Money Minder UK

Quick Quote - Mortgage Protection

Explore the different plans you might need to ensure that your outstanding mortgage debt can be repaid if you were to die or be diagnosed with a critical illness.

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Glossary

GDPR - Your Personal Data

What we need

Money Minder will be known as the "Controller" of the personal data you provide to us.

In the conduct of business with you we will need to collect information about you which we will hold as data controllers under the General Data Protection Regulation (GDPR). We will use this information to ensure that our advice is suitable for your circumstances. Unless otherwise agreed, we will usually only collect basic personal data about you. If health, life insurance or enhanced annuity contracts are being applied for, we may request medical information including family medical history. This is known as "sensitive personal data".

If you wish to see a list of data which we may hold about you, please contact our Data Protection Officer, Ray Black.


What we do with it

We will use this information to ensure that our advice is suitable for your circumstances. All the personal data we hold about you will be processed by our staff and selected third parties in the United Kingdom. It may also be disclosed to the Financial Conduct Authority (FCA), who regulate us and Financial Ombudsman Service (FOS) which is an independent arbitrator and wherever there is a legal obligation that we do so. Additionally, it may also be disclosed to our Compliance Consultants and / or External Paraplanners and Consultants who help to ensure that, in your interests, we abide by the rules of the Financial Services and Markets Act, (FSMA) 2000 and any other regulations.

Please be aware that your information may be stored on a cloud-based system.


How long will we keep it?

The FCA requires us to keep records of our business transactions for specified periods and as long as it is in your interests that we do so. We will generally keep your personal data for no less than for the duration of our business relationship.

Your data will be updated and amended if necessary at the regular review meetings that you have with your financial adviser and/or if you specifically notify us of any changes to your personal details.


Using your personal data for marketing purposes

We may contact you from time to time to provide you marketing information such as our online newsletters and to bring your attention additional products or services which we think may be of benefit to you.

If you agree to being contacted by us for marketing purposes, please tick the relevant consent box when providing contact details on our website.


Your Rights

Under the General Data Protection Regulation, you have various rights regarding the use of your personal data which are as follows:

  • The right to be informed - of any and all matters pertaining to your data.
  • The right of access - to any or all of your data at all times.
  • The right of rectification - of any mistakes or inaccuracies.
  • The right to erasure - of data we hold on you. Please note that this right is not absolute. If you wish for details of when the right to erasure does not apply, please contact our Data Protection Officer, Ray Black.
  • The right to restrict the processing of your personal data - if for example you have contested its accuracy and while this is being verified by us.
  • The right to data portability - to have your data transferred to another firm.
  • The right to object - to any aspect of how we use or handle your data.
  • The right not to be subject to automated decision making.

Our Lawful Basis for Processing your Personal Data

If you wish to raise a complaint about how we have handled your personal data, including in relation to any of the rights mentioned above, you can contact our Data Protection Officer Ray Black at ray@money-minder.com and he will investigate your concerns.

If you are not satisfied with our response, or believe we are processing your data unfairly or unlawfully, you can complain to the Information Commissioner's Office (ICO). You can find further information about the ICO and their complaints procedure at the following link https://ico.org.uk/concerns.

Information Boxes

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Product Type

Level Term Assurance

This is one of the most common types of life assurance plans. It is designed to pay a pre-determined tax free lump in the event of the life assured's death, if it occurs within the specified term of the plan. As there is no investment element, all of the premium can be used to provide the lump sum benefit required allowing high levels of cover to be achieved from relatively low premiums.

These plans are available as pure life assurance plans, critical illness only cover plans or a combination plan that would become payable on death of the life assured or on the diagnosis of a critical illness.

For critical illness plans, the cost of including a life assurance benefit is often minimal and in some cases, it can be cheaper to buy a 'death or earlier critical illness plan' as opposed to a critical illness only plan.

Mortgage Protection

These plans are designed to protect a normal repayment mortgage. The level of cover is set to match the original mortgage loan, and reduces over the years as you pay off your mortgage.

Sometimes known as a decreasing term assurance policy, the premium you pay stays the same whilst the benefit payable in the event of a valid claim decreases at a similar rate to the capital amount outstanding on your mortgage.

They usually aim to pay off your outstanding mortgage debt, assuming the mortgage interest rate payable does not exceed a certain rate.

Family Income Benefit

Rather than providing a lump sum, Family Income Benefit plans provide an income, often as a regular, tax free, monthly amount.

However, you should be aware that payments are only made from the time of the claim to the end of the plan. For example: If the original term of the plan was 20 years and a claim on death was made in year 17, only 3 years of payments would be made.

In comparison, if you were to put in place a level term assurance plan as discussed above, the full sum assured would still be payable, even in year 19.

Family Income Benefit is beneficial to those who would prefer to receive a regular tax free income rather than have to worry about investing a large lump sum. As the total amount payable over the term of the plan decreases month by month, Family Income Benefit can often be slightly cheaper than level term assurance.

Wavier of premium

For all the plans mentioned above, waiver of premium benefit can be added so that if you were unable to pay your premiums due to an accident or long-term illness, the company in effect waives premiums after a specific period. This is an option that you can choose to include when obtaining initial quotes for the plan that you require.

Benefit Type

Death Benefit Only - This type of plan pays out only on death. Some plans will pay out benefits on diagnosis of a terminal illness.

Critical Illness Only - This type of plan only pays out when one of the policy specific range of critical illness conditions has been professionally diagnosed. Some plans will pay out benefits should you become totally and permanently disabled.

Death or Earlier Critical Illness - This type of plan pays out on a first event basis, i.e. Benefits are paid when either one of the policy specific of critical illness conditions has been professionally diagnosed or on death, whichever occurs first. Some plans will pay out benefits should you become totally and permanently disabled or on diagnosis of a terminal illness.

Occupation

Enter the occupation (or part of it), after completing the rest of this page, press next. On the next page one or more potential matches will be displayed - select the appropriate one from the list. If there are a lot of matches, you will see �please select�, and you will need to press the down arrow for the list to be shown.

If no suitable match can be found, select unknown occupation and the quote will be requested based on a non-hazardous occupation.

Increasing Benefit

With many plans, at outset, you can opt for the cover provided by the plan to increase each year, often by inflation. This facility is designed to help to maintain the buying power of the amount payable in real money terms in comparison to when the plan was originally set up.

If you choose not to include an inflation proofing option on outset, it is important that the level of cover provided by this type of plan is reviewed on a regular basis in order to ensure that the benefit payable maintains its purchasing power.

Waiver of premium (or premium protection)

If available, it is generally a very good idea to include waiver of premium within your policy conditions. This is because, whilst not always the case, with many protection policies, if you miss a premium payment you could lose the cover.

Whilst this may increase your premium slightly, it will help to ensure that in the event of you becoming disabled or unable to work due to an accident or long term illness you won't necessarily need to meet your monthly payments to keep the plan in force.

There is usually a waiting period before a claim can be made, referred to as the 'deferred period', which is often about six months.

The underwriting (the decision on how much to charge you for including waiver of premium) is usually stricter than life cover and they are likely to investigate your occupation as well as your health. Even so, any additional is usually relatively small.

Smoker

A smoker is defined as someone who has used tobacco products within the last 12 months.

This includes cigarettes, cigars and pipes, or nicotine replacements. A simple medical test may be required to check validity.

Deferment Period

When you take out an income protection plan you choose the length of time you will wait between becoming ill and benefits starting to pay, with a minimum normally of 1 month.

The waiting period (known as the deferred period) for most plans is normally set up at either 4, 13, 26 or 52 weeks and is chosen at application stage by the person who is setting up the plan. In effect the shorter the deferred period, the more expensive the plan is likely to be.

Reviewable rates

Guaranteed premium

Guaranteed means that the premiums you pay are guaranteed to remain the same for the duration of the plan and will not be increased by the provider at some point in the future.

Guaranteed premiums will normally work out as a better option with the least risk to your budget over the longer term but if you are on a tight budget right now and don't mind taking a risk that the premiums could go up significantly in the future, reviewable premiums give you an alternative option to get higher cover at a potentially lower cost in the short term.

Reviewable premium

Normally, by opting for reviewable premiums on plans you will pay slightly less at outset than you would expect to pay for guaranteed premiums. However, by opting for this choice you are also agreeing that the life assurance company you use to provide you with the life assurance you need can review your policy premiums at a later date.

Reviews are often set up either annually, every 5 years or after the first 10 years and then every 5th anniversary after that. Over time reviewable premiums could increase to the point that you are paying considerably more than you would have been had you started with guaranteed premiums in the first place. Therefore there is a risk that if you opt for reviewable premiums to save money in the short term over the longer term you could end up paying significantly more or they could even become unaffordable.

Gross Annual income

The amount of benefit you can be covered for by an income protection plan is normally determined by your gross annual income. Normally up to 65% of your current earnings can be replaced by an income protection policy, although any income from state benefits, pensions or other sources will often be taken into account when benefit levels are calculated.

Cover can also be obtained if you are not working, and the amount available will vary from company to company.

Benefit Type

The benefit type is an option to handle when you would like cover to payout. The more inclusive the option, the higher premiums may be. If you're unsure on this, please use the finance navigator to guide you towards an amount, alternatively request a callback to speak to one of our advisers.

Term

The term is the amount of years you wish the cover to protect you for. A longer term will likely result in a higher premium.

Monthly Benefit

The Monthly benefit is the amount of money the policy will pay you per month in the event of a claim.

Amount of Cover (Benefit)

The amount of cover is how much your policy will provide upon a claim.

For level policies the initial lump sum amount entered, is the amount the policy will pay regardless of when claimed during the policy term.

For increasing policies, the amount you enter is the initial lump sum amount of cover, each year, this amount will increase.

For decreasing policies, the amount you enter is the initial lump sum amount of cover, each month, this amount will reduce.

For family income benefit, the amount you enter is the Annual Income you will receive for the remaining term of the policy.

Cease Age

The cease age dictates the term of the policy, the policy will run until X age.