Buying a home is a major financial commitment and it is important to have cover in place to protect your home if the unexpected happens. Mortgage protection is a common form of life insurance. It ensures that your mortgage will be paid off if you die during the term of your plan so that your family would be relieved of the financial burden of repaying the mortgage. With some exceptions, mortgage protection is a legal requirement and the lender will typically insist you have cover.
You pay a premium each month for the duration of the mortgage term. If you die within the term, the policy will pay off the mortgage with a lump sum. Your cover will decrease over the term of the plan, broadly in line with the capital outstanding on your mortgage.
Mortgage Protection premiums depend on the length and amount of your mortgage, as well as your health and age. Lenders will offer cover – usually they are tied to one insurer and savings can be made by shopping around.
We talk you through your options and ensure that you get the most suitable, best quality cover at the most competitive price.
Contact us today for more information or to arrange a consultation.