What is Mortgage Protection Insurance?
Have you considered if you can cope financially if you are made involuntarily redundant or find yourself unable to work due to accident or illness?
Typically, in relation to accident or illness, you will need to be off work for a pre-determined number of days before the policy starts paying out. Our specialist advisers will discuss theses deferred periods and the cover options available to you.
Do I need Mortgage Protection Insurance?
If you think you will struggle to meet mortgage payments if you cannot work then you should speak to an insurance specialist at Sports Financial Services. If you are self-employed and do not receive employer provided sick pay or redundancy cover you can also speak to us about the options available to you.
Are there any additional benefits to consider?
Yes, there are optional benefits that you may wish to discuss with us in addition to mortgage protection insurance.
Terminal Illness cover: financial protection if diagnosed with a terminal illness, covered by the policy, during the policy term.
Critical Illness Cover: financial protection if diagnosed with a critical illness covered by the policy.
How much is Mortgage Protection Insurance?
The cost for mortgage protection insurance varies based on several factors including:
- Age: younger individuals typically pay lower premiums
- Health: your medical history and lifestyle can impact your premium
- Mortgage amount: the size of your mortgage determines the coverage needed
- Term-length: longer-term policies may have higher premiums
- Occupation: more dangerous occupations, like tree surgeon life insurance or military life insurance, may require special mortgage protection insurance. We specialise in this type of cover at Sports Financial Services.
- Hobbies: If you regularly take part in dangerous sports/hobbies, like rock climbing insurance or aviation life insurance, you may also require special mortgage protection insurance. Again, our specialists will be more than happy to discuss cover options with you.
If you are interested in getting a free, no-obligation quote for your mortgage protection insurance please complete the form below. Alternatively, you can speak to one of our specialists who can discuss the price and cover options available to you. Please call us on 0345 565 0935.
Why is Mortgage Protection Insurance Important?
Some key benefits of mortgage protection insurance are:
- Offers your family protection: your loved ones don’t have to worry about covering the mortgage payments in the event of an unexpected circumstance
- Tailored financial security: policies can be designed to meet your specific needs, whether you work as a tree surgeon or have the hobby of a rock climber
- Affordable and flexible: policies can be tailored to fit your budget
Some points to consider in relation to mortgage protection insurance:
- Cover: as an industry benchmark, cover is typically available for up to 60% of your gross monthly income
- Deferred period: there’s usually a waiting period or deferred period before the benefits start. The length of this period can affect the cost of cover.
- Self-employed: if you’re self-employed and don’t have access to employer-provided benefits it can be a useful cover to have
If you would like more detailed information on how to choose the right policy for your personal circumstance, please speak to one of our specialists today about cover and costs.
Take the Next Step
Want to learn more about how much mortgage protection insurance would cost for you? Contact the specialists at Sports Financial Services today for a free, no-obligation quote. Let us help you protect what matters most.