*This is a collaborative post
Mortgage protection insurance is designed to help you pay your mortgage bill if your circumstances change or if you are unable to work. Accidents, illnesses and unemployment are three examples but the costs and terms will vary a lot. It acts as a safety net if you cannot currently afford them and will prevent you from defaulting on your mortgage or risking repossession.
There are two main types of mortgage protection; Level Term Cover which offers the same amount of cover throughout the term of the plan, and Decreasing Term Cover which reduces to match the reducing debt of some types of mortgage, which makes them cheaper. Cover generally lasts for the length of your mortgage.
When you are struggling, and having financial worries, the thought of losing your home can be devastating for you and your family. Purchasing mortgage protection is safeguarding your family's future, ensuring your home payments will not be an issue during really difficult times.
Mortgage protection isn't essential by any means, but you should think very carefully about what might happen if you can't keep up with your mortgage payments - particularly if you have a family to take care of. Many different companies offer mortgage protection, and if it's something you are considering, I'd definitely recommend doing your research. Lifesearch is a company that is more focused on families so perhaps check them out if you are considering mortgage protection insurance.
Take into consideration that mortgage protection insurance is not the same as life insurance, as both are for different circumstances. Mortgage protection insurance is just designed to cover your mortgage repayments, where as life insurance is there to protect you and your family. It also will unlikely cover lifelong or pre-existing conditions, especially is you have been unwell in the recent months - a medical assessment may be needed in this case.
Let's be honest here, being an adult comes with all sorts of tough life decisions, and unfortunately that includes thinking about what might happen to your family if you were no longer around. It's definitely something to consider when thinking about getting a mortgage too. Would your family be able to keep up and cover mortgage payments? Would they need more financial support? No amount of money can help ease the pain of loss, or unfortunate circumstances but it'll help lift some of the weight off of your shoulders and reduce the amount of stress by ensuring their finances won't take a huge hit if something were to happen. I personally feel the most sensible option would be to opt for both mortgage protection insurance, and life insurance to ensure you and protecting yourself and yourself in the best way you possibly can.
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