do I Protect My Home & Family?

Taking out a mortgage is a major financial commitment and you should ensure that you, your home and any dependants are fully protected if you’re unable to meet the repayments or if fall ill, or if you should die.

MortgageFinders can help you ensure that the biggest investment in your life, i.e. your home is fully protected.

No one wants to lose their house but many people are forced out of their home every year because they do not have adequate protection. People think that things like this do not happen to them, but if you think about it honestly isn't it true that most of us know someone who has been diagnosed with cancer or heart disease?

If this happened to you, would you want to struggle on trying to afford the mortgage payments, or worse still, leave your loved ones having to move out of their home whilst coping with the grief of losing you?

MortgageFinders can provide you with a quote for all the types of protection you need from a range of leading insurers.

Life cover/mortgage protection cover (term assurance)

Depending on the type of mortgage and your own circumstances, you may need to take out life cover to repay the loan if you die during the term of the mortgage.

Critical Illness cover (CIC)
This type of insurance would pay out a lump sum if you’re diagnosed with a critical illness such as cancer or heart disease, enabling you to repay the loan.

Accident Sickness & Unemployment cover (ASU)
Also known as Mortgage payment protection insurance (MPPI). Designed to provide you with a monthly payment to cover your monthly mortgage payment and associated mortgage costs if you were to lose your earned income. The benefit will usually only cover your mortgage-related monthly payments, such as any life cover or building insurance premiums, as well as your mortgage payment. The payment period is often limited to a maximum of 24 months.

Income Protection Insurance also known as Permanent Health Insurance
This type of insurance is designed to replace your regular income if you can’t work through illness or accident. There is often a longer deferment period before the monthly benefit is paid, but benefit will normally be paid until you’re fit enough to return to work, the end of the mortgage term or you retire.

Property Insurance (Buildings & Contents)
Your lender will insist that your property has adequate buildings insurance while your mortgage is outstanding. This covers the cost of repairing or rebuilding your home if it’s damaged or destroyed.

Although not a condition of the mortgage you should also insure the contents. This covers the cost of repairing or replacing your possessions if they’re damaged, destroyed, lost or stolen. Your mortgage adviser will be able to give you advice and help you to arrange any of the above insurances, providing you with complete peace of mind.