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What is Mortgage Life Insurance?
Mortgage life insurance is basically a term life insurance policy which is directly linked to your mortgage.
The term of the policy should run for the duration of your mortgage and you have the option of a fixed amount where the value of the policy remains the same making it suitable for interest only mortgages.
Then there is the option of having a decreasing amount which is more suited to a repayment mortgage. With a decreasing amount, the level of cover will decrease inline with the amount you have left to pay on your mortgage. This usually results in higher initial premiums but they become cheaper over time as the level of cover required also decreases.
Why do I need Mortgage Life Insurance?
Well it’s a bit of an obvious one but what would happen should the unfortunate happen?
At such a difficult time, Losing your income as well could have a devastating effect on your family and their finances. Could your family or loved ones continue to pay the mortgage as well as all the other financial commitments?
With a Mortgage Life Insurance Policy, should you die, then your family or nominated beneficiary will receive a lump sum of money to cover the outstanding amount left on your mortgage.
What if I have some questions regarding Mortgage Life Insurance?
Please visit our FAQ’s section which contains many of our most frequently asked questions regarding life insurance. If you can’t find what your looking for there then after filling in our form you can simply speak to one of our qualified and friendly advisors who will be more than happy to answer any questions you may have. This advice will be free and impartial.
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