Mortgage Protection in Hove – Life Cover, Critical Illness and Income Protection Explained
Your mortgage is likely your biggest monthly commitment. Sensible protection means you and your family can keep the roof over your heads if something unexpected happens.
The three core policies
- Life insurance – pays a lump sum if you die during the policy term
- Critical illness cover – pays a lump sum on diagnosis of specified serious conditions
- Income protection – replaces a portion of your income if illness or injury stops you working
How much cover is enough
- Start with the mortgage balance, then consider childcare, everyday bills and any other debts
- Choose level cover for interest-only loans and decreasing cover to mirror a repayment mortgage
- For income protection, look at your employer’s sick pay and savings buffer to set an appropriate benefit and defer period
What affects the cost
- Age, health and smoker status
- Occupation risks and hobbies
- The length of the policy and the amount of cover
Local considerations
- Many Hove households are dual-income. Cross-check the impact if either income stops
- Self-employed in Portslade or Shoreham-by-Sea – income protection is often more valuable than people expect, as there is no employer sick pay to fall back on
If you want help sizing cover to match your mortgage and budget, reach out on our contact page.