One of the more commonly heard of life insurance products is Mortgage Protection. A Mortgage Protection life insurance policy can be arranged in many ways, whether this be cover that pays out in the event of death, upon the diagnosis of a specified critical illness or a combination of both.
Mortgage Protection is designed to provide life or critical illness cover to the meet the amount of your mortgage, meaning for every monthly payment that you make on your mortgage, the level of cover that you have will decrease in line with your remaining mortgage balance.
This means that should you pass away or suffer a critical illness, you will have the funds to repay your mortgage, keeping your family secure in their home as well as reduce your financial outgoings should you be unable to work long term.
These types of policies can be more cost effective than stand alone life and critical illness cover, as the sum assured decreases over time rather than guaranteeing a fixed lump sum pay out.
Mortgage Protection is a great cost-effective way to provide some financial security for yourself and your family, and we often advise our clients to look at a Mortgage Protection policy in combination with other life insurance solutions such as income protection or family income benefit.
Whatever your situation, FOCUS are committed to having a down to earth conversation about your needs, finances and current situation to find the most appropriate solution for you. Having the right life insurance cover in place means that should the worst happen, you and your family’s financial needs are taken care of.