What to consider if you want to protect your mortgage

Halifax Total Mortgage Protection Plan (TMPP) is an insurance plan designed to help you and your family protect your home and maintain your lifestyle in the event of death, critical illness, accident, sickness, involuntary unemployment or if you become a carer for a relative, during the term of your plan.

As part of our commitment to helping you make an informed decision, here are some things to think about before you take out any element of TMPP.

• What kind of features and benefits can I expect?
• What commitment do I need to make?
• Are there any risks?
• What else should I think about before I commit?

What kind of features and benefits can I expect?

It's important that you can continue to make your mortgage repayments even if the worst should happen to you. TMPP is designed to provide protection and peace of mind. It’s flexible so you can have either the entire plan or any combination of:  Mortgage Repayments Cover (providing cover for accident, sickness, involuntary unemployment or if you become a carer for a relative), Life Cover, and Critical Illness Cover. Other additional benefits include Children’s Critical Illness cover provided with critical illness cover, and access to Best Doctors for all plan holders and their dependants at no extra cost. The Best Doctors service offers access to the best medical experts in the world if you are diagnosed with a serious illness.

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What commitment do I need to make?

Your biggest commitment is to make regular monthly payments for the whole term of your insurance plan. Bear in mind these payments may increase or decrease due to changes to your plan, your personal circumstances or your mortgage itself.  When you set up the plan, you need to give us accurate information and take time to understand the limits of your plan and all its terms and conditions. Pre-existing medical conditions may be excluded from the cover. Please remember that if your circumstances change at any time between your quotation and your plan going live, you must tell us immediately, failure to do so may invalidate your cover.

Having mortgage protection is not compulsory, it’s up to you whether you take it or not. You are free to shop around and you are not tied to your mortgage lender. You may also wish to consider alternative products.

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Are there any risks?

The key thing to remember is that if you fail to make two consecutive payments of your monthly premium, your cover under the plan will cease. Also, if you don’t provide accurate information when you set up the plan your cover could be invalid. Additionally there may be events or situations that the plan doesn’t cover, so ensure you read all the terms and conditions.

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What else should I think about before I commit?

If you take out any element of TMPP and you decide that you are not satisfied with your cover within the first 30 days, you are entitled to cancel your plan without charge as long as you have not made a claim.  After the first 30 days you are free to cancel your plan at any time, but it has no cash-in value at any time.

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