What Is the Best Mortgage Protection Insurance UK?

There’s no one best mortgage protection insurance policy in the UK. There are many different excellent mortgage protection insurance companies out there, which gives you a lot to choose from.

The easiest way to narrow this down is to focus on what the best mortgage protection insurance looks like for you. For example, does best for you mean a cheaper deal? Or perhaps you require additional coverage due to the nature of your job? Do you want mortgage protection that covers your mortgage if you can’t work due to illness or injury, or only if you pass away during the mortgage term? Would you rather there’s a grace period for any additional cover to reduce costs?

Balancing the costs with the type of coverage you need can make finding the best mortgage protection policy for your situation a lot more straightforward. Keep reading to find out how to do this, what to consider when choosing a plan and which steps you can take to ensure you get a competitive deal.

How Can I Get the Best Mortgage Protection Insurance?

To get the best mortgage protection insurance, the simplest thing to do is consult a mortgage protection broker like John Charcol. We do all the research and work for you to find the deal best suited to your individual budget, requirements and circumstances. We also have access to deals you might not be able to obtain by going directly to a provider.

Nonetheless, there are some steps you can take and factors to bear in mind to put you in a position to secure the best mortgage protection insurance for your circumstances.

Steps to Get the Best Mortgage Protection Insurance UK

1. Review Your Current Policy

Understand your existing coverage - if you have any - including any cancellation terms and potential penalties for early termination. Knowing these details will help you make an informed decision on what you’re looking for in a new plan.

2. Compare Quotes

Shop around and compare quotes and coverage from multiple providers. Use comparison tools and seek advice from mortgage protection brokers like John Charcol to find the best deal that meets your needs.

3. Improve Your Health and Lifestyle

Take steps to improve your health by quitting smoking, adopting a better exercise regime and making sure you’re a healthy weight for your height and age. This can reduce your premiums.

4. Consider the Benefit Policy

If you’re taking out critical illness cover or income protection as part of your policy you should consider the benefit period. The benefit period is the length of time over which the insurance pays out when you make a claim. A shorter benefit period usually means lower premiums, but also means less time to recover without worrying about mortgage payments

5. Think About How Long You Would Want to Wait Before Payment

If you take out critical illness cover or income protection consider the waiting period. The waiting period is how long you must wait once unable to work before your mortgage protection payments kick in. Longer waiting periods can reduce your premiums but also potentially put you under more stress and result in you relying on your savings until the insurance pays out.

6. Read the Fine Print

Understand the terms and conditions of the new policy. Look for any exclusions, waiting periods, or changes in coverage that might affect you and make sure you don’t select a deal solely based on cost.

Potential Pitfalls to Avoid When Choosing the Best Mortgage Protection for You

  • Non-disclosure: be honest about your health and lifestyle when applying for a new policy. Non-disclosure can lead to claim rejections in the future
  • Ignoring policy details: don't switch solely based on cost. Make sure the new policy provides adequate coverage for your needs and circumstances
  • Policy gaps: avoid having a gap in coverage during a switch in providers. A gap can leave you unprotected in the event of a claimable incident

What If I Already Have a Mortgage Protection Policy?

If you already have a mortgage protection policy then you’re entitled to review it! You can change your mortgage protection insurance provider to secure a better deal, whether you’re focused on reducing the price or improving your coverage and terms.

Your circumstances, health, budget and lifestyle could all be different from when you first took out your policy so a new mortgage protection plan could better suit your needs as they are today, compared to when you took out your existing policy.

Why Change Your Mortgage Protection Insurance Company?

There are several reasons why switching providers may enable you to get better mortgage protection:

  • Lower premiums: as time goes on, you might find better deals on the market. New providers might offer lower premiums, especially if your health has improved or if you're eligible for discounts
  • Improved coverage: your current policy might not offer the coverage you need anymore. Switching providers can allow you to get a policy that better matches your current financial situation and coverage requirements
  • Better terms and conditions: policies and terms can vary significantly between providers. By switching, you might find a policy with more favourable terms, such as better critical illness coverage or additional benefits
  • Enhanced customer service: if you’re not satisfied with the customer service from your current provider, switching to a provider known for better customer support can be advantageous
  • Special circumstances: life changes, such as quitting smoking, significant weight loss, or other health improvements, can result in lower premiums with a new provider

Get the Best Insurance for Mortgage Protection with John Charcol

At John Charcol, we’ re committed to helping you find the best mortgage protection insurance in the UK. Our experienced advisors can guide you through the options and ensure you get the best coverage at the best price. Contact us today on 0333 363 6507 to learn more about how we can help you protect your home and save on insurance costs.

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