When you hear the words ‘mortgage protection’ what do you instinctively think of? You’re probably thinking about life cover or critical illness cover? Or perhaps decreasing term assurance?
These are all great ideas and excellent advice for people taking out mortgages as they can provide a lump sum to repay the debt in full if one of the mortgage holders dies or suffers a critical illness during its term.
But what about the potentially greater risk that mortgage holders face – the risk of going off work sick and not being able to make their monthly mortgage payments?
There’s a general insurance solution called mortgage payment protection insurance but it only pays out for a short period. What about a pure protection version – something that can pay a benefit for a lot longer?
Well, we already have one – it’s called income protection. We don’t tend to associate it as part of the mortgage protection solution but should we?
