As a broker, Wesleyan Financial Services can help to secure the future of your family home, finding the right protection for you.
- Payout covers any outstanding mortgage when the policyholder dies
- Choose from single cover or joint cover with your spouse or partner
- Add critical illness, 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 you were to die would your family or partner be able to afford the mortgage payments?
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 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 product. 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. Please note that advice charges may apply.
Your protection options
For peace of mind, you may want to hold more than one type of protection plan. Here are some of the options you can discuss with your Specialist Financial Adviser:
| Mortgage protection | Critical illness | Life assurance | Income protection | |
|---|---|---|---|---|
| When does it pay out? | When you die | Upon diagnosis of a pre-defined condition | When you die | When you've been off work for a period of time with illness or injury |
| Lump-sum payout? | Yes | Yes | Yes | No, monthly payments |
| Payout can be used for any purpose? | No, can only be used to pay off mortgage | Yes | Yes | Yes |
| Length of cover? | Duration of mortage | Duration of chosen term | Whole of life | Duration of chosen term |
Things to consider
Avoid falling foul of inheritance tax
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 (IHT).
Often, this can be avoided by putting the policy into a 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 pre-defined 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 leading lenders, we can 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.
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 (IHT).
Often, this can be avoided by putting the policy into a 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.
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 pre-defined critical condition.
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 leading lenders, we can 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.
What you need to know before buying mortgage protection
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.
Advice charges may apply. We will not charge you until you have agreed the services you require and the associated costs.
Frequently asked questions
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.
You might also consider critical illness cover, which protects you and your loved ones by providing a lump-sum payout if you’re diagnosed with a pre-defined serious health condition.
To discuss either or both options, speak to a Specialist Financial Adviser.
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 you’re a smoker will play a part in deciding the second key factor. Speak to a Specialist Financial Adviser from Wesleyan Financial Services for more details.
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.