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Protect the things that matter to you the most, from the worst that the world can throw at them. Being prepared for unfortunate events isn’t something that anyone likes to think about. Having adequate insurance in place ensures that your way of life can continue should the worst occur.

At the Mortgage Broker Scotland, we make sure you have support and protection for everything in your life. Our specialist advisors will run through all of your options so you can make the most informed decision possible.

Getting insurance for any life-changing event is of the utmost importance, none more so than when you take out a mortgage.

The largest debt of your life

A mortgage is the largest financial risk you’ll ever take in your life (probably), so it makes sense to get protection for that loan. We give you protection for your home, for yourself and for your loved ones. You don’t want to lose your home simply because of a run of bad luck.

There are many policies you can take out that cover various aspects of your personal and financial well-being. All of them are vital in their own way, though there will be times when it makes sense to have some policies over others. Whether looking for insurance for the individual or business, read on to discover what types of insurance we help you with and when you would need them.

Protect your family from illness and loss of income

Protection is the key. If you are the primary income earner for your family, once you have taken out a mortgage, you are bound into a term of regular repayments. If you are unable to make these payments, for whatever reason, you could run the risk of defaulting on the loan and eventually having your house repossessed, should the situation fail to be rectified.

Luckily, there are a wealth of options when it comes to protection for your home and family. When discussing the best mortgage deal with us we’ll also run through your insurance options. We value complete transparency when it comes to mortgage insurance; we won’t dazzle you with buzzwords or jargon and want to reassure you that we’ll only discuss the options we think fit your particular situation.

So, what types of insurance do we help with?

Life insurance

Also known as term life insurance, this covers your family in the event of your death. This policy has a term period and your beneficiaries will only receive a payout if you die within the term of the policy.

If you have anyone in your life that you want to ensure remains financially stable in the event of your death, then consider this policy. The impact of a death cannot be overstated; making sure your loved ones have financial stability gives them the ability to continue mortgage payments uninterrupted, taking time off for bereavement and ensuring child care continues.

Income protection insurance

This policy will cover your wage if you are unable to work due to sickness or injury. It will start paying out after a deferred period has elapsed; you’ll decide how long this period is when taking out the policy. Usually a deferred period is advised if you have substantial savings.

If you’re unable to work due to sickness or injury, income protection pays you an income every month, as if you were still working. Statutory sickness pay (SSP) is rarely enough to support you financially at all, with the payment coming in at a paltry £109 per week, probably not even enough to cover the groceries!

The financial impact of being out of work adds an unnecessary level of stress to your life, especially during this time.

The criteria for receiving money from this policy is that you must be unable to perform your occupation due to sickness or injury.

The amount of payout that you get differs but the maximum amount of cover you’ll receive is 60% of your wage. This is because the income received from the policy is tax-free, and 60% is what your usual wage after tax is.

There are certain occupations that exclude you from taking this policy; though it is rare, it’s best to discuss with us whether this is the right option for you. There are also some options to consider when taking out the policy that directly affect the length of time the payments will occur; naturally these impact the premium you will pay.