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The protection team at The Mortgage Broker are experienced, qualified specialists that can apply the best solutions directly to your needs. Don’t overpay for incorrect cover and don’t think you are covered when you are not. Protect your financial future today!

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96.9% of protection policies are paid out in FULL 53,105 number of life insurance claims in 2023

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Critical Illness Cover

Why Critical Illness Cover?

  • Not enough Savings to cover Costs
  • No Benefits Package with Employer
  • Protect your Family
  • Cover your Mortgage Payments

Income Protection

Why Do I Need Income Protection?

  • Unable to Work due to Injury
  • SSP just £109.40 a week
  • Self Employed Protection
  • Monthly Payments

Life Insurance

Preparing for the Unexpected

  • Support Family After Death
  • Pay Off Your Mortgage
  • Cover Funeral Costs
  • Clear Debts

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Protect the things that matter to you the most, from the worst that the world can throw at them. Being prepared for unfortunate events isn’t something that anyone likes to think about. Having adequate insurance in place ensures that your way of life can continue should the worst occur.

At the Mortgage Broker, we make sure you have support and protection for everything in your life. Our specialist advisors will run through all of your options so you can make the most informed decision possible.

Getting insurance for any life-changing event is of the utmost importance, none more so than when you take out a mortgage.

The largest debt of your life

A mortgage is the largest financial risk you’ll ever take in your life (probably), so it makes sense to get protection for that loan. We give you protection for your home, for yourself and for your loved ones. You don’t want to lose your home simply because of a run of bad luck.

There are many policies you can take out that cover various aspects of your personal and financial well-being. All of them are vital in their own way, though there will be times when it makes sense to have some policies over others. Whether looking for insurance for the individual or business, read on to discover what types of insurance we help you with and when you would need them.

Protect your family from illness and loss of income

Protection is the key. If you are the primary income earner for your family, once you have taken out a mortgage, you are bound into a term of regular repayments. If you are unable to make these payments, for whatever reason, you could run the risk of defaulting on the loan and eventually having your house repossessed, should the situation fail to be rectified.

Luckily, there are a wealth of options when it comes to protection for your home and family. When discussing the best mortgage deal with us we’ll also run through your insurance options. We value complete transparency when it comes to mortgage insurance; we won’t dazzle you with buzzwords or jargon and want to reassure you that we’ll only discuss the options we think fit your particular situation.

So, what types of insurance do we help with?

Critical illness cover

It’s an unfortunate reality that if anyone should suffer a critical illness, that they become open to financial loss and uncertainty, adding stress to an already stressful situation. The bills need to be paid no matter what is going on in your life. Although a heartless reminder of the grimness of reality, there are options to help cover you in the event that the income providers of the home go through a bout of prolonged illness.

A critical illness policy gives you financial security, should this unfortunate event occur. If critical illness happens within the period of the policy, you will receive a tax-free lump sum to cover your bills and mortgage payments.

When taking out the policy, you decide how long you want it to last. You can often get critical illness cover combined with life insurance, though with these you will usually only be able to claim once.

We would recommend critical illness cover for most people, since these things can never be predicted. If you have a family and want to make sure they are provided for, or if you don’t have much in the way of savings to cover a prolonged period without work, we would say you should seriously consider this policy.

Life insurance

Also known as term life insurance, this covers your family in the event of your death. This policy has a term period and your beneficiaries will only receive a payout if you die within the term of the policy.

If you have anyone in your life that you want to ensure remains financially stable in the event of your death, then consider this policy. The impact of a death cannot be overstated; making sure your loved ones have financial stability gives them the ability to continue mortgage payments uninterrupted, taking time off for bereavement and ensuring child care continues.

Income protection insurance

This policy will cover your wage if you are unable to work due to sickness or injury. It will start paying out after a deferred period has elapsed; you’ll decide how long this period is when taking out the policy. Usually a deferred period is advised if you have substantial savings.

If you’re unable to work due to sickness or injury, income protection pays you an income every month, as if you were still working. Statutory sickness pay (SSP) is rarely enough to support you financially at all, with the payment coming in at a paltry £109 per week, probably not even enough to cover the groceries!

The financial impact of being out of work adds an unnecessary level of stress to your life, especially during this time.

The criteria for receiving money from this policy is that you must be unable to perform your occupation due to sickness or injury.

The amount of payout that you get differs but the maximum amount of cover you’ll receive is 60% of your wage. This is because the income received from the policy is tax-free, and 60% is what your usual wage after tax is.

There are certain occupations that exclude you from taking this policy; though it is rare, it’s best to discuss with us whether this is the right option for you. There are also some options to consider when taking out the policy that directly affect the length of time the payments will occur; naturally these impact the premium you will pay.

 

£73,578 - The average life insurance payout in 2023.

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Landlord insurance

This is a specialised type of home insurance that is designed to protect landlords from loss of rental income, property damage and liability.

Also known as buy-to-let insurance, it gives you the ability to deal with property damage quickly and essential financial support during unforeseen events.

Cover varies, though it generally includes deliberate vandalism of the property, burst pipes and other issues with the boiler, damage from fires, floods and storms and the replacement of locks. Unfortunately, it does not cover deliberate damage by tenants, to fixtures and such.

You can get both building and contents landlord insurance as well as extras for each policy. The best thing to do is discuss with one of our advisors during your buy-to-let mortgage process; we’ll then be able to discern exactly what it is you need.

Relevant life plan

This provides cover for your employees’ and/or business owners’ families in the event of their death. It’s a very common type of business insurance and is offered by most businesses to their employees as a benefit of working at the company. No individual employee will have to pay for the cover though it ensures their family is protected if they should die.

Are You A Business Owner?

Are you a company owner or company director who wants to protect your business from loss of profits? Or take out policies that cover those that work for you as well as your shareholders?

Luckily, there are many policies to consider that provide a death in service benefit to you and your employees, or for just about any unfortunate happenstance. We here at the Mortgage Broker are aware that it’s easy to forget the individuals that make up a company, from the CEO on down.

Protecting yourself, your employees and your business interests with insurance ensures continuity and stability when you need it most.

Business Owners Take Note!

Business protection is a great opportunity for clients to set up their protections in a tax efficient way.

From Relevant life to executive income protection, clients can protect themselves and their families and have their business pay the premiums.

Key person insurance

This protects your business from loss of profits. If you have an employee that generates the bulk of the profits for your business then this policy protects you and covers the loss that this person creates.

Payable as a lump sum, this amount protects your business and ensures it can keep going until the key person returns or is replaced.

Shareholder protection

Useful for those in a partnership, with a share of a business. If you have a small business and something happens to one of the shareholders then this portion of the business will no longer be able to function correctly, which could spell disaster for your company.

Shareholder protection ensures there is a provision in place to give the remaining shareholders the ability to buy the shares off of the person who is unable to carry out the job anymore.

The main reason for this type of insurance is to make sure your business can continue trading, distributing the shares fairly should anything unfortunate happen.

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Business loan protection

Provides protection to make sure that loans can be repaid that have been taken against a business or a shareholder within the business. What this does is protect the remaining shareholders should they not have the funds to repay the loan, or are not responsible for taking out the loan in the first place.

Think of this as a policy that applies to business loans used to secure a commercial property or the purchase of stocks, for instance.

Building and contents insurance

We’ve taken a look at policies that cover the people in your life. Protecting the individuals that are most important to you, but what about your home and possessions?

Although you can opt for separate policies, often building and contents insurance will be combined.

Building insurance covers damage to your home from natural disasters or situations beyond your control.

Contents insurance covers everything inside your home that isn’t part of the structure or bolted down; i.e. electronics, jewellery and furnishings. This covers you for theft as well as damage.

Many mortgage providers will ask you to take out this insurance as a condition for lending you the money for the mortgage. It is as much about protecting their investment as it is about making sure your home remains liveable for you.

As with many other policies, there are a slew of optional extras to consider. Extras cause your premium to increase but some are very useful, especially for this type of insurance. Accidental damage to the property or your belongings is an excellent addition, for instance. When we have settled on a lender for your mortgage, we’ll be able to go through all of the options for this type of insurance in detail.

It’s personal, and it’s business

For amazing insurance cover surrounding every aspect of your home-owning journey, the Mortgage Broker is proud to be a part of this exciting and nerve-wracking part of your life. Our advisors have the experience and the know-how to answer all of your questions as plainly as possible; giving you the ability to make an informed decision and feel safe and secure that the ones you love will be well looked after no matter what happens.