What Is Mortgage And Life Protection Insurance

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Understanding Mortgage and Life Protection Insurance


Overview

Mortgage and life protection insurance, often called a mortgage protection plan, is designed to safeguard your loved ones by covering mortgage payments if you pass away before the loan is paid off.

Key Features


This insurance provides coverage beyond just death benefits. If you're diagnosed with a terminal illness with a life expectancy of 12 months or less, the policy can help cover your mortgage.

Optional Benefits

- Critical Illness Coverage: You can opt for protection that pays out if you're diagnosed with specific critical illnesses covered by the policy.
- Permanent Disability Coverage: If you become permanently disabled and have this optional cover, you're also protected.

How It Works


Unlike mortgage payment protection insurance, the payout of a mortgage protection plan decreases over time, aligning with the decreasing balance of a repayment mortgage. This type of insurance is best suited for repayment mortgages and not for interest-only mortgages.

Despite the decreasing coverage, the policy ensures enough protection to cover your mortgage throughout its term.

Joint or Single Policies


You can choose either a joint or single policy based on your needs. Keep in mind there’s no cash value with this insurance type.

Considerations


Insurance policies come with exclusions, so it's crucial to understand the terms thoroughly. Premiums can vary significantly, so shopping around and obtaining online quotes from multiple providers is essential for securing the best deal. Additionally, many policies offer free accidental death coverage from the time of application to acceptance, protecting you if an accident results in death within 90 days of application.

Conclusion


By considering your individual needs and exploring all available options, you can find a mortgage protection plan that offers peace of mind and financial security for your family.

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