Mortgage payment protection, often referred to as mortgage loan insurance, is a type of cover designed to ensure that your mortgage repayments are met if you are unable to work due to illness, injury, or redundancy.
This essential safety net offers peace of mind, allowing you to focus on recovery or transitioning to new employment without the added stress of managing your mortgage.
Your home is one of your most valuable assets, and protecting it is crucial. Mortgage payment protection ensures that you and your loved ones are safeguarded against unforeseen financial challenges. With tailored plans to suit your individual needs, this insurance provides:
Mortgage loan insurance functions by covering your monthly mortgage repayments up to a specified limit. In the event of an eligible claim, such as job loss or health issues, the policy kicks in to relieve you of the financial burden. Policies can be tailored to include coverage for:
Lump Sum Cash for your family in provides certainty for your family if the worst were to happen
Pays your mortgage in the event of death – peace of mind knowing your loved ones are secure.
Financial support if you are diagnosed with a serious illness.
Provides income if you are unable to work due to illness or injury.
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Mortgage payment protection covers your monthly mortgage repayments if you are unable to work due to illness, injury, or redundancy. Specific coverage details depend on the policy.
The duration of coverage depends on your chosen policy. Some policies offer short-term coverage, while others extend protection over the long term.
Yes, policies can be tailored to align with your mortgage terms and individual needs, ensuring you get the coverage that suits you best.
To make a claim, you will need to provide documentation proving your eligibility, such as medical records or redundancy notices. Claims are typically processed promptly to provide financial relief.
No, mortgage payment protection is not mandatory, but it is highly recommended to safeguard your home and financial security during unforeseen events.
The cost varies based on factors such as the level of coverage, your mortgage amount, and your personal circumstances. Our advisors can help you find a plan within your budget.
Yes, most policies offer a cooling-off period during which you can cancel for a full refund. After this period, cancellation terms may vary by provider.
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