Taking out a mortgage is a significant commitment and it's worth thinking about what would happen to your repayments if your income stopped unexpectedly. There are a few main types of protection insurance worth understanding, each covering a different situation.
Life insurance pays out if you die during the policy term, which can be arranged to cover the outstanding mortgage balance. Income protection replaces part of your income if you're unable to work due to illness or injury, while critical illness cover pays a lump sum on diagnosis of certain serious conditions.
Not everyone needs every type of cover and the right combination depends on your circumstances, including whether you have dependants, a partner's income to fall back on or existing cover through an employer. We talk through your situation honestly rather than recommending cover for its own sake.