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Life Cover Versus Mortgage Payment Protection

If you’re feeling a bit confused about whether to get life cover or mortgage payment protection insurance then you’re in the right place.

To the majority of homeowners, the biggest challenge that you are faced with in life, is ensuring that you and your family have a roof over your head.  This means that even when times are financially difficult, it is important to remember how lucky that you are to have a home to come back to at the end of a long day. The following points outline some of the key things that you need to consider with regards to your mortgage in the Peterborough area.

Mortgage Life Cover

  •   If you are not there anymore, life cover insurance will relieve or remove any of the financial implications imposed by your death. Your dependents will be protected, which is a comforting thought for the present.
  •  If the policy holder dies then the remainder of your outstanding mortgage balance will be paid in one go, by your life cover policy.
  •   If you are the life cover policy holder then you will not see any physical payments whilst you are alive, your mortgage is only protected in the event of your death.
  •   If you complete your mortgage payments and thus complete your mortgage then your life cover will also expire with zero value.

Mortgage Payment Protection Insurance

  •  Mortgage payment protection insurance protects your payments if you are rendered unable to pay due to accident, illness or unemployment.
  • With mortgage payment protection insurance, there is no pay-out in the event of your death.
  •  This policy is similar to accident, sickness and unemployment insurance however it is specifically tailored so as to protect your mortgage and your monthly payments.
  •   Repayments for a policy will cover you for a set time period and the extent of the cover will be in relation to how much you are paying in the first place.
  •   Mortgage Payment Protection Payment insurance will provide the luxury of time. If you do find yourself without a job, you know that your insurance policy will cover your repayments, allowing you to concentrate on finding your new job. If your absence is due to illness or accident then you will be able to recover at your own pace and without experiencing any external pressures.

Whatever your initial thoughts are on the matter, it is important that you do not bury your head in the sand. Give The Mortgage Broker Protection Ltd a call for advice and opinions. Protecting your house and your mortgage will mean that you and your family are covered. Talk Mortgage Broker appreciate that it’s your choice and no one else’s. So have a think about which form of insurance would suit you best and then get in touch so that you can talk through your ideas with someone that has thorough product knowledge and will apply this to what you want not just what they think is best.

For a Mortgage in Peterborough or any of the Mortgage Protection products mentioned above, a quick chat on the phone will get the ball rolling and get you on the right path to gaining peace of mind.

Your home may be repossessed if you do not keep up repayments on your mortgage

Upon application a fee of up to £495 will be payable (typically £195)

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