As you pay off your mortgage, the level of cover you need changes. A mortgage protection review will guarantee you're covered for your current needs.

With a review, you may find you’re over or under-insured, or that you can make savings. Make sure you’ve got the right mortgage protection to fit your life.

It's important to check that your mortgage protection is appropriate for the value of the property and term of the mortgage. You also need to make sure that your mortgage protection covers both you and your partner.

If you have more than one mortgage, then you may also have more than one mortgage protection policy (one for each property).

Remember, only your principle residence requires mortgage protection but to make sure you are protected in the event of death, you should cover both properties.

Not all mortgage protection policies are the the same. Providers are always updating and improving their cover, and releasing new products. So it makes sense to review and shop around. 

Keep in mind that what you need to be insured for compared to what you're actually insured for... may differ! A protection shortfall is where you’re not covered for what you need to protect. This could be you if you need extra cover but haven’t reviewed your policy to include this. An example would be getting married or if your mortgage value has changed.

It’s vital to ensure your cover is right for your new mortgage and any life changes.

Since you bought your first house, your protection needs may have changed. Children, financial status and lifestyle changes can all be factors.

If you remortgage your house, make sure your mortgage protection value matches your new mortgage. Without a review of your protection, you could be left with a protection shortfall.

Buying your first house can be daunting – so here’s some useful advice.

• You need mortgage protection or life cover to draw down your mortgage – and your protection must match or exceed the debt and the term. Your bank will suggest a policy for you, but this may not be the best fit for your needs.
• It's important to review your mortgage protection throughout the lifetime of your mortgage. This will ensure you’re enjoying the best value and have the right cover for what matters most.
• You can use a life cover policy to draw down your mortgage, so it’s vital to review your cover to ensure your mortgage is safe and the people you care about are protected.
• Reasons to review your protection might include a new child, quitting smoking and many other factors that can impact on the level of cover you need and the cost of your cover. A review could also save you money.    
• You can add Serious Specified Illness cover to your life protection. This means if you get sick and are diagnosed with one of the specified illnesses covered, the policy pays a lump sum to help cover some of your costs – which can include mortgage repayments.