mortgage protection

Mortgage Protection is a kind of Term Assurance specifically designed to repay, on death, during the term, the amount outstanding on a 'Capital and Interest' Repayment mortgage. In other words, if the policyholder(s) die prematurely, the outstanding loan amount on the mortgage will be repaid in full.

Some policies have rider benefits- extra options- which can be added on to the principal life insurance.

These 'extras' may include:

Waiver of premium benefit - the monthly premiums for the policy are, in effect, paid for you in the event of your being unable to work due to illness or accident.
Income protection benefit - a percentage of your income is paid to you if you cannot work at your usual employment.
Unemployment benefit - a different angle on the income protection benefit .Usually provides a set monthly income for a defined period in the event of your being unexpectedly laid off from work.
Critical Illness cover - this benefit is paid before death,but on the diagnosis of a life shortening disease or illness (for example cancer, stroke or heart attack). This benefit may replace the death benefit, or it may be paid as well as it.

All of these 'extra' options will mean that the overall cost of the cover will increase and will be subject to normal health and financial underwriting .