Mortgage Protection

Do I Need Mortgage Protection Insurance?

Not sure if getting mortgage protection insurance is worth it? At Derngate Wealth, we advise anyone who is looking to move house or remortgage to review their mortgage insurance coverage options. Life can throw a curveball at any moment, so it’s best to be prepared for whatever comes your way with smart financial planning and mortgage protection plans from Derngate Wealth Management.

Your Mortgage Protection Insurance Options

Did you know that 1 in 3 UK adults have experienced a shock to their finances through redundancy, illness, accident or bereavement? When you partner with Derngate Wealth, we make sure that you stay prepared for the unexpected with four different mortgage protection insurance plans. Each plan is designed to help cover the cost of your mortgage should you fall ill, lose your job or get hurt at work, so contact us to discuss your options in full today.

Mortgage Payment Protection Insurance (MPPI)

Mortgage Payment Protection Insurance (MPPI) is designed to help you pay your mortgage should the unforeseen occur. MPPI will cover your monthly mortgage payments for up to two years, and will either cover or replace your income should you be made redundant. It’s important to note that you will not receive a tax-free payout should you quit your job voluntarily. MPPI is usually cheaper than Income Protection.

Income Protection

Income Protection is the ideal protection plan for self-employed workers who don’t benefit from workplace compensation schemes. Income Protection typically covers up to 65% of your gross salary when you’re unable to work due to illness, accident or redundancy. If you simply want coverage for one to two years, enroll in our Short-Term Income Protection (STIP) policy. If you’d rather be covered until you retire, our Long-Term Income Protection policy is right for you.

Critical Illness Cover

According to Cancer Research UK, someone in the UK is diagnosed with cancer every two minutes. Critical Illness Cover helps to cover the cost of your mortgage should you be diagnosed with a critical illness, such as cancer, a stroke or a heart attack. Cancer accounts for 66% of critical illness claims in the UK, so speak with a Derngate Wealth advisor about adding Critical Illness Cover to your Life Insurance policy today.

Life Insurance

Life Insurance is crucial for couples and families, especially those who have dependents. If you suddenly died and left behind a partner and/or dependents, your Life Insurance plan would be used to cover the cost of your mortgage. A Life Insurance policy should cover the length of your mortgage term and be the first thing you take out when you buy your first home. If you have a repayment mortgage scheme, consider opting for a Decreasing-Life Insurance policy, which reduces your level of coverage as you make your mortgage payments. If you want your monthly Life Insurance contributions to remain the same, opt for a Level-Term Life Insurance policy instead.

When you secure a mortgage, you become solely responsible for making your mortgage repayments on time, every time. If illness, accident, death or redundancy should occur, how would you financially cope? At Derngate Wealth, we ensure that you never have to guess. Speak with a qualified advisor now for help protecting what matters to you most.


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