How does life insurance work?
Life Insurance could pay out a cash sum if you die during the length of the policy. It could be used to help pay the mortgage or help protect the family’s lifestyle and everyday living expenses. You choose the amount of cover you need and how long you need it for and unless you make any changes, your cover amount will remain the same
Mortgage Protection Plan
Mortgage Protection plans help you cover the payment of your mortgage up to two years on inability to work due to accident, sickness and redundancy. All benefits are tax free and this will cover your mortgage payment or repayment and all associated insurance premium and this can be increased to accommodate some essential living expenses. Benefit payable after deferred period, usually 28 days subject to underwriting.
This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk