Blog

Buying your first home is a milestone — financially and emotionally. You’ve saved for a deposit, chosen the right mortgage, and finally secured the keys. But have you thought about how to protect your home and family if life takes an unexpected turn?

At Finsso, as trusted mortgage advisors in Manchester, we believe your mortgage plan is incomplete without considering life insurance, income protection, and critical illness cover.

Let’s break down why these protections are vital — especially for first-time buyers.

1️. Why Mortgage Protection Matters

A mortgage is typically a 25–35-year commitment. During that time, life can change — illness, redundancy, accidents, or even the loss of a loved one.

Ask yourself:
👉 If your income stopped tomorrow, could you still make your mortgage payments?
👉 Would your partner or family be able to take over the payments?

Without protection, missing even a few payments can put your home at risk. With the right cover, you safeguard not just your house — but your financial future.

2️. Life Insurance: Protecting Your Loved Ones

What is it?
Life insurance pays a tax-free lump sum if you pass away during the term of the policy. It’s often used to clear the remaining mortgage and support your dependents.

Why it’s essential:

• If you’re buying with a partner or have children, life insurance helps ensure your loved ones won’t lose their home.
• Many buyers choose mortgage life insurance (also called decreasing term cover) — where the payout reduces as your mortgage balance goes down.

💡 Peace of mind: It’s one of the kindest things you can do for your family.

3️. Critical Illness Cover: Support When You Need It Most

What is it?
This policy pays out a lump sum if you’re diagnosed with a serious illness like:

• Cancer
• Heart attack
• Stroke
• Multiple sclerosis
• Organ failure or transplant

Each provider has a list of covered illnesses, but most major conditions are included.

Why it’s vital:
Even if you survive a critical illness, recovery may take months or even years, impacting your income. This cover gives you the financial freedom to focus on recovery — without worrying about your mortgage or bills.

💡 Example: Diagnosed with cancer and need time off work? Critical illness cover can fund your mortgage payments, medical care, and daily living costs.

4️. Income Protection: Your Paycheck’s Safety Net

What is it?
Income protection pays you a monthly income if you’re unable to work due to illness or injury — until you recover or retire (based on the policy).

Why it matters:
Statutory Sick Pay in the UK is only £116.75/week (as of 2025) — not enough to cover most mortgage payments.

If your mortgage relies on your income, this cover can be a lifeline.

💡 Good to know:
Policies can be customised with:

• Deferral periods (when payments start)
• Payment duration
• Cover based on your job type

5️. Can First-Time Buyers Afford This Cover?

Yes! Most people are surprised at how affordable these policies can be — especially if you’re young and healthy.

✅ Combine all 3 covers in one policy
✅ Flexible plans to suit your budget
✅ Tailored advice from a trusted mortgage advisor

💬 If you’d insure your car — why wouldn’t you insure your home, your income, or your life?

6️. Do You Need All Three?

Not necessarily — but the right combination depends on your situation.

Let a mortgage & protection advisor help you choose the right mix based on your lifestyle, health, and income.

Final Thoughts

Buying a home is a dream come true — but life is unpredictable. With the right protection, you’re not just securing a mortgage. You’re securing your future, your family, and your peace of mind.

Need Help Choosing the Right Insurance Cover?

At Finsso, we work with trusted UK insurance providers to help you:

• Choose the right protection plan
• Compare costs and cover levels
• Understand the fine print in plain English

📞 Book a FREE, no-obligation chat with our friendly team today.
Let’s ensure your home — and everything it means — is well protected.

👉 Contact us now