Although insurance policies are not now specified as a condition of most modern mortgage contracts, there are various types of protection insurance that should be considered for both personal and family protection. Being independent we have agencies with most uk insurers so can obtain quotations from all. Some different types of policy that could be appropriate include:

•) Life Insurance
•) Normally pays out a lump sum if you die or are diagnosed with a
•) terminal illness, can be based on level or decreasing (mortgage
•) protection) benefit and is commonly arranged to repay the mortgage
•) should the worst happen.

•) Critical Illness Cover
•) Normally pays out a lump sum if you are diagnosed with a specified
•) critical illness - the most common claims are for heart attack, stroke
•) or cancer; but cover also includes such things as permanent disability
•) and loss of sight or hearing. This cover can also be combined with Life
•) cover into a single policy.

•) Income Protection
•) Income protection (previously called ‘permanent health insurance’) is
•) designed to provide an income for people unable to work due to ill
•) health or accident, commonly until retirement age.

•) Mortgage Payment Protection Insurance (Accident, Sickness
•) and Unemployment)
•) Mortgage Payment Protection Insurance (MPPI) is similar to PHI in that
•) it will pay an income for people unable to work due to ill health or
•) accident, but the benefit payment period is limited to 12 months
•) (although a few policies will now pay out for up to 24 months).
•) Unemployment benefit can also be covered in this type of policy,
•) so it will also provide an income for the same period if you are
•) made redundant.