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Halifax Total Mortgage Protection Plan

Owning a home, and taking out a mortgage, is a huge financial responsibility. You need to protect your investment by making certain your mortgage is paid even if you become unemployed. Halifax Total Mortgage Protection Plan protects you from the potentially devastating consequences of losing your job and income. The plan provides financial benefits in the event you suffer from an accident or illness, lose your job, die, need to provide full-time care for a loved one, or suffer from a specified critical illness.

The protection plan is made of three different cover types, including Mortgage Repayments Cover, Life Cover, and Critical Illness Cover.

Mortgage Repayments Cover provides a regular payment for up to one year should you become unemployed or suffer from an accident or illness. These payments can be used to pay your mortgage, or can be spent on other expenses and bills. You are also eligible to receive a lump sum payment should you be required to give up your income in order to care for a relative full-time. Life Cover provides a cash sum for repayment of your mortgage should you die during the term of your plan. Critical Illness Cover provides a lump sum payment if you are diagnosed with one of the critical illnesses listed on your policy. The plan pays out even if you make a complete recovery.

The Total Mortgage Protection Plan is tailored to your specific circumstances, which means you only pay for the cover level you need. The plan is flexible, enabling you to adjust your level of cover as often as you need without worrying about additional fees. You are not required to have a Halifax mortgage, and if you wish to switch your mortgage from one lender to another, you are able to keep your plan going. Mortgage repayments cover, life cover, and critical illness cover can all be taken out with one direct debit. Additionally, you have the option of selecting different cover levels for yourself and your partner, which is important if you each have different needs and financial responsibilities.

Some exclusions may be listed on your policy, and can be found by reading the plan conditions. Cover is not compulsory, and you can choose one, two, or all three of the cover packages. You have the option of choosing another provider, and enrolment in the plan does not require you to use Halifax for your insurance needs. Your Total Mortgage Protection Plan can be cancelled at anytime, which will halt your monthly premium.