Mortgage Protection Insurance

An insurance policy taken out specifically to cover a mortgage. Because a mortgage on their home is, for many people, their biggest single financial commitment, it is sensible to provide cover that will pay it off in the event of death. This is of course particularly important for someone with financial dependents - nobody wants to have to worry about potentially losing or having to sell their home at a time of bereavement because they can't maintain mortgage payments!

 

For people with an interest only mortgage, the life cover is usually provided on a "level term" basis, where the amount paid out remains, as with the mortgage balance, the same throughout the term, can also be extended to include critical illness cover.. click here for more information about mortgage protection insurance