Mortgage Protection Insurance
- Independent advice on mortgage protection and life insurance
- Clear guidance on mortgage protection life insurance and income protection options
- Free, no-obligation meeting at one of our Dorset offices or online
What Is Mortgage Protection Insurance?
Mortgage protection insurance helps cover your mortgage repayments if you can’t meet them because you’re unable to work due to illness, injury or redundancy, or if you pass away before your mortgage is repaid. It can include mortgage protection life insurance as well as income-based payments depending on your needs.
The aim is to protect your home and your family’s financial stability, ensuring mortgage costs are met during difficult times. Because policies vary in what they cover and how claims work, independent advice helps make sure you choose the most suitable protection.
How Does Mortgage Protection Cover Work?
Mortgage protection cover pays out either regular monthly benefits or a lump sum depending on the type of cover you choose. Income-based cover pays out monthly if you can’t work due to illness or redundancy, helping with mortgage repayments, while life-linked cover can settle the remaining balance if you die during the policy term.
You agree on the level and length of cover (often aligned with your mortgage term) when you take out the policy, and premiums are typically paid monthly. Understanding exclusions, waiting periods and payout conditions helps ensure the cover fits your mortgage and wider financial plans.
Are You Eligible For Mortgage Protection Insurance?
Before you look at mortgage protection products in more detail, it’s useful to check whether you’re likely to qualify for a policy. While mortgage protection insurance isn’t legally required, most providers will assess your personal situation and circumstances before offering cover, and criteria vary between insurers.
- Be a UK resident and aged 18 or over (some cover has upper age limits)
- Provide details of your health and lifestyle, including medical history
- Be in work or able to demonstrate a stable income when you apply
- Complete any health and lifestyle questions as part of the application
- Meet insurer-specific requirements (e.g. smoking status or certain job risk assessments)
What’s Included with Mortgage Protection Insurance cover?
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Monthly mortgage payment support If you’re unable to work due to illness, injury or redundancy, the policy can pay your mortgage monthly for a set period.
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Optional additional cover Some plans let you add extra (e.g., a percentage to help with other essential bills).
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Income protection element Payments are usually tax-free and can be up to a set percentage of your income, helping with mortgage repayments while you recover.
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Joint cover available You can often arrange cover for two people on a joint mortgage so either partner’s claim could trigger payments.
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Tailored term You choose the level and length of cover, often matching your mortgage term so the policy ends when your mortgage does.
Important Things to Know
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Waiting or deferred periods apply Most policies don’t start paying immediately; there’s usually a waiting period (e.g., 30–180 days) before benefits begin.
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Cover limits and maximums vary Benefits are often capped, either at a fixed amount or a percentage of your income.
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Exclusions are common Policies typically don’t cover voluntary redundancy, pre-existing medical conditions, or inability to work due to some conditions.
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Not a legal requirement You don’t need mortgage protection insurance to get a mortgage, but many choose it for peace of mind.
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Compare cover carefully Premiums, terms, and payout triggers differ widely, so it’s important to compare options and read policy details before committing.
Meet Our Mortgage Protection Specialists
Our Individual & Family Protection Services
Income Protection
Helping protect your income if you’re unable to work due to illness or injury, with regular monthly payments designed to keep you financially stable.
Mortgage Protection
Ensuring your mortgage is covered in the event of death or serious illness, giving you peace of mind that your home is protected and your family’s future is secure.
Life Insurance
Providing financial support for your loved ones with cover that pays out a lump sum on death, helping protect mortgages, family income, and future plans.
Critical Illness Cover
Supporting you with insurance that pays a tax-free lump sum if you are diagnosed with a serious condition listed in your policy, helping protect your finances when you need it most.
Frequently Asked Questions
What is mortgage protection insurance and how does it work?
Do I need mortgage protection insurance when taking out a mortgage?
What does mortgage protection insurance cover?
How much mortgage protection cover do I need?
Is mortgage protection insurance the same as life insurance?
Can mortgage protection cover include critical illness or income protection?
Will mortgage protection insurance pay off my mortgage if I can’t work?
Not in full. Mortgage protection typically provides monthly payments to help cover your mortgage for a set period (e.g., up to 12–24 months) if you can’t work. It doesn’t usually clear the remaining balance outright.
Can I change or cancel my mortgage protection policy later?
Should I arrange mortgage protection insurance through a financial adviser?
The Process
Initial referral or inquiry
Whether you’ve been referred or inquired yourself, our team will reach out to you in a timely manner
Free consultation
We offer a no-cost, no-obligation meeting at one of our offices, or over the phone
Quote and setup
We’ll provide you with a tailored quote and when you’re ready, our tax advisors will begin services
Book a Meeting
If you would like to discuss further, please book a meeting with an experienced member of our team. Simply let us know when’s best for you and we will get in touch to arrange a suitable time.
Why Choose Ward Goodman?
Client satisfaction is paramount to us. We have a broad range of clients, and we endeavour to offer them the best tax planning service possible through continuous improvement and focus on doing things right the first time.
Experienced Advisors & Accountants
Our Dorset-based team can advise and support any size of business locally or nationwide.
Bespoke Financial Advice & Tax Planning Service Packages
Flexible, bespoke service covering all aspects of tax planning.
Access to a Full Team of Finance Experts
From our Financial Advisors to Pension Advisors.
Our Awards and Accreditations
Ward Goodman’s excellence in accounting and tax advice is validated by notable awards and accreditations within the UK financial industry.
AAT Qualified
Xero Certified
ICAEW Membership
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