Mortgage protection means more security for your family
For most of us, buying a home is a major financial commitment. So it’s important that we have cover in place to protect your home, if the unexpected happens. A mortgage protection plan will pay off the outstanding balance on your mortgage if you die or become seriously ill. Bringing you peace of mind in the knowledge that your family home is secure, no matter what happens.
What is Mortgage Protection?
Mortgage Protection is a dedicated type of life insurance. It helps secure the ownership of your home by paying off the outstanding mortgage if you die within the specified term. Your family would therefore be relieved of the financial burden of repaying the mortgage, should the unexpected happen.
How does it work?
When you take out a mortgage, your provider will insist that you have sufficient cover, should you die within the specified term. You can also get cover for a number of serious illnesses or in the event of permanent total disablement. You will then pay a premium each month for the duration of the mortgage term. If the unexpected happens and you die, or are struck by illness before the end of 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.