When taking on a mortgage, protecting yourself
or your family it is important to have the
right level of protection. As with all things
there is a balance between what you want
and what you can afford. The more options
that you would like then the higher will
be the overall cost. The first thing that
you should consider is how much you can
afford to pay both now and over the whole
term of your mortgage. You then have to
decide which area of protection is the greatest
1. Life Assurance - pays a lump sum if
2. Critical illness - pays a lump sum if
you are diagnosed as having one of a number
of specified illnesses provided you survive.
3. Permanent Health Insurance - pays you
an income if you are unable to work through
illness or injury.
4. Redundancy Protection - pays you a set
amount of income if you are made redundant.
5. Waiver of Premium - pays your premiums
in the event of you being unable to work
through illness or injury.
As I am sure you are aware if you stop
paying the premiums your cover will cease.