What is Mortgage Protection
Mortgage Protection is a dedicated type of life insurance. It helps secure the ownership of your home and protect your family from a substantial financial burden if you die within the specified term. The cover provided decreases over the term of the plan, broadly in line with the capital outstanding on your mortgage. It effectively pays off a lump sum if you die during the term of your plan to pay off your mortgage.
Mortgage Protection is important because
- It protects your home by helping to clear your mortgage if you die.
- It protects your family from a substantial financial burden.
- You can add cover for many serious illnesses and disabilities.
- You can cover your partner on the same policy.
- You can increase cover on certain life events e.g. birth of a new child
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