Mortgage Payment Protection Plan
Have you considered how you would pay your mortgage if you were unable to work due to illness or injury?
Find out how to cover up to 150% of your mortgage payments with a flexible monthly plan
Do you need a plan to help protect your mortgage and your other regular household expenses?
Consider the following questions:
How would you cope with the mortgage, rent or other essential monthly bills if you were away from work due to sickness or an accident? If you're self-employed would your business be affected by a lengthy absence from work?
If sickness or an accident meant a lengthy absence from work would any statutory sick pay be enough to pay for those key essentials such as housing, fuel and food and if you were self employed would your business survive without you?
Statutory sick pay wouldn't be enough and you run the risk of worsening any illness by worrying about keeping a roof over your head. Could a Mortgage Payment Protection Plan and/or a Home Expenses Plan offer you peace of mind?
What is a Mortgage Payment Protection Plan?
The plan will allow you to cover the exact amount of your monthly mortgage throughout its term or you can choose to cover up to 150% of that amount in order to include the cost of other related household bills such as utility bills, household insurance, etc.
With HSE statistics suggesting that around 2 million workers suffer ill health during an average year, it could be seen as misguided to think it can't happen to you and with the mortgage, rent and household costs taking such a large part of any family income, taking out a Mortgage Payment Protection Plan can at least offer you some peace of mind.
What is a Home Expenses Plan?
If you've sat down to assess the family's finances, you'll no doubt appreciate that a major proportion of regular costs can be attributed to regular monthly costs around the home. Whether it's rent, utility bills, council tax, household insurance, loans, credit cards, etc, they certainly mount up and keep on coming month after month. How would you be able to pay them?
The answer to offer peace of mind may well be a Home Expenses Plan which allows you to receive tax-free monthly benefits to help pay for up to 100% of your essential monthly household expenses or you can even have the option to cover up 125% of those expenses to allow for any anticipated future increases.
Plans exist which can be selected to run for a minimum of 5 years or to a maximum of when you reach the age of 65. With so much pressure on every family's budget, this can at least provide you with some comfort should you be unlucky enough to face an extended absence from work, knowing that at least those endless monthly bills can be met and you can concentrate on getting back to full health.
Remember it's not only you that may be affected by being ill – the financial damage could affect your whole family.