Personal, Income & Mortgage Protection Insurance
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Written by:
Richard Johnson
Ascot Protection Expert
Last Updated:
13.03.2025
Written by:
Richard Johnson
Ascot Protection Expert
Last Updated:
13.03.2025
Mortgage Protection Insurance
When you take out a mortgage, you perhaps imagine that you will always be in a position to meet the repayments that you agree to at the time of purchasing your property. Mortgages are a big investment and one that, if done correctly, will provide you with the security of your own home. Nobody likes to plan for what might happen should the situation change, and perhaps you may avoid taking out mortgage protection in the belief that it is saving you money. However, failure to insure yourself for unexpected events could have a great impact on your family’s home and security.
At Ascot Mortgages, we understand the importance of protecting your investment to ensure the security of your home. We are experienced mortgage and protection advisors in the UK, dedicated to helping our clients find the right mortgage protection insurance to suit their needs. With our expertise, we can guide you through the options available and help you make an informed decision.
What is mortgage protection insurance?
Protection policies pay off your mortgage if you get terminally ill or die. There are different levels of coverage available with mortgage protection insurance.
Life insurance
Life cover provides financial protection for your family in case you pass away.
Many people get enough life cover to pay off their mortgage if they die. However, this may not be sufficient because we often have other financial responsibilities like credit card bills, loans, council tax, childcare costs, and utility bills, which wouldn’t disappear if one of the main earners dies. Protection insurance can be helpful in such situations. You can buy a life cover that pays a lump sum or a monthly income to cover your bills if you need to make a claim during the term of your plan. You can even combine both payment types to give your family comprehensive protection, covering the mortgage and providing the income they need to sustain their lives in the family home without you.
Income Protection
Income Protection can give you a monthly income if you get ill with a severe condition that prevents you from working for an extended period. The world of work has changed a lot lately, but one thing remains constant – most of us need to work to pay our bills and enjoy life’s pleasures like vacations, cars, and dining out.
However, even if we’re seriously sick, the bills won’t stop coming in. If you happen to fall ill or have an accident that keeps you from working, the sudden loss of income can be really tough to handle.
That’s where income protection comes to the rescue. It provides you with a regular income if you can’t work due to illness or injury.
Critical Illness Cover
Critical illness cover offers financial protection for you and your family if you get seriously ill with specific critical illnesses. Imagine if you were to become seriously ill tomorrow – it would undoubtedly impact you and your family. Most of us would be most concerned about surviving the illness and recovering.
However, being able to fully focus on getting better becomes challenging when you’re constantly worried about the huge bills that keep coming in. Sadly, this is a reality for many families whose lives are turned upside down by illness.
But here’s the good news: more and more people are surviving critical illnesses nowadays. For example – according to Cancer Research UK, cancer survival rates have doubled over the last 40 years.
Richard Johnson
Ascot Mortgage Expert
Insights on Mortgage Protection
What Our Expert Says...
Mortgage protection is more than just an insurance policy. It’s about safeguarding your most treasured asset and ensuring peace of mind. A robust mortgage protection plan stands as a crucial buffer against unforeseen circumstances. As your home is likely to be one of the most significant investments you’ll ever make. Protecting it should be paramount. My advice? Always weigh your options carefully and choose a policy that aligns with your individual needs and long-term financial goals. If you’re uncertain about which direction to take, I can help you to make an informed decision.
Why do I need mortgage protection?
We never know what’s just around the corner. It could be something great – a new job, a baby, or even a big win. But sometimes, life throws hard things at us. Many of us know someone who died too young or struggled with a bad illness. Anyone who’s seen a family deal with this knows how hard it can be, both in feelings and money. We don’t like to think it’ll happen to us, but sometimes it does. Between June and August 2022, around 2.5 million people of working age were unable to work due to long-term sickness. Protection insurance can’t stop bad things from happening, but it can make handling the fallout a bit easier.
How much will my policy pay out?
The payout amount from mortgage protection policy varies depending on the terms and conditions of the specific policy you choose. Typically, the policy will cover your mortgage on a decreasing basis over the term of your mortgage. It’s important to review the policy details carefully and consider your individual circumstances to ensure the coverage aligns with your needs.
How much does mortgage protection insurance cost?
Just £10 a month, £20 a month, £50 a month, or even more – the peace of mind it brings might be priceless. Don’t you want to ensure your family’s financial security if given the chance?
The cost might be lower than you expect, and the value could be beyond imagination. We’re all different, with varying needs and budgets, but there’s a protection plan that fits your life. Even starting with a little protection is better than nothing.
Protecting your family isn’t just about money; it’s also about having someone to talk to during challenging times. That’s why all our protection plans come with “Helping Hand,” a support service for life’s ups and downs, available at no extra cost to you.
So, when you consider affordability, ask yourself, can you afford not to buy protection?
What is the value of advice?
Our protection adviser can ensure you get the perfect plan for your needs now and in the future. Finding the right protection can be a bit tricky, as not all plans are the same, and some provide more options than others. We offer a FREE non-obligation protection review. At Ascot Mortgages, we understand the importance of finding affordable protection insurance that suits your budget and needs. We can provide you with a personalized quote based on your specific circumstances, ensuring you receive the best coverage at a competitive price. Contact us now to get started.
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FAQ
Yes, you can claim if you are diagnosed terminally ill or on death.
No, but it can provide peace of mind by covering your mortgage payments in case of unexpected circumstances.
Life insurance pays out a level lump sum upon death, while mortgage protection decreases with your mortgage payments, so will payout whatever is left on your mortgage.
No, mortgage protection covers your mortgage in the event of death, PPI covers various types of debt.
Yes, as smokers are generally considered higher risk, they will face higher premiums for mortgage protection insurance. Reach out when you’re ready, and we can help you understand your options.
Yes, self-employed individuals can get income protection, providing a regular income if you can’t work due to illness or injury.
Typically, income protection policies cover 50-70% of your pre-tax income. This can vary based on the insurer. We’re here to help you understand your coverage when you’re ready.
Yes, if your policy includes mental health coverage, you can claim for time off work for mental health reasons.
Yes, self-employed individuals can get mortgage payment protection insurance, which covers your mortgage payments if you can’t work due to illness, injury, or redundancy. We’re ready to help you explore your options when you’re ready.
Yes, certain high-risk jobs may affect the cost of your premiums or the policy’s terms and conditions.
If you have a policy that includes redundancy cover, it can help cover your mortgage payments during this time. We’re here to assist you with understanding your policy’s details when you’re ready.
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