I am looking for some insurance to protect my mortgage and have seen insurers offering mortgage protection plans, is this the same as Life Insurance cover? I ideally want to cover death and illness.
- Tom Conner
Mortgage Protection Insurance is often used as a general phrase to categorise the various types of mortgage insurances available in the market, one of which being life cover.
The main types of mortgage protection consist of the following:
- Mortgage Life Insurance
Pays out a lump-sum to repay the loan in full should you pass away during the policy term. If taken out as a joint plan the policy would payout should either partner pass away.
- Critical Illness Cover
Often added to mortgage life insurance so that the plan can payout not only upon death but also if you were to suffer a serious illness or injury. Most plans specify around 40 conditions covered, including cancer, heart attack and stroke.
- Mortgage Payment Protection
Provides a monthly benefit to cover your mortgage repayments should you have to take time out of work due to accident, sickness or unemployment. Policies can usually payout for a maximum of 12 consecutive months.
If you were to combine all three plans this is sometimes referred to as ‘comprehensive mortgage protection’ as your loan would be covered for short- and long-term accident and sickness, short-term unemployment and death.
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