Who relies on you?
Consider income, unpaid care, childcare and the contribution each person makes to the household.
You, your family and your home
Personal protection shaped around the life you actually lead.
Consider how the mortgage, household bills and people who rely on you could be affected by death, serious illness, injury or time away from work.
Start with the financial impact
The aim is not to buy every policy. It is to protect the right risk.
A useful recommendation begins with the people, payments and plans that would be hardest to replace.
Your mortgage balance is part of the conversation, but so are household income, dependants, savings, sick pay, existing cover and a premium you can afford to maintain.
What must keep being paid?
Include the mortgage or rent, bills, debts, everyday living costs and future family needs.
What safety net is already there?
Review savings, employer benefits, sick pay and existing policies before adding new cover.
Personal cover options
“Mortgage protection” is not a single policy.
The benefit, term, definitions, exclusions and cost all matter. A policy is only useful when it matches the risk you are trying to protect.
Life cover
May provide a lump sum if the person insured dies during the policy term, helping with a mortgage, debts or family costs.
- Level or decreasing cover may be considered
- Single and joint arrangements work differently
Critical illness cover
May pay a lump sum following diagnosis of a condition that meets the insurer’s policy definition.
- Conditions and definitions vary by insurer
- The payout may help with debts, bills or recovery costs
Income protection
May provide a regular benefit after the selected deferred period if illness or injury leaves you unable to work.
- Benefit limits and incapacity definitions apply
- Workplace sick pay can affect the chosen setup
Family income benefit
May provide a regular income for the remaining policy term following a valid claim, rather than one large lump sum.
- Can support regular household costs
- The remaining policy term affects the total benefit
Protecting the property
Buildings and contents insurance
Buildings insurance protects the structure and permanent fixtures against insured events. Contents insurance protects belongings kept inside the home, subject to the policy limits and exclusions.
Buildings
Usually required by a mortgage lender. Cover should reflect the rebuild cost rather than simply the market value.
Contents
Usually optional, but can protect furniture, clothing, electrical items and other belongings within the policy terms.
What shapes the recommendation
Cover needs to work on paper and in the monthly budget.
The lowest premium does not automatically provide the most suitable protection. Definitions, exclusions, benefit amounts and how long the cover lasts all need to be considered.
Discuss your prioritiesAmount and term
Consider how much support may be needed and how long the financial responsibility is likely to last.
Policy definitions
Check exactly what is covered, when a claim may be accepted and which exclusions or limits apply.
Health and occupation
Age, medical history, smoking, occupation and lifestyle can affect underwriting, terms and cost.
Affordable premium
Prioritise meaningful cover at a premium that remains manageable alongside other commitments.
Personal protection questions
Clear answers before you choose cover.
A review can be useful when you buy or move home, remortgage, have children, change jobs, become self-employed or take on new commitments.
Is personal protection compulsory with a mortgage?
Life cover, critical illness cover and income protection are not normally compulsory. A mortgage lender will usually require suitable buildings insurance, although the exact responsibility and timing can depend on the property and lender.
How much life cover might I need?
That depends on the outcome you want to create. The mortgage balance may be one part, alongside household bills, debts, childcare, future family costs, savings and any existing workplace or personal cover.
What is the difference between critical illness and income protection?
Critical illness cover may pay a lump sum after diagnosis of a specified condition that meets the policy definition. Income protection may pay a regular benefit when illness or injury leaves you unable to work, after the selected deferred period.
Can I apply if I have an existing medical condition?
It may still be possible. The insurer can offer standard terms, a higher premium, an exclusion, amended cover or may decline the application. Full and accurate disclosure is essential.
Should couples choose joint or separate life policies?
A joint policy usually pays once, often after the first valid claim. Separate policies can potentially provide two separate amounts of cover and may offer more flexibility. The suitable route depends on needs and budget.
When should existing cover be reviewed?
Reviewing cover can be sensible after a mortgage change, move, birth, relationship change, new job, move into self-employment, income change or new borrowing. Do not cancel existing cover until replacement arrangements are confirmed and in force.
Take the next step
Protect the people, income and home behind the mortgage.
Start with a straightforward review of your household commitments, existing cover and the risks you most want to address.
All insurance is subject to eligibility, underwriting, policy terms, exclusions and claim acceptance. Do not cancel existing protection until any replacement cover is confirmed and in force.