
Mortgage Protection Insurance
Mortgage Protection insurance is Life insurance engineered to produce the amounts of monies needed to pay our Mortgage on our home or investment property(s). Obviously, some Mortgages reduce over time as we are paying the capital & interest and in the case of interest only Mortgage they do ‘NOT’ (they are level amount of borrowing over term the borrower is “ONLY” paying the interest – needing to pay the full building back at the end) so we need to protect accordingly with correct Mortgage protection.
For many buying our home is one of the biggest things we will ever buy so if we are first time buyers, remortgaging, changing our finances to obtain a buy to let mortgages we really need to protect it to ensure in the event of illness or passing home is paid and home is secure.
This life insurance or Mortgage protection policy(s) can be configured to pay the family (not the Mortgage company directly) in the event of the insured passing or diagnosed with a critical illness. We can also build the solution to protect one person or two – that’s even if one person is not actually named on the Mortgage!
Mortgage protection can look like this:
- JOINT Decreasing Mortgage Protection
- £200,000 of Decreasing Life Insurance over 25 years at £X per month.
A single policy designed to pay out if there is a life or a critical illness claim the next ‘25’ years for either of the insured. The amount of monies would be dependent on the time of the event but would equate to only the outstanding on the loan ‘only’.
Protection can be a joint policy protecting both in the home in the event of passing or a single policy just insuring one person again on a reducing basis in line with the Mortgage value.
Critical illness protection can be added to the solution so in the event of a critical illness the family would be Mortgage free
For more information on how to protect your home and Mortgage please contact us below, to discuss your options.