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Insurance

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Your mortgage is likely to be the most important financial commitment you make and it is vital that you seriously consider how you protect your property, and you and your family against the unexpected.

The Society offers buildings and contents insurance, mortgage payment protection insurance and pure protection insurance and specialist staff are available to guide you through your options.

Many people think, “It’ll never happen to me”, but illness and accidents happen every day.

Buildings and Contents Insurance

This type of insurance protects you against damage to your home and/or the contents of your home, such as your furniture and electrical goods.

The Society does require you to have at least satisfactory Buildings Insurance in place, although it is not compulsory for you to arrange this through the Society. If you choose to arrange this elsewhere, there will be an administration charge. Please see the Service Charges leaflet for the current fee.

The Society earns commission, which is paid to us by insurers once your premium is paid to them. Full details are available on request.

Mortgage Payment Protection Insurance

This optional insurance pays out to help cover your mortgage repayments for a limited period in the event of you suffering an accident, sickness or unemployment.

Help with mortgage repayments may also be available through the benefits system and you should contact the Department of Work and Pensions or your local JobCentre Plus office to see if you are entitled to assistance with your mortgage repayments.

Pure Protection Insurance

The Society offers other types of insurance products to provide you and your dependents with some financial security to protect against the unexpected.

• Life assurance - this would help repay the mortgage if you were to die within a specified term
• Critical Illness Cover - this would pay out a lump sum, if you were to be diagnosed with one of a number of defined critical illnesses within a specified term
• Family Income Benefit - this would provide a lump sum or an income to your dependents in the event that you were to die
• Income Protection - this cover would replace some of your income if you were unable to work for a long period of time because of illness or disability and could help pay your mortgage repayment and/or household expenses until you can return to work or retire

Please ask your mortgage interviewer, contact your local branch or our Insurance Team at our Head Office for further information.