Gaining a mortgage is a major financial step and for most of us the mortgage will be against the most expensive thing we ever purchase. Getting that mortgage is only part of this complicated transaction. Having such a large investment tied up in an asset as important as your family home means careful consideration needs to be put into the type of cover you choose to protect that asset.
Mortgage protection is designed in a very similar way to other personal insurance such as life insurance, income protection and trauma cover. However, there are differences, and one of the key differences is that mortgage protection is not as flexible. In some cases it is preferable for you to have choices about how to spend the money that is paid out to you. Each personal household situation is different, so each plan needs to be tailored to minimise risk and waste in terms of your financial and emotional wellbeing. The way to ensure you make the right decisions is to secure professional and honest advice from your adviser.
If you’d like to get more information about Mortgage Protection, then give us a call on 0800 222 511 and we’ll post you out a pack.