Fidelity Life mortgage protector is designed specifically to cover mortgage repayments when illness, injury, or involuntary redundancy stops you from working. While income protection replaces a portion of total income, mortgage protector focuses on ensuring your home loan repayments are met.
Monthly benefit payments are typically structured to match your mortgage repayments, up to the policy maximum. This targeted approach keeps your home secure without over-insuring your total income.
Common scenarios where mortgage protector provides value:
- An illness or injury that prevents you from working for an extended period
- Involuntary redundancy where income stops suddenly
- Recovery from surgery requiring time away from work
You choose a waiting period that suits your situation. If you have employer sick leave or savings to cover short absences, a longer waiting period typically reduces your premium.
Mortgage protector is often combined with life insurance and trauma cover to build layered financial protection. Together, these covers address different risks: death, serious illness, and inability to work.