Protecting More Than Just Your Mortgage
Recent AMI (Association of Mortgage Intermediaries) research shows that more than half of mortgage holders feel emotionally strained when making financial decisions in today’s economic climate. Yet millions still lack a proper safety net.
Traditionally, mortgage protection has focused on Life Cover and Critical Illness Cover. While these remain important, they’re only part of the solution. A truly good outcome isn’t just about clearing the mortgage debt, it’s about helping people stay in their home, maintain their lifestyle, and recover without financial stress.
When it comes to protection, it isn’t an all or nothing deal. This is where a qualified financial adviser can help navigate the wide range of protection products available, such as life cover, critical illness, and income protection, while balancing your priorities and budget. In an ideal world we would all be protected in the event of any eventuality, but that just isn’t realistic and makes little financial sense.
By understanding your circumstances and goals, an adviser ensures that the solution is tailored, affordable, and aligned with your overall financial plan, so you can focus on living life with confidence.
Please find a summary below of the main protection products and their uses:
Life Insurance is designed to provide a lump sum to your loved ones if you die during the policy term. Its primary purpose is to clear debts like a mortgage and offer financial security for dependents. It’s most suitable for families and anyone with financial responsibilities that would continue after their death.
Critical Illness Cover pays out a lump sum if you are diagnosed with a serious illness covered by the policy. This helps with treatment costs, lifestyle adjustments, or paying off debts during recovery. It’s ideal for those concerned about the financial impact of major health conditions.
Income Protection replaces a portion of your income if you’re unable to work due to illness or injury. Unlike critical illness cover, it provides ongoing monthly payments rather than a single lump sum, making it useful for maintaining everyday expenses and long-term financial stability.
Mortgage Protection focuses specifically on covering mortgage repayments if you can’t work, ensuring you can stay in your home. It’s best suited for homeowners with significant mortgage commitments who want targeted protection.
Accident Protection offers a payout for accidental injuries or death, providing an extra layer of security for unexpected events. It’s often used as a supplementary policy for those seeking additional peace of mind.
Our advisers are committed to delivering good outcomes and avoiding foreseeable harm, ensuring your protection plan is comprehensive and cost-effective. Please do speak to your adviser if you would like to ask any questions or discuss your own protection in more detail, or contact the GDA team.
This article is for general information and does not constitute personal financial advice. If you’re unsure what’s best for you, seek independent financial advice.
