Having worked and saved so hard to purchase your property, the last thing you want is to lose it through circumstances beyond your control.
How would your family cope if the breadwinner had an injury or serious illness that prevented them from working or, even worse, suffered an early death? Banks and building societies were not built on sympathy and they would still expect their money, no matter how sad or unfortunate the circumstances.
Taking on a mortgage is a massive financial commitment and that is why here at JPN Mortgage Solutions we strongly advise taking out some mortgage protection to ensure your loved ones can stay in their home should tragedy strike.
The protection comes in three forms:
Life Insurance: Mortgage Life Assurance is designed to pay off the remaining mortgage debt on repayment mortgages if you die within a set period. It ensures your dependants need not worry about repaying the mortgage if you die.
Critical Illness Cover: This cover would also provide a lump sum should the policyholder suffer a serious illness such as cancer, a stroke, heart attack or one of many other conditions that would seriously affect both your lifestyle and your ability to work.
This level of payout is flexible but should be enough to help you cover your bills while also making any necessary lifestyle adjustments following the illness.
Income Protection: This would provide a monthly income should the policyholder be unable to work for a lengthy period due to injury or illness. The payments – designed to be around 60% of your normal gross income and is suitable for both employed and self-employed people – would kick in after an initial deferment period and can run for up to a year, two years or the end of your mortgage depending on the policy