Protect Your Home. Safeguard Your Family’s Future.
Your income as a contractor may vary, but your family’s financial security shouldn’t. With contractor-focused mortgage protection, you can make sure your loved ones are always protected — no matter what life brings.
Why Mortgage Protection Is Essential for Contractors and Their Families
For contractors, income can fluctuate, making long-term financial planning more complex. Mortgage protection provides a safety net — ensuring that if something unexpected happens to you, your mortgage will still be paid off. This means your family can remain in their home, without the added worry of financial strain.
As a contractor, having this cover gives you peace of mind that your loved ones won’t face uncertainty or debt in your absence. It’s one of the simplest ways to protect your home and secure your family’s future.
If you’re unsure where to start, our advisers can help you find the right cover to suit your individual needs and income setup.
How Much Does Mortgage Protection Cost?
The cost of mortgage protection depends on a few key factors, including your age, health, smoking status, policy length, cover amount, and the size of your mortgage.
The good news? Mortgage protection is often more affordable than standard life insurance. That’s because the cover amount usually decreases over time, matching your reducing mortgage balance.
So, while prices can vary, it remains a cost-effective way to protect both your home and your family’s financial future.
How Much Does Critical Illness Cover Cost?
The cost of critical illness insurance varies based on several factors, including:
- Age
- Health
- Coverage Amount
- Your Lifestyle
However, Critical illness insurance tends to be more expensive than life insurance. Because you’re more likely to make a claim on a critical illness policy than on a life insurance policy.
Find the Right Amount of Mortgage Protection for You
Working out how much mortgage protection you need can feel complicated — but we’ve made it simple. Our Mortgage Protection Calculator gives you an instant estimate of how much cover you may require based on your mortgage amount and term.
It’s a quick and straightforward way to ensure your family will always be financially protected.
Please note: the calculator provides only an estimate. For tailored guidance that fits your personal circumstances, speak to one of our mortgage protection experts today.
Understanding Your Mortgage Protection Options
There are two main types of mortgage protection to consider — each with its own benefits.
Level Term Mortgage Protection
This type of cover remains fixed for the entire policy term. For example, if you choose £250,000 for 25 years, your loved ones will receive that full amount no matter when the claim occurs. Because the pay-out doesn’t decrease, your family could also use any remaining funds for other needs. It offers predictable premiums and a guaranteed amount, though it can be slightly more expensive and the pay-out’s value may be affected by inflation over time.
Decreasing Term Mortgage Protection
Here, the amount of cover gradually reduces in line with your outstanding mortgage balance. So, if you pass away with £150,000 remaining, that’s the amount paid out. It’s often more affordable and ensures your mortgage is fully covered. However, as the cover reduces, there’s no additional amount beyond what’s needed to pay off the mortgage.
Both options provide meaningful protection — and the right choice depends on your personal goals, family needs, and budget.
How Contractor Mortgage Solutions Can Support You
Helping contractors and their families stay protected through tailored life insurance solutions.
Expert Guidance:
As an independent intermediary, we offer unbiased advice, clear explanations, and ongoing support — helping you make confident, informed decisions.
Financial Protection Expertise:
We work with the most trusted UK insurance providers, ensuring you receive cover that’s both reliable and affordable.
Tailored Plans:
Every contractor’s situation is unique. We’ll help you find a plan designed around your income pattern, mortgage size, and family priorities.
Ongoing Support:
As your contracts and lifestyle evolve, so should your cover. We’ll help you review and adjust your policy whenever needed.
FAQ’S
What is mortgage protection?
Mortgage protection is a type of life insurance that pays off your remaining mortgage if you pass away during the policy term, ensuring your family keeps their home.
Why is it important for contractors?
Contractors often have variable income, making consistent mortgage payments harder if something unexpected happens. Mortgage protection offers stability for your family and peace of mind for you.
Is mortgage protection expensive?
Not usually. It’s often cheaper than traditional life insurance, especially if you choose a decreasing term policy that matches your mortgage balance.
Can I get cover if I’m self-employed or on short contracts?
Yes. Specialist insurers understand contractor income and can tailor your policy to fit your working arrangements.
Can I change my cover later?
Absolutely. As your career or family situation changes, you can review and adjust your protection plan with help from our team.