Buying your first home is exciting—but it’s also one of the biggest financial commitments you’ll ever make. Alongside choosing the right mortgage, it’s worth asking: What would happen if life threw you an unexpected curveball?
That’s where mortgage protection insurance comes in. From life insurance for homeowners to critical illness cover and income protection, these policies can help safeguard your home and your future.
You don’t need to be arranging a mortgage with us to get protection advice. Whether you’re buying, refinancing, or simply want peace of mind, we can help you review any gaps in your existing cover and recommend solutions to protect against loss of income, critical illness, or death. Our goal is to give you clear advice and a tailored quote so you can make an informed decision about safeguarding what matters most.
Why protection matters
You might feel like you don’t need insurance right now. But life can be unpredictable. Illness, injury, or worse can happen without warning—and when you’ve got a mortgage, the stakes are higher.
As an example, if you're employed, you might qualify for Statutory Sick Pay (SSP)— currently just £118.75 per week for up to 28 weeks — far below the UK average salary of around £37,430*. And with the average UK adult having only about £16,000 in savings**, that means if illness or injury kept you out of work, even with SSP, your savings could be gone in just a few months. With a mortgage to cover, protection is one of the most important safety nets you can put in place and securing your protection early often means lower premiums and long-term peace of mind.
Three key types of cover for you to consider.
1. Life Insurance
Life insurance for homeowners provides financial support for your loved ones if you die during the term of the policy. It’s especially important if you have a mortgage or other debts, or if you have dependents who rely on your income. This cover is designed to help protect your loved ones from the burden of mortgage debt if the worst happens.
2. Critical Illness Cover
Critical illness cover pays out a lump sum if you’re diagnosed with a serious illness covered by the policy. Whilst it’s recommended for anyone without a pre-existing condition who wants reassurance that they’d have financial security in the event of a diagnosis, there are circumstances that make this cover a higher priority: A mortgage based on a single income, a joint mortgage where one income is key, and a mortgage where borrowing was at the maximum available. It’s also an important consideration for those with dependents—anyone who relies on your financial support, such as a spouse, child, or elderly parent. This cover can help pay off your mortgage, fund treatment, or ease financial pressure during recovery.
3. Income Protection
Income protection for mortgage replaces part of your income if you’re unable to work due to illness or injury. It’s a financial lifeline in situations like a mortgage based on one income, a joint mortgage where one income is key, or borrowing stretched to the maximum available. This cover helps you keep up with mortgage payments and everyday expenses while you focus on getting better.
Ready to see how affordable protection can be?
Try our Instant Quote Calculator to see how affordable life insurance for first-time buyers can be. Answer a few quick questions and you’ll get an estimate of your cover needs, price, and personal risks—based on industry data. This doesn’t replace expert advice. The best way to understand what cover you need is to speak to one of our Protection Advisers.
Call us now on 08000 38 37 36.
This is for information only. Products and rates vary depending on your circumstances, lender criteria and products available at the time.
* ONS
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