Mortgage Protection is a life insurance policy that pays off your mortgage in the event of the death of you or your partner. The policy has a term identical to your mortgage and the benefits decrease as the balance on your mortgage is reduced.
Usually a mortgage protection plan is considered a mandatory condition of a mortgage loan and is assigned to your lender. On the event of your death, the sum you’re insured for is paid to your lender, leaving your loved ones debt free.
- The premium is set for the duration of the policy
- Your premium is calculated by your age, medical history and term length.
- The amount of mortgage protection cover reduces yearly as the amount you owe goes down.
- The primary benefit is the full repayment of the of the current balance on your mortgage. If you pass away, the insurer pays the benefits directly to your lender.
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