By law, with limited exceptions if you have a mortgage on your principle residence, you must have Mortgage Protection.
- Mortgage Protection is a form of life cover designed specifically to repay your loan if you die
- The cover decreases over the term of the policy to broadly match the reducing balance of the mortgage to be repaid
To prepare for your Mortgage Protection meeting, here’s what you need to have:
- the amount and term of your mortgage
- details of any existing life cover you already have
- valid form of ID (passport or driving licence)
- utility bill/bank statement issued in the last 6 months
You will be asked questions about your lifestyle: (e.g. your occupation, hobbies, your smoking and alcohol consumption); your medical history, such as whether you have been hospitalised or been to see your GP recently and the outcome; your family’s medical history; your doctor’s contact details.
With your consent, your doctor may be contacted to provide a report on your health depending on your health, age, type and amount of policy you want to take out.
You may need to attend a doctor if:
You have had an illness in the past that the insurance company needs to know more about, or
The amount of cover you require is very large. You may be asked to attend a doctor for examination and/or tests.
For more information on Mortgage Protection, review our FAQs.