Mortgage Protection is a decreasing life cover that is used to protect a mortgage or loan. For most homeowners, the mortgage is the single largest source of personal debt. It is a simple and affordable way to safeguard your family against the financial burden of an outstanding mortgage in the event of your death. This is achieved by helping to pay off the remaining balance up to a specified amount.
The amount of cover on your policy lasts as long as your mortgage, and the monthly premium you pay is determined by the size of your mortgage, your age, whether you smoke or not, and the state of your health.
It is the most cost-effective type of life insurance because your level of coverage reduces in line value of your loan.
Why is Mortgage Protection important?
- If you have a mortgage on your home, it is compulsory to take out Mortgage Protection insurance.
- It protects your family from a substantial financial burden.
- If you die during the term of the policy, the policy will pay off the remaining amount on your mortgage.
Can I switch my current Mortgage Protection policy?
Of course you can! You can apply for new insurance at any point during your mortgage. Because consumers are so excited to obtain their loan when buying their new home, they sign up their mortgage protection cover with the bank at the moment of mortgage approval. However, the banks are in many cases tied with only one provider. So the premiums obtained at the time are not very competitive.
Most of the time, clients who request a quote with an impartial Insurance broker save a significant amount of money by switching from their previous mortgage protection policy obtained from the bank.
This mortgage protection pays out on both deaths.
This plan would usually pay out on the first death
Pays you a sum if you are diagnosed with one of the specific illnesses
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