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Do I need Mortgage Protection?

If you have a mortgage on your family home you are legally required (there are some exceptions) to take out a life protection policy that will pay off any remaining mortgage debt if you die during the term of the mortgage. This type of Life Cover is called Mortgage Protection. 

Some banks may offer this protection as part of their mortgage package where you go onto the bank’s block policy, however, this is usually more expensive and may have fewer benefits. You are not obliged to take out this cover with the bank.

Taking out your own policy has many advantages. Firstly, your financial advisor will check the market for the most competitive products and the best rates for you. Secondly, the policy is your own so if you move your mortgage to a different lender, you may be able to take your policy with you.

One of the advantages of this is that if you have developed any medical conditions since you took out the cover, you won’t have to complete another medical questionnaire and so your cover remains in place, unchanged. If you take out cover with your mortgage provider, your cover will cease when you switch to your new provider and you will be required to take out a brand new policy.

Your home is most likely the most important thing you own so protecting it is vital. This will give you and your family peace of mind that if there is a serious illness or death of the mortgage payer in your family, the mortgage will be paid off and your home is protected.

How can we help?

We are a service-focused financial consultancy

New Alliance is an experienced player in the field of insurance and protection services. Our team is here to help you in choosing the right policy to protect the mortgage on your property. We assess factors such as the value of your house, your income, are you married or single, do you have kids, and do you have any other existing insurance policies, before deciding the right plan to suit you. 

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Whether you are a first-time buyer or looking to review your current cover, you can speak with our qualified advisors to know more details about the most suitable policies for you and to receive a personalised quote.
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We assist you in every step from assessment, to choosing the right plans and putting your cover in place. 

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What is Mortgage Protection?

Mortgage protection plans are insurance policies that aid in the protection of your home. It protects your home’s ownership by paying off your existing mortgage if you (or your partner) die. Simply put, the policy pays off the mortgage so ownership of the home will remain with the family.

A mortgage protection policy is a decreasing plan, which means the value of the policy decreases monthly as you make your mortgage repayments and your loan balance reduces. This ensures you are covered for the right amount at the right time.

There are extras that may be added on such as Serious Illness cover and conversion options. Your Mortgage Protection Advisor will make you aware of these, explain to you what they mean and discuss what is actually required for your needs.

Mortgage protection may cover a single person, or you may take out joint cover or dual cover for a couple. It is important for an unmarried couple to take out the correct type of cover as it will affect inheritance and ownership of the property if one of the couple dies. For more information on this and to ensure you have the right type of cover in place, you can contact us by phone, email or complete our online enquiry form and one of our mortgage protection specialists will be in touch.

Having a mortgage protection policy will take the worry out of making your mortgage repayments if the unforeseeable happens. 

How much will it cost?

The factors that will affect the monthly premiums are: 

• How old you are when taking out the cover

• The level of cover you require

• The term of the cover

• Your general health

• If you are a smoker or non-smoker

• If you would like to add on any additional benefits.

Our mortgage protection advisors will have a chat with you and provide you with quotes from all six of our providers.