Mortgage Protection Insurance
Mortgage protection insurance is designed to provide financial security for your family in the unfortunate event of your death. This type of coverage specifically targets your mortgage, ensuring it can be paid off if you pass away.
Unlike traditional life insurance, where the payout remains constant, mortgage protection insurance decreases over time to match your declining mortgage balance. This means your monthly premiums are typically lower.
At Wisey, we’ll work with you and set you up on the most effective and appropriate mortgage protection insurance plan for your current situation.
Contact our team today to learn more about how our mortgage protection plans can support you and your family’s future.
Supporting clients with robust mortgage protection plans.
Compared to traditional life insurance policies, mortgage protection life insurance is often a more budget-friendly option. This type of insurance is specifically designed to cover your mortgage, which can result in lower premiums.
The structure of mortgage protection life insurance is also straightforward and easy to understand. Unlike other policies, which can be complex, mortgage protection insurance is designed to be clear and concise. This simplicity can save you time and hassle.
With Wisey, your mortgage insurance will work for you, not against you. Contact our team today to book an initial call.
Key benefits of mortgage protection insurance:
Peace of Mind
Financial Security
Focused Protection
Affordability
Easy to Understand
Consistent Costs
Quick and Easy
Flexible Cover
Reliable Mortgage Protection
Schedule a call about mortgage protection:
What is mortgage protection and how does it work?
Mortgage protection insurance (MPI) in the UK is a type of life insurance designed to pay off a borrower’s mortgage if they die before it is fully repaid.
Upon the policyholder’s death, the insurer pays the remaining mortgage balance directly to the lender. MPI can also offer coverage for disability or critical illness, providing mortgage payments for a specified period if the policyholder cannot work.
Premiums are typically level and based on the mortgage amount, term, and policyholder’s age and health. Unlike traditional life insurance, MPI benefits decrease as the mortgage balance decreases, aligning with the remaining debt.
Why do you need mortgage insurance and how can Wisey help you?
Wisey’s experienced mortgage and protection advisors are here to help you choose the right mortgage protection insurance and make the process simple and stress-free.
Home loans and mortgage insurance can be confusing, so our experts will help you every step of the way. Whether you’re a first-time homebuyer or looking to refinance, our mortgage protection advisors will work with you to find the right mortgage insurance plan for your situation.
We will also help you choose the right mortgage protection, life insurance, or critical illness insurance to keep your family safe. Let our mortgage and protection advisors make the process easy, so you can focus on finding your perfect home with confidence.
Contact Wisey today to book a call with one of our specialists.
How can mortgage insurance protection help you?
Wisey’s mortgage insurance plans are ideal for clients in any situation. Mortgage insurance protection plans are perfect for people that want to safeguard their family against future issues related to their mortgage. Some of the key benefits of our plans are:
Financial Security: Mortgage protection provides a financial safety net in case of unexpected events like death, disability, or critical illness.
Peace of Mind: Mortgage insurance plans offer peace of mind knowing that your loved ones won’t be left with a large financial responsibility.
Simplified Process: Benefits are typically paid directly to the lender, simplifying the process and ensuring the mortgage is settled quickly.
Affordable Premiums: Mortgage insurance protection often has affordable premiums compared to other types of life insurance, especially when tied to the decreasing balance of the mortgage.
Contact us for a mortgage protection quote:
What is the difference between life insurance and mortgage protection insurance?
Life insurance and mortgage insurance serve distinct purposes. Life insurance provides a lump sum payout to beneficiaries upon your death, offering financial protection for various needs.
On the other hand, mortgage insurance, specifically designed to cover your mortgage, pays out a decreasing amount as you repay the loan.
While life insurance offers broader financial security, mortgage insurance focuses on protecting your family from mortgage debt in case you pass away.
Contact Wisey to book a call with one of our mortgage protection experts.
What extra benefits are included in mortgage protection insurance schemes?
Many mortgage insurance policies include extra benefits like coverage for critical illness and disability. This means they can help with mortgage payments if you’re unable to work due to illness or injury. These policies often don’t require a medical exam, making it easier to get the coverage you need. They are flexible and can be tailored to fit your specific mortgage amount and term, giving you the right level of protection without extra costs.
On top of this, our mortgage insurance plans can help your family pay off your mortgage if you pass away, so your family can keep their home without worrying about debt. It gives financial security and peace of mind, ensuring your loved ones aren’t left with a big financial burden. The premiums are also usually affordable, making it an easy way to protect your family. The payment goes directly to the lender, making the process quick and simple.
Book a call with our mortgage protection insurance specialists today and we’ll find the perfect plan for you and your family.
Mortgage Protection Insurance Plans - Frequently Asked Questions
What is mortgage protection insurance, and how does it work?
Mortgage protection insurance is a type of policy designed to pay off your mortgage if you pass away during the term of the mortgage. The insurance company pays the remaining mortgage balance directly to your lender, ensuring your family can stay in the home without worrying about the debt.
How is mortgage protection insurance different from life insurance?
While both types of insurance provide financial protection, mortgage protection insurance specifically pays off your mortgage debt, whereas life insurance provides a lump sum payout that can be used for any purpose. Mortgage protection insurance benefits decrease over time as your mortgage balance decreases, while life insurance coverage typically remains level.
Do I need a medical exam to qualify for mortgage protection insurance?
Many mortgage protection insurance policies do not require a medical exam, making them accessible for those who may have health concerns. However, the terms and premiums might vary based on your health status and age.
Can I get mortgage protection insurance if I have a pre-existing condition?
Yes, you can often get mortgage protection insurance even with a pre-existing condition. However, your condition might affect your premium or the coverage options available to you. Some policies may exclude coverage for certain conditions.
How are premiums for mortgage protection insurance calculated?
Premiums are typically based on factors such as your age, health, the amount of the mortgage, the term of the mortgage, and whether additional coverage options like critical illness or disability are included. As the mortgage balance decreases, the coverage amount and premiums may also decrease.
Does mortgage protection insurance cover critical illness or disability?
Some mortgage protection insurance policies offer additional coverage for critical illness or disability. This means that if you’re diagnosed with a covered critical illness or become disabled, the policy can help make your mortgage payments or pay off the remaining balance.
What happens to the policy if I pay off my mortgage early or sell my home?
If you pay off your mortgage early or sell your home, your mortgage protection insurance policy typically ends, as its primary purpose is to cover the mortgage balance. However, some policies may offer the option to convert to a different type of coverage or continue with a reduced premium. Always check the specific terms of your policy.
Contact Wisey to find your perfect mortgage insurance protection plan today.
Do you have any questions about mortgage protection insurance or need some advice from our expert mortgage protection planners?
Whether you’re looking to protect your home, explore your options, or just want more information, we’re here to help.
You can fill out the contact form with your information and when you’d like us to call you back. A member of our helpful team will then contact you to discuss your mortgage protection situation and ensure that you get the best plan for your specific needs.
Contact us today to book a call with Wisey.