How much do you owe on your mortgage? Do you have a repayment or interest only mortgage? Single or Joint policy?
When it comes to mortgage life insurance you don’t legally need it to get a mortgage, although some mortgage providers might insist you take it out. If you do want to take out mortgage insurance to help cover your mortgage, speak to us and we will advise you of the most suitable option based on your circumstances.
Mortgage protection life insurance provides you with reassurance for the future. Getting a mortgage is a big commitment because of the impact it has on you financially. However, getting yourself mortgage protection will help to reduce the financial stress at a difficult time, which can be beneficial to your loved ones. If anything was to happen to you, the lump sum could be used to pay off the remainder on your mortgage.
The cost of mortgage life insurance will depend on factors including your age, health, medical history, lifestyle and additional information like the details of your mortgage. In most instances you pay the insurance premium monthly and you can fix the price so that you know what you will be paying over the long term. If your circumstances change it is important to review your cover to make sure that your
policy is still suitable for you.