For most of us, buying a home is a major financial commitment. So it's important that we have cover in place to protect your home, if the unexpected happens. A mortgage protection plan will pay off the outstanding balance on your mortgage if you die or become seriously ill. Bringing you peace of mind in the knowledge that your family home is secure, no matter what happens.
What is Mortgage Protection?
Mortgage Protection is a dedicated type of life insurance. It helps secure the ownership of your home by paying off the outstanding mortgage if you die within the specified term. Your family would therefore be relieved of the financial burden of repaying the mortgage, should the unexpected happen.
How does it work?
When you take our a mortgage, your provider will insist that you have sufficient cover, should you die within the specified term. You can also get cover for a number of serious illnesses or in the event of permanent total disablement. You will then pay a premium each month for the duration of the mortgage term. If the unexpected happens and you die, or are struck by illness before the end of the term, the policy will pay off the mortgage with a lump sum. Your cover will decrease over the term of the plan, broadly in line with the capital outstanding on your mortgage.
- Peace of Mind: This plan will ensure your mortgage is cleared if you die.
- Protection: Your family is safeguarded from a substantial financial burden.
- Increased security: You can add cover for many serious illnesses and disabilities.
- Flexible: Option to increase cover on certain life events, like approval for a new mortgage or an increase to an existing mortgage.
Who is Mortgage Protection for?
Anyone taking out a mortgage is obliged to have mortgage protection in place. Many people take up a policy with their mortgage provider. But it's good idea to shop around for the best premium. Zurich Life can offer very competitive rates and a flexible plan.
Serious illness Cover
Unfortunately, the risk of serious illness is something we all must consider. What happens if you were affected by a life-altering illness of disability and could not work? Could you rely on sick pay, benefits or savings to pay your mortgage? Many people choose to take out serious illness cover with their mortgage protection plan. We provide cover for 70 serious illnesses including cancer, heart attack and stroke, bringing you peace of mind in the knowledge that you will not struggle financially despite ill health. Your advisor can give you more details on Serious Illness cover.
Help and Advice
How much cover will you need? How much will you need to pay for mortgage protection? Our advisors are on hand to talk you through your options and to help you find the product that suits you the best. Find an advisor in your area, or call us directly at 1850 804 164.