Mortgage protection insurance is pretty similar to term life insurance in how it works. You buy a policy, pay regular premiums, and at the end of the policy, your cover ends. If you die during the term of the policy, a death benefit is paid out to your beneficiaries.
How does it work?
Mortgage protection covers your remaining mortgage repayment balance if you are deemed unable to provide it due to redundancy, illness or death. The amount of mortgage protection you need and the length of time that you should be protected for depends on the amount and duration of your mortgage.
As you pay off the mortgage, your life/mortgage protection insurance cover reduces in line with the reducing amount you owe on your mortgage.
We are qualified financial advisers with over 30 years combined experience in financial planning, with expertise in Life Assurance, Mortgage Assistance, Pensions, Group Schemes, Income Protection and Business Protection.
We provide honest advice without the jargon in order for you to make the right choice no matter what your stage of life you are at.