Buying or Bought a New House?
Mortgage life insurance – also referred to as mortgage protection – is a type of life insurance that pays out if you die before you finish paying your mortgage, ensuring that your spouse and dependants don't need to worry about the monthly repayments on your home.
Taking out a mortgage is usually the biggest financial commitment of our lifetime. When you commit to a mortgage, you are entering an agreement to pay a monthly repayment to your mortgage lender. It's often the biggest monthly outgoing and is your biggest asset. Your family live there and it's where memories are made.
But what would happen to the roof over your head should something happen to you? If your mortgage repayments depend on your monthly income, how would you make your monthly repayments if you were too ill to work or the main breadwinner of the household passed away?
If you're thinking of, have just bought a house or currently have a mortgage, then taking a closer look at a Mortgage Life Cover Policy is a great way to safeguard your home in the event something happens to you.
Mortgage Protection Could Help
A mortgage protection plan works in a very similar way to life insurance but with a plan specifically designed to match the remaining balance of your mortgage. Many people have less to pay off as the years go by as they continue to make monthly payments, A mortgage protection plan can reflect this with a decreasing level of cover which often makes monthly premiums cheaper as the pay-out decreases.
Many people think that going straight to your insurer or mortgage is the best way to this type of cover. Here at Secure For Life, we check the market for the best policy that suits you with the correct cover and price to accommodate your circumstances.
If you are worried about what would happen to your mortgage repayments if something were to happen to you, then talk to one of our advisers. It’s free and you’re under no obligation.
Even if it’s just to talk through your circumstances, give us a call or complete the form below, and we’ll be in touch.