Mortgage Protection Insurance 

ave you thought about your Mortgage Protection Insurance or Family Protection needs? Have some protection but would like to compare costs? Hayes Mortgage Solutions can provide you with expert advice and help you understand your insurance needs. We have a panel comprising some of the UK’s leading insurance companies and our excellent relationships with them means we can provide you with great value quotes. 

At Hayes Mortgage Solutions Ltd we believe it is important that all our clients are given the opportunity to review their protection needs when taking a new mortgage. This could be simply taking homeowners insurance like buildings and contents or some mortgage life insurance to protect should the worst happen. We have a range of different options and products available, some of which are explained below.

All you need to do is contact our experts for advice, we will assess your needs, explain the various different insurance products available and find the most suitable for both your needs and budget.

Accident, Sickness and Unemployment Cover

Accident, Sickness & Unemployment insurance (ASU), can also be referred to as mortgage payment protection and will provide you with an income to meet your outgoings if you are off work sick, have an accident or are made redundant. It pays out a monthly benefit to cover your mortgage and other related costs.

Life Insurance

One of the most popular forms of protection for your family and home in the event of a death to a loved one. Here are two of the cheapest and most frequently used formats:

Level Term, It covers you for a fixed amount and period in the event of death. Its pays out as a one off lump sum if you die during the policy term.

Decreasing Term, A lump sum is payable in the event of death. This lump sum decreases by a fixed amount during the period of the term, decreasing to nil by the end of the insured period. This form of cover is usually used for mortgages or other loans where the amount owed decreases year on year.

With both these examples there is no investment element, as such if no claim has been made there is no maturity value payable at the end of the term. Additions options that can usually be added to your Life Insurance policies at an extra cost are, Critical Illness, Terminal Illness, Waiver of premium and Guaranteed premium.  

Critical Illness Cover

Critical illness protection pays a lump sum on initial diagnosis of a qualifying Critical Illness. It can be built into another life insurance policy such as a level term or decreasing term (mortgage life insurance) or taken as a stand alone policy. Once you have made a critical illness claim it is normal that you policy will cease and any other benefits will therefore cease.

Critical illness protection policies do vary but usually include the following illnesses: Heart Attack, Cancer, a Stroke, Kidney failure, Coronary bypass or transplant. For full details on the cover provided it is important to compare the Key Facts document for each quotation produced.

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