Mortgage protection advice
Arranging a mortgage for you is only part of the process. At Rouse we are also able to arrange protection from a comprehensive range of insurers with products designed to protect you, your income and your mortgage should life take an unexpected turn.
How much and what type of cover you need will depend on your individual circumstances – the other side of having no cover is having too much or the wrong type. We can help you put together a protection package that’s appropriate for you.
A good starting point is to think about what would happen if you were to fall ill or die, have an accident, or lose your job. What income can you rely on to cover your living costs and specifically, your mortgage? Don’t add to your worries or those of your dependants by leaving them potentially without a home.
Your protection package and the way it’s put together will be individual to you. We can help you through this process to help you put together a protection package that’s appropriate for you.
- Life insurance (level term and decreasing term)
- With a level-term life insurance policy the amount for which you are covered remains the same throughout the term; the premiums usually remain the same too.
- With a decreasing-term life insurance policy, the amount you’re covered for decreases over the term of the policy; premiums can be cheaper than those for level term.
- Can include mortgage protection to ensure your mortgage is paid off when you die.
- Can include critical illness cover.
- Pays your dependants a lump sum or regular payments, if you die.
- Pays out on your death or terminal illness.
- MPPI* (Mortgage Protection Insurance)
- Designed to cover your mortgage payments if you’re unable to work due to illness, accident or unemployment.
- Pays you a set amount each month.
- Pays for a limited period (usually 12 or 24 months).
- Medical checks only carried out when you make a claim so you can’t be sure if any pre-existig medical conditions will be covered until you actually make a claim.
- Usually have an exclusion period meaning you won’t be able to claim straight away.
- Don’t confuse with PPI
* This is for information purposes only as Rouse Limited does not provide advice on this type of policy.
- Critical Illness cover
- Pays a tax-free lump sum if you’re diagnosd with one of the serious illnesses covered by your policy.
- Designed to pay off debts, fund medical treatment or allow a change of lifestyle.
- No restriction on how you use it.
- Pays out once then the policy ends.
- Income protection
- Pays out a regular amount if you’re unable to work owing to illness or injury.
- Payments are tax free.
- It’s not the same as PPI (which covers a particular debt and payments go to your lender).
- Policy can be tailor-made to suit your individual requirements.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority does not regulate some forms of Buy to Let Mortgages.
To understand the features and risks of a lifetime mortgage you should ask for a personalised illustration.