Protection Disclaimer - before you sign
Your adviser recommended protection cover and you would rather not go ahead. We respect that. The form is just below - but first, three sentences worth reading.
- 1
The mortgage payment does not stop when the income does. Illness, an accident or the death of one borrower does not reduce the mortgage by a penny.
- 2
Without a policy, every day of delay costs more - cover gets dearer as you get older. Policies taken out before this mortgage, or some time ago, deserve a review - for your own benefit, because the needs and the sums are different now.
- 3
Your health will not wait. Any change in your health can raise the premium, or close the door to cover altogether.
Would you rather compare what you have with what we found for you first?
Already have a policy? That is exactly why it is worth a second look
Buying a home or taking a new mortgage is one of the moments when your needs change most. A policy taken out a few years ago was sized for a different life: a different debt (or rent), a different income, perhaps a smaller family. Four things worth checking:
The sum insured vs the new mortgage
Would the payout clear the whole mortgage you are taking on now, or only the one from years ago? The gap can be large, and it is the gap your family would be left with.
Policy term vs mortgage term
A 20-year policy does not protect a 30- or 35-year mortgage. The last years of repayments would be left with no cover at all, exactly when health tends to be weaker.
Who is covered
With two borrowers, a policy on one person leaves the other with the whole payment. Cover through work (death in service, sick pay) ends with the job. It is not yours.
Illness, not only death
Life cover pays out on death. When a serious illness or an accident stops you working for months, the mortgage payment still arrives. That is what critical illness cover and income protection are for.
No cover at all?
With no policy, the mortgage is paid from savings - or not at all
If one of the borrowers falls seriously ill, has an accident or dies, the mortgage still has to be paid - from savings, with family help, or not at all. Statutory Sick Pay is a fraction of a typical mortgage payment, and an employer does not have to pay more.
Protection is cheapest when it feels least necessary - while you are in good health and younger. Any later change in your health can raise the premium or close the door to cover altogether. Putting the decision off does not put the risk off, only the protection.
Prefer to compare first?
If you already have a policy, send us its details (a photo of the schedule or certificate is enough) and we will set it against the option we found for you, with no obligation.