Mortgage Protection – has a sum assured that reduces each year. It is in line with the outstanding capital on a ‘capital and interest’ (repayment) mortgage at a specified interest rate. It would pay out a capital sum sufficient to repay the outstanding mortgage if the policyholder dies within the term. Therefore, it will relieve your family of the financial burden of repaying the mortgage should the unexpected happen.
Buying a house is a major financial commitment and a big investment for a lot of people. Your home may be repossessed if you do not keep up repayments on your mortgage. Therefore, it is important for you to have a cover in place to protect your home should the unexpected happen. You should consider it if you are the primary wage earner in your family. It helps to ensure that your dependents do not have to worry about repaying the mortgage if you die. You should also consider it if you do not have enough savings to cover your mortgage if the unexpected happens.
Mortgage protection is a type of Insurance that protects the family home. It will pay out a cash lump sum to help pay off the mortgage if the policy holder dies during the term of the policy. This will give peace of mind ensuring your loved ones could continue to live in the family home without having to worry about the mortgage payment.
Understanding mortgage protection can also be confusing. Getting the correct coverage for your individual needs can also be quite tricky. We will make it easy for you to understand mortgage protection and help you choose the right cover. Speak to one of our advisers to get the best price for your unique requirements. Just simply click on the “Get a free quote” button below and we will get in touch with you.