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
Finding you the best cover
Frequently asked questions
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 Financial Consultants.
Is mortgage protection a legal requirement?
No, it’s not, but some lenders won’t sign off on a mortgage until you have some form of protection in place.
Even if your lender isn’t insisting on mortgage protection, it’s worth thinking about. Otherwise, you could be leaving behind a significant burden for your loved ones when you die.
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 Wesleyan Financial Services Consultant for more details.
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.