Once your mortgage is approved you can look to the future with excitement. However, it may also be wise to consider safeguarding yourself and your loved ones with financial protection when you might need it most. Hard as it may be to think about, it is important to consider how you might maintain your standard of living and pay your bills if difficult circumstances arise.
Mortgage Protection in Nottingham & Mansfield
Cowens can also provide independent financial planning advice to help protect you against unforeseen circumstances that could affect your ability to meet your financial obligations, such as:
Life Insurance
This ensures your loved ones are financially secure should the worst occur in terms of death or terminal illness.
If you have a mortgage you might want to take out life insurance. Some lenders might ask you to take out life insurance as part of their mortgage offer. Should you die before the policy ends, the lump sum can be used to pay off the outstanding mortgage balance so your family can stay in the home.
But how much life insurance do you need? What type of policy should you choose? What can you do to ensure your loved ones have the financial support to continue and maintain their lifestyle after you’re gone. We’re on hand to provide all the information and reassurance you need.
Critical Illness Cover
This cover can help protect and minimise the financial impact on your family should you suffer a defined critical illness (typically cancer, a heart attack or a stroke). It allows for the payment of a tax-free sum that can be used at your discretion, whether to cover health-related costs, maintain your standard of living by covering monthly expenses including your mortgage, or replacing lost income whilst you recover.
Income Protection
If you have a mortgage or family members depending on your income, you may also want to consider Income Protection, also known as permanent health insurance. This can help ease financial stress should you be injured or diagnosed with an illness or disability that means you are unable to work. It can be tailored to account for any sick pay accruing from your employer, meaning you only pay for the cover you actually need.
Building Insurance
Ensuring your home and its contents are fully insured is usually a condition of a mortgage offer. Our colleagues at Cowens Private Clients are able to advise and set up suitable policies.
Get in touch with a friendly, expert Cowens adviser to find out more
Frequently Asked Questions
What is income protection insurance?
Income protection insurance is designed to provide you with an income and to work alongside any sick pay you already have in place, ensuring that if you are off work due to long-term sickness, you would still have an income from which to pay your mortgage.
Do I need life insurance if I have a mortgage?
Life insurance can ensure your mortgage is paid off in the event of your death, giving your family financial security and allowing them to remain in the family home.
Is building insurance part of mortgage protection?
While separate from life or income protection, building and contents insurance are usually required by lenders to protect your home and possessions. Our advisers can help set up the right policies.
Can Cowens provide advice for all types of protection cover?
Yes. Cowens offers independent financial planning advice covering life insurance, critical illness, income protection, and building insurance to help you make informed decisions.
How much mortgage protection cover do I need?
The amount of cover you choose should usually be enough to pay off your remaining mortgage balance, while also taking into account any ongoing financial commitments and your family’s living expenses. Your adviser will make a recommendation suitable for your personal circumstances. It’s a good idea to review your protection regularly to make sure it still meets your needs.
What is income protection insurance?
Income protection insurance is designed to provide you with an income and to work alongside any sick pay you already have in place, ensuring that if you are off work due to long-term sickness, you would still have an income from which to pay your mortgage.
Do I need life insurance if I have a mortgage?
Life insurance can ensure your mortgage is paid off in the event of your death, giving your family financial security and allowing them to remain in the family home.
Is building insurance part of mortgage protection?
While separate from life or income protection, building and contents insurance are usually required by lenders to protect your home and possessions. Our advisers can help set up the right policies.
Can Cowens provide advice for all types of protection cover?
Yes. Cowens offers independent financial planning advice covering life insurance, critical illness, income protection, and building insurance to help you make informed decisions.
How much mortgage protection cover do I need?
The amount of cover you choose should usually be enough to pay off your remaining mortgage balance, while also taking into account any ongoing financial commitments and your family’s living expenses. Your adviser will make a recommendation suitable for your personal circumstances. It’s a good idea to review your protection regularly to make sure it still meets your needs.