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Why take out mortgage protection?

Mortgage protection insurance provides peace of mind for your family by paying off any outstanding mortgage on your home when you die. As a broker, Wesleyan Financial Services can help you find the right protection for you.

  • Helps loved ones to stay in the family home after your death
  • Pay-out covers any outstanding mortgage when the policyholder dies
  • Choose from single cover or joint cover with your spouse or partner
  • Add critical illness cover as well as life cover
  • Let our experts find the right deal for you from a range of providers

Protect your home, protect your family

It’s not the nicest thought – but if something were to happen to you, would your family or partner be able to afford the mortgage payments? Or if they lost your income, would they also lose their home?

It’s the kind of thing you could easily lose sleep over. But with a mortgage protection plan, you can take all these worries away.

What is mortgage protection insurance?

When you take out mortgage protection, you insure your life for the full value of your outstanding mortgage. The value of your cover is tied to your mortgage, so as the value of your mortgage decreases over time, so does your cover.

It means however much you owe on your mortgage when you die, your loved ones won’t have to struggle to keep up the repayments. The family home can remain the family home.

Finding you the right cover

When you take out a mortgage, many lenders will insist on mortgage protection being in place. That doesn’t mean you have to buy their mortgage protection though. You’re free to shop around for the right deal for you.

We help you do just that. Book an appointment with a Specialist Financial Adviser from Wesleyan Financial Services, and we’ll find the right cover for you.

Your protection options

Nobody knows what the future holds. For peace of mind, you may want to hold more than one type of protection plan. Here are some of the options you might want to discuss with your Specialist Financial Adviser:

Mortgage protection
Critical illness cover
Life assurance
Income protection
When does it pay out?
When you die
Upon diagnosis of a pre-defined critical illness
When you die
When you’ve been off work for a period of time through illness or injury
Lump-sum payout?
No - monthly payments
Payout can be used for any purpose?
No, can only be used to pay off mortgage
Length of cover
Duration of mortgage
Duration of chosen term
Whole of life
Duration of chosen term
Trust issues

It’s worth knowing that mortgage protection insurance will usually form part of your estate when you die. That could mean it's subject to inheritance tax. 

Often, this can be avoided by putting the policy into ‘trust'. Speak to one of our Specialist Financial Advisers to see how we can help you prepare for every eventuality.

Trusts and inheritance tax planning are not regulated by the Financial Conduct Authority.

Combine with critical illness cover

While mortgage life insurance only pays out on death, there are plenty of other reasons why your income might suddenly stop. Like if you became seriously ill and unable to work.

That’s why we offer you the chance to add critical illness cover to your plan. It gives you financial protection if you're diagnosed with a critical condition.

Found your mortgage yet?

If you’ve not taken out your mortgage yet, or you’re thinking of switching lender when your current deal ends, why not see what Wesleyan Financial Services can do for you? 

With access to exclusive deals, we can search the market and find a mortgage rate for you. 

Your mortgage is secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Frequently asked questions

  • Do I need mortgage protection insurance?

    Mortgage protection insurance isn’t a legal requirement, but it’s worth thinking about. Otherwise, you could be leaving behind a significant burden for your loved ones when you die.

    If you’re a single person with no dependents, critical illness cover may be a more suitable option. Critical illness cover protects you and your loved ones by providing a lump-sum pay out if you’re diagnosed with a serious health condition.

    If you’re unsure about which option is best for you, speak to your Specialist Financial Adviser.

  • How much does mortgage protection cost?

    The cost of cover typically depends on two key factors:

    • The value of your mortgage
    • The likelihood of death within the mortgage term.

    Your age, health, occupation and whether or not you’re a smoker will all play a part in determining the cost. Speak to your Specialist Financial Adviser from Wesleyan Financial Services for more details.

  • What is the difference between life assurance and mortgage protection?

    Both policies provide a lump sum pay-out in the event of your death. However, a life assurance policy typically pays out a pre-defined amount that can be used for any purpose. A mortgage protection policy is designed specifically to pay off your mortgage.

    If you’re not sure which is right for you, please speak to one of our Specialist Financial Advisers.

  • Is mortgage protection the same as PPI?

    No. PPI stands for Payment Protection Insurance. It provides financial protection for monthly debt repayments – such as credit cards and loans – in the event you are unable to work. It covers issues such as illness and unemployment, which may prevent you from repaying debit.

    One of the main differences between mortgage protection and PPI is that PPI is paid directly to whoever you have borrowed from. Mortgage protection is paid to your family in the event of your death.

    Although both policies are similar, mortgage protection insurance is specifically designed to cover any outstanding mortgage when you die.

Important information

Wesleyan Financial Services is a broker and insurance products are provided by a number of selected insurers. 

Limits, exclusions and charges do apply. Full terms and conditions of the policy and cover, including the policy benefits and exclusions, will be contained in the Policy Wording and Policy Summary. 

Risk must be acceptable to underwriters at normal term.