Protecting your Mortgage

Planning ahead will give you the chance to maintain the financial stability you have worked hard for. 

Buying a home is a big commitment, and it is important to consider your options around protecting your home, belongings, health, and loved ones.  If you're remortgaging or moving home its a good time to review any existing arrangements to make sure you have sufficient cover and they're still the right products for you. 

If your circumstances change, would you be able to continue to pay your mortgage? If you or your partner were to die, become critically ill, lose your job, or have an accident that prevented you from working, how would this affect your financial situation?

At My Mortgage Expert, we offer advice on a wide range of protection policies, that are designed to help you continue to meet your mortgage repayments and monthly commitments should any of these events happen. 

• Life insurance
• Critical illness cover
• Income protection
• Accident, Sickness and Unemployment cover
• Buildings and contents insurance

Our advisers will help you decide which types of cover would suit your needs and circumstances, ensuring that these fit within your proposed budget. They will also help you complete all the necessary paperwork, giving you more time to focus on your house purchase. 

We can insure your life for the term of the mortgage so if the worst was to happen and you or your partner were to pass away, the life policy will pay off the outstanding mortgage so the remaining partner and children have a roof over their heads and no mortgage, giving you the peace of mind that you have protected your family.

If you are off work due to long term sickness or an accident, most employers will not pay more than 4 weeks of full pay, and as you have a mortgage and other commitments, your savings will soon be depleted very quickly, This cover is vital in order to keep the property by paying the mortgage and provide payments toward the other commitments e.g. regular bills, medical treatment, groceries, etc. while you recover. We can work out the best cover according to your budget.

Critical illness cover pays you a single lump sum if you’re diagnosed with, or have surgery for, a specified, potentially life-threatening illness. The main benefit is it could help to take away your financial worries when you need to focus on your recovery or having treatment. Knowing the cash payout could help you pay your mortgage, regular bills, medical treatment, or make any necessary home modifications, which could give you valuable peace of mind.

There are many things to consider when choosing critical illness cover, such as the amount of cover you need and the length of the policy term. It’s important to find a policy that’s right for you so that you’re covered for the conditions that matter most to you.

Most of the insurers recommended by My Mortgage Expert offer some valuable support services that often get forgotten about. Listed below are some hand-picked services by those working at My Mortgage Exper that may be useful to you. 

The services provided differ between insurers and from one plan to another, so please refer to your policy documentation to confirm exactly what is available to you.  If you are unsure, we will be happy to help.

• Aviva: Bupa Anytime Healthline - allowing clients to speak to a Bupa nurse.
• Guardian: GP24/7 - this feature gives policyholders GP consultation from their phone, tablet, or PC.
• Legal & General: GP24 - a chargeable option that may have been added when setting up a policy that gives access to a GP over the phone or via a webcam
• LV: Doctor Services provided by SquareHealth, giving clients the ability to book an online appointment up to 5 times a year.
• MetLife: The MultiProtect policy (since February 2018) allows immediate 24-hour access to MetLife’s Wellbeing Support Centre - to get support on physical, mental, and financial wellbeing.
• The Exeter: Offers members their Healthwise App to book a phone or video GP consultations, meaning they don’t have to leave home.
• Vitality: GP access via telephone for all clients, including health and protection.
• Zurich: Support Services package offers free and confidential health and wellbeing advice, allowing clients access to a counselling service to discuss a wide range of issues for peace of mind.

All of our protection providers have published guidance on their websites. We recommend that you read the guidance for your particular insurer so you are clear on their position given the current circumstances.

We hope that the above is helpful, and ideally you won’t need to make use of it, but if you do fall ill or need broader support, the information could be invaluable. Do get in touch if you want to discuss any aspect of protection. You are welcome to call My Mortgage Expert to discuss anything further by following the Contact Us box or calling directly - we are here to help.