Protection Insurance

Advice, reassurance and support, every step of the way.

Mortgage protection insurance

A mortgage is the biggest financial commitment most of us will ever take on, and if for whatever reason you’re unable to work, you’ll still be expected to make your repayments.

Although if the worst were to happen the state will provide a very basic safety net – such as jobseekers allowance or statutory sick pay – benefits will not give you anywhere near enough money to pay for your mortgage and other living costs. So it makes sense to take out some form of mortgage protection insurance.

There are a range of products on the market you can take out to give yourself peace of mind that you will be able to meet your mortgage repayments. Income protection insurance is the right option for most people as it provides the most comprehensive protection. But if you’re on a tight budget, income protection can be expensive, so it may be worth considering mortgage payment protection insurance.

Income protection

Income protection insurance will pay out if you’re unable to work due to an accident or ill health. This type of insurance provides a long term safety net as it’s possible to get insurance that will cover you from when you’re off work until you can go back. Even if it’s unlikely that you will ever be able to return to work, the cover should keep up your payments until your pension kicks in.

The monthly pay-out will be a proportion of your income, normally 50% – 70%, this should be enough to not only comfortably pay your mortgage but also to help with other living costs like bills and groceries. And because you are not taxed on income protection payouts, it should replace most of your take home pay.

Critical illness cover and life insurance

Two other products to consider are critical illness cover and life insurance, which both pay out a lump sum that could be used to pay off your mortgage.

Critical illness cover is designed to ease financial hardship if you become seriously ill or disabled. It will pay out a one-off cash sum if you’re diagnosed with one of a number of listed critical illnesses, including some types of cancer, a heart attack or stroke, multiple sclerosis or the loss of limbs.

Life insurance will pay out a lump sum if you die during the policy term. This kind of cover is especially important if you have dependents, and want to make sure the mortgage would be paid off after your death.

Take advice before buying protection insurance

Depending on your circumstances, there may also be other protection insurance products you could consider. It’s really important to take advice before buying any form of protection insurance as the last thing you want when you’re in a difficult situation is to find that your insurance won’t pay out. You need to make sure you’re clear what will and won’t be covered.

Protection Insurance FAQs

  • Mortgage protection insurance ensures that if you are unable to work due to illness, accident, or injury, you can still meet your mortgage repayments. It provides financial security during difficult times.

  • While not legally required, mortgage protection insurance can be essential if you rely on your income to cover mortgage payments. Without it, you may struggle to meet payments if you lose your job or become seriously ill.

  • Income protection insurance pays a percentage of your income (typically 50–70%) if you’re unable to work due to illness or injury. It provides ongoing support until you can return to work or reach retirement age.

  • Critical illness cover pays a lump sum if you’re diagnosed with a serious illness such as cancer, heart attack, or stroke. This can help pay off your mortgage, cover medical costs, or provide financial support for your family.

    • Life insurance pays out a lump sum if you pass away during the policy term, helping your family pay off the mortgage and other expenses.

    • Critical illness cover provides a lump sum if you are diagnosed with a specified serious illness, offering financial security during recovery.

  • Most policies cover between 50–70% of your gross income. Since payments are tax-free, this amount is designed to replace most of your take-home pay.

  • Yes, but your options may be limited, and premiums could be higher. Some insurers may exclude pre-existing conditions. We can help you find the best policy based on your health history.

  • MPPI is a short-term policy that helps cover mortgage payments if you lose your job, become ill, or have an accident. It typically pays out for up to 12–24 months.

  • Choosing the right policy depends on factors like your income, job security, health, and family situation. We provide tailored advice to help you select the best cover for your needs.

  • We offer expert, whole-of-market advice to ensure you get the best coverage for your circumstances. Our goal is to provide financial peace of mind, ensuring you and your family are protected.

Protect what matters most.

TGD Mortgages offers expert advice on income protection, critical illness cover, and life insurance. Contact us today for a free, no-obligation initial consultation!

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