 Mortgage protection - an introductionMortgage Protection insurance, which is also known as Mortgage Life Insurance or Repayment Mortgage Payment Protection" is a type of life insurance plan to pay off your whole repayment mortgage, or just part of it in the event of your death (or in some cases, critical or terminal illness). You can take out Mortgage Payment Protection on a single life, joint life first death or life of another basis. Mortgage Protection is recommended, and sometimes insisted upon by building societies and mortgage companies. Essentially, if your family would benefit from not having to keep up your mortgage repayments if you die, you need to think about Mortgage Protection. Mortgage Protection - why you might need itIf you were to die, could your partner or dependents meet the mortgage repayments? Would they be better off, financially, if the mortgage was fully paid off? If so, then Mortgage Protection can remove the burden of the mortgage from your family's finances. Another benefit of Mortgage Protection is that, unlike other types of insurance, it is designed to gradually reduce the cover you need (and the premiums you pay) as your mortgage liability reduces over time. Mortgage Protection - what else you should knowMortgage Protection insurance should ideally be taken out at the same time as your mortgage and the 'term' calculated to finish on the date you are due to have fully paid off your mortgage. Each year the Life Company calculates for you how much insurance you need to pay off your mortgage - and what your Mortgage Protection premium should be. More Information on Mortgage ProtectionMortgage Protection with All About Insurance Your questions about Mortgage Protection, answered |
 
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