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Mortgage Insurance Advice

Mortgage Life Insurance Quote

Receive an upfront cash lump sum for your loved ones to pay off the mortgage in full should you pass away  during the term of your mortgage

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Mortgage Payment Protection Quote

Receive an income to cover your monthly mortgage repayments should you be unable to work due to  accident, sickness or unemployment 

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It is important make sure you have the right form of protection as there are two main forms of Mortgage Insurance advice we provide:

  • Mortgage Payment Protection Insurance
    Temporarily pays out monthly benefits to cover the cost of your mortgage payments if you are unable to work due to accident or sickness.
  • Mortgage Life Insurance
    Pays out a lump sum in the event of death that will cover the total remaining mortgage debt, allowing loved ones to pay off the mortgage all at once.

Missing your mortgage repayments due to ill health or death could put you and your loved ones at risk of losing your home. That is why many people want to make sure they have adequate Mortgage Insurance in place should something happen to them.

Is Mortgage Insurance Compulsory?

This said, no Mortgage Insurance is compulsory. Taking out a mortgage without insurance is absolutely possible.

However, there are a lot of benefits to Mortgage Protection that could save you and your loved ones from losing your home if the worst were to one day happen.

  • Would your loved ones cope financially if you became too ill or injured to work, or worst still passed away?
  • Could they cover the mortgage and any other financial obligations such as council tax, utilities and other general living costs without you?
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Do I Need Mortgage Insurance?

A mortgage can take a lifetime to pay off and missing your mortgage payments can have severe consequences, resulting in increased interest rates, additional fines, or even losing your home altogether.

For these reasons, Mortgage Protection Insurance can be a valuable safety net to prevent the worst from happening

If any of these factors got in the way of you paying your mortgage, how would you / your family cope?

While some people may be capable of using their savings to keep up with their mortgage payments, that may not be a viable option for everyone.

What are the Different Types of Mortgage Protection?

There are two different types of Mortgage Protection Insurance, one will cover your mortgage repayments if you are too ill injured to work while the other will pay off your mortgage in full if you were to die.

Mortgage Payment Protection Insurance

Mortgage Payment Protection is designed to protect your monthly mortgage payments. If you become too ill to work or injure yourself, you can claim on your policy and begin receiving monthly benefits for a limited period.

These benefits will cover the cost of your monthly mortgage payments and, depending on your policy, give you a little bit to spare to help you afford other expenses while you are out of work.

  • Step 1 
    You take out a policy that insures you for the value of your monthly mortgage payments.
  • Step 2 
    You fall ill or are injured and become unable to work or earn an income.
  • Step 3 
    You provide the necessary paperwork to make a claim with your insurer including evidence you are unable to work.
  • Step 4
    After your deferred / excess period, your insurer begins paying monthly benefits to cover your mortgage payments.
  • Step 5
    You can continue claiming until you are well enough to return to work or until you reach the end of your claim period (typically between 12 and 24 months).

Mortgage Life Insurance

Mortgage Life Insurance is designed to take care of your mortgage and provide financial support for your loved ones if you were to pass away.

Upon your death, your loved ones would be able to claim a lump sum equivalent to or more than the cost of your mortgage. This is then used to pay off your remaining mortgage debt and ensure that your loved ones can afford to stay in their home.

  • Step 1
    Purchase Mortgage Life Insurance policy for the value of your mortgage debt
  • Step 2
    You pass away
  • Step 3 
    Your loved ones present a death certificate to the insurer and make a claim
  • Step 4 
    The insurer pays out a tax-free cash lump sum of equal if not greater value than your mortgage.
  • Step 5 
    Your loved ones use the insurance payout to pay off the remaining mortgage debt.
  • Step 6 
    Any of the payout that is left over can be used to cover other expenses, such as funeral costs or general monthly expenditure.

How Much Does Mortgage Insurance Cost?

The cost of Mortgage Insurance is impossible to say for sure due to the vast array of options that are available. Your unique circumstances and the insurer you choose for your policy will both have an impact on your monthly premium.

We’ve put together some example prices of Mortgage Insurance for an individual of three different ages in the table below.

Given that Mortgage Payment Protection and Mortgage Life Insurance are designed to do two very different things, the cost of them is very different.

Mortgage Payment Protection

To provide example costs of mortgage payment protection insurance we’ve assumed:

  • The individual is healthy
  • They’re a non-smoker
  • They’re an office worker
  • They want a 4 week deferral period
  • They’re looking for £1,000 a month of cover to protect their mortgage.

Age

Accident & Sickness

Accident, Sickness
& Unemployment

30 years old

£7.38 per month

£29.68 per month

40 years old

£12.13 per month

£39.53 per month

50 years old

£29.87 per month

£60.37 per month

Mortgage Life Insurance

To provide example costs of Mortgagee Life Insurance, we’ve assumed:

  • The individual is healthy
  • They’re a non-smoker
  • They’re an office worker
  • They’re looking for £250,000 worth of cover decreasing over 25 years.

Age

Mortgage Life Insurance

30 years old

£6.88 per month

40 years old

£12.35 per month

50 years old

£29.32 per month

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Frequently Asked Mortgage Insurance Questions

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    Get Mortgage Insurance Advice

    There is a lot that you need to decide on when you purchase Mortgage Protection Insurance and the right decision is not always clear. Our experts are here to help you find the most suitable cover to protect your home and your loved ones.

    Why Speak to Us…

    We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

    • There is no fee for our service
    • We are independent and impartial
      Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
    • We’ve got bargaining power on our side
      This allows us to negotiate better premiums for you than you going direct yourself.
    • You’ll speak to a dedicated expert from start to finish
      You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
    • Benefit from our 5-star service
      We pride ourselves on providing a 5-star service, as can be seen from our 2274 and growing independent client reviews rating us at 4.92 / 5.
    • Gain the protection of regulated advice
      You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
    • Claims support when you need it the most
      You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.
    Tom Conner Director at Drewberry

    If it is all getting a little confusing and you need some Mortgage Insurance advice then please do not hesitate to get in touch.

    Pop us a call on 02084327333 or email us at help@drewberry.co.uk

    Tom Conner
    Director at Drewberry

    Extremely satisfied with the help and advice from Drew, since the beginning him understood what I was looking for and have the patience to help me out with all my questions and doubts. Didn’t tried to be push or annoying calling me all the time like so many did before. At the end we find the perfect medical policy for me and my daughter that covers everything that we need. I more than recommend them and if in the future I need something else for sure I will contact them again. Giving only 5 stars because I can’t give 6!!!!

    Natasha Caversan Mucci
    07/06/2019
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    Contact Us
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    • 1You Come FirstWe are a client focused business who always aim to put you first.
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    • 5We are here to EducateWe don't believe in sales, we are here to educate so you can make informed decisions.