Mortgage Protection

Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit

Mortgage Protection is a product (also known as decreasing term assurance) which is designed to repay the amount outstanding on a 'capital and interest' repayment mortgage should you die during the term of the mortgage. In other words, if the policyholder(s) die prematurely, the outstanding loan amount on the mortgage will be repaid in full.

Policies can include other benefits known as ‘riders’, which are extra sorts of cover, added on to the life cover.

Benefits can include -

  • Waiver of premium - The premiums are waived but the cover continues if you cannot work due to illness or injury.
  • Income protection benefit - In addition to waiver of premium will pay a percentage of your income to you if you cannot work due to illness or injury.
  • Unemployment benefit - a variety of income protection benefit covering unemployment.
  • Critical illness cover - the benefit is paid before death on the diagnosis of life shortening disease (e.g. cancer). This benefit may replace the death benefit, or it may be paid as well

All these riders cost extra and are only paid subject to meeting the policy criteria. For additional information see Protecting Yourself and Your Family.

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