Mortgage Protection
Mortgage protection is a life insurance policy that is linked to the mortgage. This policy id design only to pay off the mortgage in the event of death. The benefits are that the premium is lower than standard life insurance. The reason is mortgage protection insurance is designed to only pay off the mortgage in the event of death. As the capital of the mortgage reduces with payments made the amount of insurance cover, or sum insured, is reduced.
It is advisable to have mortgage protection insurance in place, this insurance will pay off the mortgage if something happens to you or your partner.
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