Life insurance generally pays a lump sum if you die during the policy term, helping your loved ones manage mortgage repayments, household bills and other expenses.
Critical illness cover pays out if you're diagnosed with a specified serious illness covered by your policy and meet its conditions. The two types of insurance protect against different risks and can sometimes be combined.
Income protection insurance can be particularly valuable if you rely on your earnings to pay your mortgage, bills and everyday living expenses. It typically provides regular payments if illness or injury prevents you from working.
Whether it's suitable depends on your employment benefits, savings, financial commitments and the level of cover you need.
Life insurance is not normally a legal requirement when taking out a mortgage in the UK. However, it can provide financial security for your family by helping repay the outstanding mortgage if you die during the policy term.
Buildings insurance is generally required by mortgage lenders, although you're usually free to choose your own insurer.
The amount of protection you need depends on your mortgage balance, income, household expenses, existing debts and financial dependants. You may also want to consider future costs, such as childcare or education.
A protection adviser can help you calculate an appropriate level of cover based on your circumstances and budget.
Yes, it's possible to obtain life insurance or income protection with a pre-existing medical condition, although your options will depend on your medical history, the condition and the insurer's underwriting criteria.
Some insurers may charge higher premiums, apply exclusions or decline cover. An adviser can help you explore suitable providers and understand the terms available.