Mortgage Protection Policy
A mortgage is the biggest financial commitment most of us will ever take on, and if for whatever reason you are unable to work, become critically ill or die, you or your family will still be expected to meet the mortgage payments.
Although if the worst were to happen the state will provide a very basic safety net - such as jobseekers allowance – benefits will not give you anywhere near enough money to pay for your mortgage and other living costs.
So it makes sense to consider some form insurance to protect your mortgage. There are a range of products on the market you can take out to give yourself peace of mind to help you meet your mortgage repayments.
For example, if you were to become too ill to work and you couldn’t pay your mortgage payments, your home may be repossessed!
For peace of mind, many people choose a type of family life insurance called family income benefit
Most families, couples or co-habitants rely on at least one regular monthly salary to cover regular household spending. How would your household replace this if one partner died?There are multiple options when you take out Mortgage Life Insurance with us, we will guide you through them to help protect your mortgage
A mortgage protection policy, much like a life insurance policy, will pay out a lump sum to your family if you pass away
The people you share your home with can use this lump sum to pay the mortgage
Unlike life insurance however, the payout you may receive will most likely reduce as you continue to pay off your mortgage as the amount you owe reduces.
help protect your mortgage
How a mortgage protection policy can help your family
Mortgage life insurance policies have one clear objective - to help pay off an outstanding repayment mortgage in the event of death, during the policy term. This will give your family one less thing to worry about - a secure home at a difficult time. With this type of policy, the amount insured decreases as you pay off your mortgage balance. Typically a decreasing term policy such as this is cheaper than a level term policy, as the amount being insured declines over time.
Mortgage life insurance policies have one clear objective - to help pay off an outstanding repayment mortgage in the event of death, during the policy term. This will give your family one less thing to worry about - a secure home at a difficult time. With this type of policy, the amount insured decreases as you pay off your mortgage balance. Typically a decreasing term policy such as this is cheaper than a level term policy, as the amount being insured declines over time.
- peace of mind
- looked after financially
- one less thing for them to worry about
