Guaranteed Mortgage Protection:
- It is a life assurance plan.
- It helps pay off your mortgage in the event of your death.
- It helps secure the ownership of your home and protect your family from a substantial financial burden if you die.
- The amount paid out depends on when you die during the term of the plan.
- The cover provided decreases over the term of the plan, broadly in line with the capital outstanding on your mortgage.
Why do I need mortgage protection?
It is compulsory to have Life cover in place when you take out a mortgage, so that in the event of your death, the balance of the mortgage is paid off. Many people take out mortgage protection cover with their mortgage provider because it is convenient; however it pays to shop around for the best premium.
Mortgage protection cover benefits
- Protects your home by helping clear your mortgage if you die.
- Protects your family from a substantial financial burden.
- Can cover you for many serious illnesses and disabilities.
- Can cover your partner on the same policy.
- Increased cover at times when you need it.
How much does it cost?
Your premium is determined by several factors such as: your age, your health, whether you are a smoker or not, the term you select and the benefits you choose.