MORTGAGE PROTECTION: What is the best cover for you & your circumstances?

mortgage protection, family protection

Buying a home is a huge financial commitment for most people. So, it stands to reason that we want the right cover in place to protect our family and our home if the unexpected should happen. A mortgage protection policy will pay off the outstanding balance on your mortgage if you die or become seriously ill (depending on the cover you have). Your family is therefore relieved of the burden of repaying the mortgage ensuring your home is secure, no matter what happens. Anyone taking out a mortgage is obliged to have mortgage protection in place.  However, you don’t have to take it out with your lender. It’s important to shop around for the best cover for your circumstances.

Your cover will normally decrease over the term of the policy, in line with the capital outstanding on your mortgage.


Mortgage Protection provides:
  1. Peace of Mind – ensures your mortgage is paid off if you die
  2. Protection – your family is safeguarded from a substantial financial burden
  3. Increased security – you can add additional cover for serious illnesses and disabilities as well as life assurance.


When it comes to Mortgage Protection your Financial Advisor can help answer the following questions:
  1. Why do I require Mortgage Protection?
  2. How much cover do I need?
  3. Is Mortgage Protection the most suitable product in my particular circumstances?
  4. How much should I expect to pay?
  5. What is the difference between mortgage protection insurance & life insurance?
  6. Will my full mortgage be cleared should something happen to me?


Your Financial Advisor will not sell you something you don’t need, they will, however:
  1. Explain everything in plain English
  2. Help you to work out what you need
  3. Compare types of mortgage protection policies available from different providers to make sure that you get the right cover for you
  4. Make sure you are fully aware of any differences in cover between each option
  5. Obtain the correct cover for you based on your personal circumstances. We will tell you if you’re already covered by your existing insurance policies so your covers don’t overlap
  6. Be more flexible on price
  7. Provide specialist advice to suit your circumstances and look at other policies you might need such as income protection, or a critical illness policy if you have a specific medical condition.
  8. Help you through the application process and manage your expectations on time frames and the potential outcome if it is something that might affect what you are offered.
  9. Review your policy annually to ensure it remains relevant to your needs.


By law, you are not obliged to buy mortgage protection from your bank. They can’t refuse you a mortgage if you decide to get your mortgage protection elsewhere. So we highly recommend that you shop around for your mortgage protection. Talk to one of our financial advisers at O’Leary Financial Planning.  They have access to a range of providers and will search the market for the mortgage protection that best suits your needs. Most banks are usually tied to one insurer.


….And finally!

If you do decide to get your mortgage protection with your lender initially, you can always change down the line. Be aware, however, that if you buy a policy through your lender you may be under the lender’s group policy and therefore restricted if you want to switch your mortgage later on. Confirm before you sign:

  • Take care that you are not paying more than you have to.
  • Check that you have the right cover for yourself and your family.
  • Ensure you can switch providers down the line without incurring unnecessary fees.

….so, before you sign up for a mortgage protection policy, Click here to talk to one of our financial advisors.

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