Understanding Why Protection Matters

Buying a home is one of the biggest financial commitments most people ever make, which is why protection when buying a home should never be overlooked. The right protection gives you peace of mind, knowing that if something unexpected happens, your mortgage and your family are safeguarded.

When you take on a mortgage, you are committing to what is likely your biggest monthly financial responsibility. Insurance can ensure that if something unexpected happens, such as illness, injury or death, your home and loved ones are safeguarded.

Without protection, if your income suddenly stopped, your family could struggle to keep up with mortgage payments, which in the worst case could lead to losing the home you worked so hard to buy.

Protection gives peace of mind. It is about knowing that no matter what happens, your mortgage and lifestyle remain secure.

The Types of Protection You Should Consider

When buying a home, there are three main types of protection that are considered.

1. Life Insurance
Life insurance is designed to pay off your mortgage if you pass away during the term of your policy. This means your family can remain in the home without the stress of keeping up repayments.
You can choose between:

• Level Term Insurance: Pays out a fixed lump sum that does not reduce over time.
• Decreasing Term Insurance: The payout amount reduces alongside your mortgage balance, usually making it more affordable.

2. Critical Illness Cover
This pays out a lump sum if you are diagnosed with a serious medical condition such as cancer, heart attack or stroke. It gives you financial breathing space to focus on recovery rather than worrying about bills or your mortgage.

3. Income Protection
If you are unable to work due to illness or injury, income protection replaces a portion of your salary each month. It can make all the difference in maintaining your lifestyle and covering mortgage payments during uncertain times.

Why Lenders Do Not Require It but You Still Should

It is a common misconception that lenders require you to take out protection when you get a mortgage.
While they do not make it mandatory, they expect you to understand the risks of not having it.

Imagine being approved for a mortgage based on your income and then suddenly losing that income. Without protection, your family or savings would have to take on the repayments, which could quickly become unmanageable.

Protection is not for the lender, it is for your peace of mind.

How to Choose the Right Protection for You

The right protection depends on your personal situation, income, family, lifestyle and long-term plans.

At Turtle Mortgages, we search the whole protection market to find the most suitable cover for you.
We look at factors such as:

• The length of your mortgage term
• Whether you would prefer a lump sum or monthly income payout
• Any existing cover you already have through work
• Your budget, to make sure the cover remains affordable long term

Our goal is to build a plan that fits you perfectly, with nothing unnecessary and nothing missing.

The Bottom Line

Buying a home is a huge milestone. Protecting it is simply the next logical step.
Protection is not about expecting the worst, it is about making sure the life you have built continues even if things do not go to plan.

With the right advice and cover in place, you can enjoy your new home with peace of mind knowing your family’s security is not left to chance.