Protection Products Offered

When securing a mortgage, it's essential to consider not only the loan itself but also the financial protection measures available to safeguard your home and lifestyle and provide peace of mind. Protection providers in the UK offer a range of policies designed to mitigate risks and protect you and your family against unforeseen circumstances. Let's delve into the various protection products offered by mortgage brokers:

1. Life Insurance: 

Life insurance is a crucial protection product to ensure that your loved ones are financially secure in the event of your death. In the unfortunate event of your passing, life insurance provides a lump sum payment to your beneficiaries, helping them pay off the outstanding mortgage balance and cover living expenses. Mortgage brokers assess your insurance needs and recommend suitable life insurance policies tailored to your circumstances.

2. Critical Illness Cover: 

Critical illness cover is designed to provide financial protection if you are diagnosed with a serious illness or medical condition covered by the policy. In such circumstances, critical illness cover pays out a lump sum that can be used to cover mortgage repayments, medical expenses, or other financial obligations. Mortgage brokers help you understand the benefits and limitations of critical illness cover and assist you in selecting a policy that meets your needs.

3. Income Protection Insurance:

Income protection insurance is an essential protection product to safeguard your income if you are unable to work due to illness, injury, or disability. Income protection insurance provides a regular income stream, typically a percentage of your pre-disability earnings, to cover essential expenses such as mortgage payments, bills, and living costs. Nurture FS will assess your income protection needs and recommend policies with appropriate coverage levels and benefit periods.

4. Mortgage Payment Protection Insurance (MPPI): 

Mortgage payment protection insurance (MPPI) is specifically designed to cover your mortgage payments if you are unable to work due to involuntary redundancy, illness, or accident. MPPI typically provides short-term cover, typically up to 12 or 24 months, to ensure that your mortgage payments are maintained during periods of financial hardship. Mortgage brokers offer guidance on the features and benefits of MPPI policies and assist you in choosing a policy that aligns with your needs.

5. Buildings and Contents Insurance: 

Buildings and contents insurance is essential for protecting your property and belongings against damage, theft, or loss. Mortgage brokers offer advice on buildings and contents insurance policies that cover your home's structure (buildings insurance) and your personal possessions (contents insurance). They help you understand the coverage options, policy exclusions, and additional features to ensure comprehensive protection for your home and belongings.

6. Landlord Insurance: 

For property investors and buy-to-let landlords, landlord insurance is a vital protection product that covers risks associated with renting out a property. Landlord insurance typically includes buildings insurance, contents insurance, and additional coverage for rental income protection, liability insurance, and legal expenses. Mortgage brokers assist landlords in selecting landlord insurance policies tailored to their rental property portfolios and risk management needs.

Conclusion: 

Protection products offered by mortgage brokers in the UK provide essential safeguards to protect your financial interests and provide peace of mind throughout your homeownership journey. Whether you're purchasing a home, investing in property, or securing a mortgage, it's essential to consider protection products that mitigate risks and ensure financial security for you and your family. At Nurture FS we prioritise your financial well-being and offer comprehensive protection solutions tailored to your needs. Contact us today to explore your protection options and secure your financial future with confidence.