Stay ahead of troubles and secure being stable with your current lifestyle. Your future looks brighter if you feel confident with your choices and decisions today. Keep your family safe from worries by having a mortgage insurance plan. This insurance pays for your mortgage in case of an event, such as death or disability.
If you were to die, would you be 100% certain your family’s financial security would be preserved?
The right Mortgage protection Insurance policy can help you answer all of these questions confidently and give you peace of mind.
What is mortgage protection?
Mortgage protection is really a life insurance that states that your bank is the first beneficiary in the event of your death. The life insurance amount covers the mortgage usually.
The main benefit of this type of life insurance is that you can have a decreasing rate. Which means as the mortgage is paid off you can insert a clause in the insurance contract that the amount covered decreases by a certain percent each year. This rate is usually the same percentage of the mortgage which is paid off each year.
Capital which covers your mortgage in the event of your death
The bank is the first beneficiary
A decreasing rate clause can be inserted so the capital decreases on each renewal of the policy in line with mortgage amount
You can have a surplus amount which once mortgage is paid the rest goes to your family