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Mortgage Protection means different things to different people, but typically involves a combination of:
- Life Insurance
- Critical Illness
- Income Protection
- Accident, Sickness and/or Unemployment cover (ASU)
It may make sense to consider a “mix” of the above elements. Some insurers provide a discount if more than one benefit is arranged.
We can help you identify the nature of cover that best suits your circumstances, priorities and budget.
Accident, Sickness and/or Unemployment cover (ASU)
ASU policies are commonly sold by lenders and mortgage brokers alongside mortgages.
In our view, Income Protection is often preferable to Accident & Sickness cover for the following reasons:
- Mortgages are commonly arranged for 25+ years, but Accident & Sickness policies normally limit claims to 1-2 years. By comparison, Income Protection could replace your income for the full term of your mortgage, or even until retirement – often at similar cost.
- Accident & Sickness policies are usually annually renewable. This means insurers have the opportunity to increase the cost of cover each year and/or change other terms and conditions.
- If you claim on an Accident & Sickness policy, you may find it difficult or expensive to later obtain Income Protection.
On the plus side for Accident & Sickness policies:
- Insurers tend to ask for less medical information on application, however they may exclude “pre-existing” conditions.
Important: Income Protection policies do not protect against redundancy.
If you are concerned about redundancy, you may wish to consider Unemployment Only cover, supported by Income Protection.
Call today on 01287 650300 for an informal chat without any cost or obligation.
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Cover is subject to underwriting and will, among other factors, take account of your health, occupation and past times. Insurer’s policy schedules and terms and conditions supersede the content of this website. Policies do not acquire a value and will not provide a return at any time.