Mortgage Protection

What is Mortgage Protection?

Mortgage Protection is a life insurance policy which pays out a lump sum of money in the event of death and/or being diagnosed with a specified critical illness. This money can be used to fully repay your outstanding mortgage.

Do I need Mortgage Protection?

If you or your financial dependents would suffer financially in the event of the mortgage payer’s death or critical illness then probably, yes.

I have life cover provided at work, do I still need cover?

That depends. Some people will use their work’s life cover (also know as Death in Service Benefit) to ensure that their mortgage would be repaid or reduced in the event of their death. Others prefer to have a policy set-up independently from their workplace so as to ensure that if they change jobs or retire, they still have a policy in place specifically designed to protect their mortgage.

I have an existing life policy, do I still need cover?

We would look at your existing provision to confirm its suitability for your current needs and make recommendations accordingly.

How would your mortgage payments be maintained in the event of your death or suffering with a critical illness such as a heart attack, stroke or cancer?

Do you want to ensure that financial dependents can remain in your family home in the event of your death or suffering a critical illness?

I’m young and healthy, why setup Mortgage Protection now?

We recommend Mortgage Protection to individuals and couples for whom a need has been identified. We understand that when you’re young and healthy the last thing you might imagine is premature death or suffering a critical illness. The reality is that people rarely diarise a time to die. To put it another way, you wouldn’t expect to buy a new car insurance policy after a car crash and expect them to accept a claim.

How much cover should I have and for how long?

For mortgage protection we typically recommend protecting all borrowers for the amount and term of the mortgage. For example, a £300,000 mortgage for 20 years could be protected by a Mortgage Protection Policy with a sum assured of £300,000 and a policy term of 20 years.

How much does it cost?

The cost of life insurance is typically cheaper when one is younger and in good health. As we get older and start to have more medical complications, the cost tends to rise. Contact us today for a no obligation indication on cost.

How much do you charge for providing Mortgage Protection?

We do not usually charge a fee for advice and arranging an insurance product. We will receive a commission from the insurer and this is reflected in the premium amount you pay them. All commissions would be disclosed to you before agreeing to proceed.

Can I get this type of cover online? Use a comparison website?

Have a look, then contact us with your quotation to see how competitive we are.

Plato Financial Services only recommend the UK’s leading Life Insurance providers based on great customer service, strong track history for claims payouts and competitive premiums.

Buying online without proper advice runs the risk of setting up the wrong policy and / or not setting it up in the correct manner. This could mean that any payout could be subject to tax and / or not paid out in a timely manner.

Does your existing mortgage protection plan meet your current objectives?


Protection plans with no investment link will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained then cover will lapse. Tax planning is not regulated by the Financial Conduct Authority. Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.

How can Plato help?

We are insurance intermediaries offering products from a range of insurers based on a fair and personal analysis of the market for Life Assurance, Critical Illness Cover and Income Protection Insurance.

We’ll discuss and help identify your protection needs and recommend solutions for any shortfalls you may have. We have over 20 years’ experience in helping people create financial security and have peace of mind for life’s less fortunate events.

We understand the delicate nature of discussing death and ill heath and know how important it is to do so in a considerate manner.

We’ll help ensure that your life policy is written in the correct manner which means that any claim is paid out in a timely manner, tax efficiently, and to the correct people.

A word from our clients...

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