It is surprising just how many people ignore this most basic level of protection.
How it Works
Mortgage Life (and/or Critical Illness) Insurance provides a lump sum either on death or diagnosis of a critical illness (if critical illness is included in your policy). The level of insurance reduces each year in line with a repayment mortgage which makes it a cost effective way of protecting your mortgage.
If you have an interest only mortgage then you may want to consider a level life assurance policy to protect your mortgage. This is because the level of life assurance remains the same throughout the term.
There are many providers of insurance in the marketplace, all policies though are not the same. Getting advice for your personal situation means that you can have the peace of mind you have the right policy for your needs.
For further information and advice or to arrange a consultation please contact us.
Life insurance plans typically have no cash in value and will cease at the end of the term. If premiums are not maintained then cover will lapse.