Ensure you cover your monthly
Just like Life Insurance or Critical Illness cover, Mortgage Protection works the same way but it decreases over time as your mortgage amount reduces. We look to insure the amount you owe on your mortgage to make sure that if you or your partner were to die or become critically ill, then your mortgage would be paid off.
What is mortgage protection insurance and do I need it?
The reason for having mortgage protection insurance is to protect your home which is often the biggest asset you own. If you were to pass away before your mortgage had been paid off, mortgage protection insurance would ensure that your mortgage would be paid off and your loved ones would be able to continue living in the home.
As this is a decreasing policy, the amount on your policy reduces each month in relation to your mortgage payments until it reaches £0 and expires. The benefit of this type of decreasing cover is that as the policy is enough to repay your mortgage, the premium is usually lower than for other types of cover.
Do I need mortgage protection insurance?
If you have a mortgage, we always recommend you have some type of life insurance in place. Mortgage protection insurance is a type of life insurance policy as it is paid out when you die, although there are other life insurance policies that may be a better fit for you and your family.Arrange an Appointment