At a glance

  • Mortgage protection can cover you and your loved ones in the event you are unable to repay your mortgage
  • It's simple and straightforward and contains no investment element
  • There may be alternatives to mortgage protection
  • Some policies may not cover unemployment as a result of the COVID-19 crisis

At a glance

  • Mortgage protection can cover you and your loved ones in the event you are unable to repay your mortgage
  • It's simple and straightforward and contains no investment element
  • There may be alternatives to mortgage protection
  • Some policies may not cover unemployment as a result of the COVID-19 crisis

At a glance

  • Mortgage protection can cover you and your loved ones in the event you are unable to repay your mortgage
  • It's simple and straightforward and contains no investment element
  • There may be alternatives to mortgage protection
  • Some policies may not cover unemployment as a result of the COVID-19 crisis

What is mortgage protection?

Mortgage protection insurance covers the cost of repaying your mortgage if you are unable to work due to sickness, injury or redundancy.

It does not contain an investment element and is simple and straightforward. It is a pure insurance product, and you do not get back any money from it if you do not need to make a claim.

Why do I need mortgage protection?

Buying a home is one of the biggest financial commitments that many of us make, and mortgage repayments account for a significant portion of monthly household expenditure.

It makes sense to think about how you would pay the mortgage bills if you were without income.

People who are self-employed or on short-term contracts also need to consider what would happen if their income dropped or dried up and they couldn’t keep up with their mortgage instalments.

How does mortgage protection work?

You buy a policy which covers a set term. If you need to claim on the policy, the insurer will pay out a pre-arranged amount each month, for a period of time determined by the policy terms and conditions. Typically, this is two years.

What types of mortgage protection are available?

Mortgage life insurance

This pays out a lump sum to cover the outstanding debt on your mortgage if you were to die before the end of the mortgage term. You don’t have to take this out when you buy a property, but it does protect your loved ones financially in the event of you passing away.

Mortgage payment protection

This helps you to pay your mortgage bill each month if you're unable to because of an accident, sickness or unemployment. 

What are the alternatives to mortgage protection?

Due to the coronavirus crisis, some insurers have withdrawn from the mortgage-protection market and others are offering accident and sickness insurance – but do not now offer full cover for unemployment.

If you don't have a policy to protect you and you're struggling to pay your mortgage, you can apply for a three-month repayment holiday from your mortgage lender.

You can also talk to your bank about extending your free overdraft facility if you're having money difficulties as a result of being ill or unable to work.

You might also be covered under a private health insurance plan, or a scheme set up at your workplace. It's a good idea to check the details so that you're not paying twice for cover.

Over the longer term, you might want to put some extra protection in place. As an alternative to mortgage protection insurance, you could consider income protection.

This insurance pays out tax-free cash if you have an accident, are made redundant, or are sick and cannot work. You simply arrange cover that would be enough to pay your monthly household bills.

However, currently many insurers are not offering full cover as a result of COVID-19.

What is mortgage protection?

Mortgage protection insurance covers the cost of repaying your mortgage if you are unable to work due to sickness, injury or redundancy.

It does not contain an investment element and is simple and straightforward. It is a pure insurance product, and you do not get back any money from it if you do not need to make a claim.

Why do I need mortgage protection?

Buying a home is one of the biggest financial commitments that many of us make, and mortgage repayments account for a significant portion of monthly household expenditure.

It makes sense to think about how you would pay the mortgage bills if you were without income.

People who are self-employed or on short-term contracts also need to consider what would happen if their income dropped or dried up and they couldn’t keep up with their mortgage instalments.

How does mortgage protection work?

You buy a policy which covers a set term. If you need to claim on the policy, the insurer will pay out a pre-arranged amount each month, for a period of time determined by the policy terms and conditions. Typically, this is two years.

What types of mortgage protection are available?

Mortgage life insurance

This pays out a lump sum to cover the outstanding debt on your mortgage if you were to die before the end of the mortgage term. You don’t have to take this out when you buy a property, but it does protect your loved ones financially in the event of you passing away.

Mortgage payment protection

This helps you to pay your mortgage bill each month if you're unable to because of an accident, sickness or unemployment. 

What are the alternatives to mortgage protection?

Due to the coronavirus crisis, some insurers have withdrawn from the mortgage-protection market and others are offering accident and sickness insurance – but do not now offer full cover for unemployment.

If you don't have a policy to protect you and you're struggling to pay your mortgage, you can apply for a three-month repayment holiday from your mortgage lender.

You can also talk to your bank about extending your free overdraft facility if you're having money difficulties as a result of being ill or unable to work.

You might also be covered under a private health insurance plan, or a scheme set up at your workplace. It's a good idea to check the details so that you're not paying twice for cover.

Over the longer term, you might want to put some extra protection in place. As an alternative to mortgage protection insurance, you could consider income protection.

This insurance pays out tax-free cash if you have an accident, are made redundant, or are sick and cannot work. You simply arrange cover that would be enough to pay your monthly household bills.

However, currently many insurers are not offering full cover as a result of COVID-19.

What is mortgage protection?

Mortgage protection insurance covers the cost of repaying your mortgage if you are unable to work due to sickness, injury or redundancy.

It does not contain an investment element and is simple and straightforward. It is a pure insurance product, and you do not get back any money from it if you do not need to make a claim.

Why do I need mortgage protection?

Buying a home is one of the biggest financial commitments that many of us make, and mortgage repayments account for a significant portion of monthly household expenditure.

It makes sense to think about how you would pay the mortgage bills if you were without income.

People who are self-employed or on short-term contracts also need to consider what would happen if their income dropped or dried up and they couldn’t keep up with their mortgage instalments.

How does mortgage protection work?

You buy a policy which covers a set term. If you need to claim on the policy, the insurer will pay out a pre-arranged amount each month, for a period of time determined by the policy terms and conditions. Typically, this is two years.

What types of mortgage protection are available?

Mortgage life insurance

This pays out a lump sum to cover the outstanding debt on your mortgage if you were to die before the end of the mortgage term. You don’t have to take this out when you buy a property, but it does protect your loved ones financially in the event of you passing away.

Mortgage payment protection

This helps you to pay your mortgage bill each month if you're unable to because of an accident, sickness or unemployment. 

What are the alternatives to mortgage protection?

Due to the coronavirus crisis, some insurers have withdrawn from the mortgage-protection market and others are offering accident and sickness insurance – but do not now offer full cover for unemployment.

If you don't have a policy to protect you and you're struggling to pay your mortgage, you can apply for a three-month repayment holiday from your mortgage lender.

You can also talk to your bank about extending your free overdraft facility if you're having money difficulties as a result of being ill or unable to work.

You might also be covered under a private health insurance plan, or a scheme set up at your workplace. It's a good idea to check the details so that you're not paying twice for cover.

Over the longer term, you might want to put some extra protection in place. As an alternative to mortgage protection insurance, you could consider income protection.

This insurance pays out tax-free cash if you have an accident, are made redundant, or are sick and cannot work. You simply arrange cover that would be enough to pay your monthly household bills.

However, currently many insurers are not offering full cover as a result of COVID-19.

Getting Started

Tell us a bit about yourself and the types of articles you’d be most interested in seeing. And we’ll serve up useful, personalised content that meets your specific needs. Easy.



Find out more about Choices