Do you really need Protection for your Mortgage?


If you have dependents – such as children, or a partner who relies on your income to pay the mortgage and bills – a life insurance policy can provide for them if you die.

Many stay at home mums don’t take out life insurance because they aren’t the bread winner- but how would you partner pay for all those childcare hours if something were to happen to you?

Single, with no dependents? You might think you don’t need any protection for your mortgage, but what happens if you fall ill and are unable to work? You’ll wish you had thought more seriously about taking out Critical Illness Cover or Income Protection.


What type of insurance is right for me?

You can choose to take out a policy to pay of the balance of your mortgage or you can decide to leave your family a little extra to help them cope. You might decide to take out a life policy to last until your children fly the nest or until you have paid off your entire mortgage. Our advisers will help you decide which cover is right for you.


Here are the three types of cover you will want to consider;

1. Life Insurance

If you have dependants – such as children, or a partner who relies on your income – a life insurance policy can provide for them if you die.

2. Critical Illness Cover

Critical illness cover, also referred to as critical illness insurance, is a long-term insurance policy where you’ll get a tax-free lump sum payment – if you’re diagnosed with one of the listed serious illnesses covered by your insurance policy. It’s designed to pay off your mortgage, debts, or pay for alterations to your home such as wheelchair access should you need it, or even to provide some financial breathing space if you are unable to return to work due to illness.

3. Income Protection

Income protection insurance pays you a regular income if you can’t work because of sickness or disability and can continue until you return to paid work or you retire, depending on the type of plan that you arrange.


No one really wants to think about the worst happening but the younger and healthier you are, the cheaper your cover will be so it’s best to think about it now. We have protection advisers in both our Ballyhackamore and Lisburn Road branches who can assess your needs and give you quotes for comparison. Just call the Lisburn Road office on 02890 668 228 to find out more.