Whether you’ve just got your feet on the housing ladder or are firmly ensconced in your family home, your property is likely to be your single most valuable asset.
You’ve probably got contents insurance to cover your belongings in the event of a break-in, fire, flood or other unfortunate events. It’s also likely that covering the building itself was a requirement for getting your mortgage in the first place.
But have you considered what might happen if you were unable to keep up your mortgage repayments?
For many homeowners, their mortgage is their biggest monthly outgoing. Mortgage protection insurance can help protect you, your home and your family if you are unable to meet your mortgage repayments due to serious illness, an accident (and sometimes redundancy, although in the current Covid19 climate, redundancy cover may be difficult to get).
What is mortgage protection insurance?
Mortgage protection policies cover your mortgage payments if you are unable to pay them due to pre-specified conditions. Policies could be unemployment only, accident and sickness only or a combination of both. Unemployment cover will pay out if you are made involuntarily redundant (subject to conditions and as mentioned above, redundancy cover has been difficult to get since Covid19) while accident and sickness cover will pay out if you suffer an accident or long-term illness that prevents you from working (subject to conditions).
Policies will usually cover your mortgage for a set period of time. This is usually 6 or 12 months but could be as long as 24 months, depending on the policy.
Do I really need Mortgage Protection?
Many people take out Life Insurance to protect their partners and families should the worst happen, but fail to cover their homes against redundancy, accidents and illnesses that can be far more likely to occur, especially with younger home-owners.
Mortgage protection can provide vital time for you to get back on your feet following a setback such as redundancy, an accident or illness. It can bring extra peace of mind and reduce stress when going through one of these life events.
It’s also important to get the right advice because there are lots of options out there. Talk to a Super Sure Super Hero today to learn more and for a tailored “peace of mind” solution.
Mortgage Protection can provide vital time for you to get back on your feet following a setback such as redundancy, an accident or illness.
It can bring extra peace of mind and reduce stress when going through one of these life events.