Mortgage and Family Protection
Buying a property is a huge investment, you don't need us to tell you that. But, if something goes wrong with the property, if your financial situation changes or your heath deteriorates, the impact can be far reaching. Thankfully, you can protect yourself through a range of mortgage protection products.
It's very important to understand the range of protection available, what each policy covers, how much each policy costs to maintain, and how it will cover you in the event of a worst case scenario occurring. The list of the types of mortgage and family protection products shown below are available to discuss and arrange with Peppermint. We have years of experience finding complimentary combinations of policies and best policy prices for our mortgage clients.
To protect what's important to you, Peppermint can help with:
Life insurance (Term Assurance Policies)
Life insurance for mortgages can help pay for your property in the event of your death. Also known as decreasing term life insurance, the amount you are covered for decreases over time and in parallel with the size of the mortgage you have left to repay.
Critical Illness Cover
Also known as critical illness insurance, this kind of policy covers you in the event you become sick with specifically stated illnesses. The purpose of the cover is to help pay for your mortgage if the illness prevents you from working and earning an income. It can be arranged to pay out as a lump sum or on a monthly basis to provide an income.
Accident, Sickness and Unemployment Cover
These policy cover you in the event you're unable to fund your mortgage repayments due to an accident or sickness that prevent you from working or if you lose your job through no fault of your own, i.e. redundancy. In most cases, these policies only pay out for a set period, e.g. the next 12 months from the point of claiming.
Income Protection Policies
These policies may cover a specific debt or simply focus on your mortgage repayments in the event you cease to earn an income or your income is no longer able to cover those repayments. There are various options within these policies depending on what you might need to cover, including long term and short term income protection, fixed period pay outs and lump sum or ongoing payments.
Buildings and Contents Insurance
As a condition of most mortgage agreements you will need to purchase buildings and contents insurance. Buildings insurance covers the structural side of your home should it incur damage. Contents insurance covers material items in your home and personal belongings. You can purchase combined policies or buy them separately from different providers.
This buy-to-let insurance covers your property, much like buildings insurance does for an owner-occupier. Most buy-to-let mortgage lenders require the added protection of landlords insurance as part of the mortgage agreement. In the event of damage to the property sure as fire, flooding or subsistence, ordinary buildings and contents insurance wouldn't necessarily pay out for rental properties. If you provide your property furnished, you will also need contents insurance. As a landlord, it's also worth factoring into your policy accidental damage, legal cover, income protection, loss of rent and property owner's liability cover.