Have you got a protection policy in place for your mortgage? Michael Jacobs, Chief Operating Officer at Seico Mortgages, explains why you should. 

“At Seico we pride ourselves on finding the best possible mortgage and protection for our customers. Why is protection integral to what we do? Why not just a mortgage?

The answer is that whilst taking protection for the life of your mortgage is not compulsory, it is completely necessary.

There are two sides to this, one is affordability and the other is encapsulated in a really simple question: what happens if something goes wrong?


We need to make sure that not only can you afford the payments on your mortgage – and there are stringent requirements from lenders and the regulators on that front – but also that you can carry on paying for the mortgage throughout its term, no matter what life challenges you. This means making sure you are properly protected and covered.

What happens if something goes wrong?

As we all know anything can happen to anyone at any time. We could all get ill or we could all have an accident at any time. It doesn’t matter how rich or poor you are, how good your health is or how old or young, anything can happen.

Sometimes protection means covering a customer who has no dependants against them losing their job or being unable to work. We provide income protection that means that should such an event happen, your mortgage and basic living expenses are covered. You don’t have to lose your home.

Sometimes protection means covering the main money earner(s) against critical illness or life. If you have dependants, a spouse, partner, kids – it is absolutely vital to ensure that should something terrible happen, then you will at least have the security of being able to stay in your home.

As we have said anyone can get a critical illness or have an accident. In circumstances like that we tend to get a call and we normally have two possible answers:

Either: ‘We are truly sorry about the situation, but thankfully you took cover out when we organised your mortgage and at least your home is safe and your family does not have the added worry of having to move out

Or: ‘We are truly sorry, but unfortunately although you were offered protection at the time, you decided against it and it is now a possibility that due to the unexpected and terribly sad situation, you may have to consider moving as the mortgage amount is not insured.’

The better of those two options is obvious.

The other thing to consider is the time to get the best possible deal on protection is before anything has happened and when you are young and healthy.

So back to the beginning: whilst protection is not compulsory – it is necessary and completely integral to what we offer in getting the best possible mortgage for our customers. All within your budget.”

If you’d like to find out more about mortgages and policies, visit our website or call Seico Mortgages on 01273 715 874.