What protection do you need for your mortgage?

March 1st, 2019

Your mortgage is likely the biggest investment you will make in your lifetime, so it’s important to know the types of insurance you should consider to protect you, your home and your loved ones.
There are different types of policies available that will cover you for things such as illness, unemployment or accidents, ensuring your home is secure and protected. Here we will take you through the four types of insurance you should think about when taking out your mortgage.

Property Insurance

Buildings and contents insurance are a necessity to protect you if the worst was to happen. As part of your mortgage, you must have buildings insurance as this will protect your home if it was damaged by events such as storms, floods, fires etc. Having the right buildings insurance in place will mean that if a burst pipe damages the inside of your home or a storm damages your roof, you will be able to have it taken care of without a financial burden.

Contents insurance on the other hand is to protect your belongings such as jewellery, technology, clothing and furniture. Depending on your lifestyle and the value of your belongings, you can select different levels of contents insurance and also cover against loss or damage both in and away from your home.

Life Insurance

Life insurance is something many people avoid or don’t want to think about, but being prepared for unfortunate events can be a huge help for your family. If you are self-employed or a contractor, you won’t have a workplace policy in place, so setting up your own cover is important to protect your family from financial burden if something was to happen to you.

Critical Illness cover

This type of insurance will pay out a lump sum if you were to be diagnosed with a critical illness such as cancer, or if you suffered a stroke or heart attack. Not only will help to pay for your mortgage, it can also assist you in paying any other debts or loans you have. There are different types of critical illness cover with different conditions, so it’s important to understand what you are protected for when taking out any policy.

Income protection

The final type of insurance to consider is income protection. If you were to fall sick or unable to work due to any accident or sickness, this type of insurance will pay out and give you the peace of mind needed if your monthly income were to change.

If you’re a contractor, or self-employed professional considering the different types of insurance you need, here at CMME we can help you by providing the knowledge, and experience needed to get you a tailored policy for your needs.

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