Mortgage protection - what it is

Mortgage Protection is a type of life insurance that makes sure your mortgage can be fully repaid in the event of your death. Mortgage Protection is recommended, and sometimes insisted upon by building societies and mortgage companies. Essentially, if you have a mortgage that you to wish to maintain on your family's behalf should you die or you don't want to force your dependents to sell the family home in order to pay off the mortgage, you should consider Mortgage Protection.

Mortgage Protection - how it works

Mortgage Protection insurance should ideally be taken out at the same time as your mortgage and the 'term' calculated to finish on the date you are due to have fully paid off your mortgage. Each year the Life Company calculates for you how much insurance you need to pay off your mortgage - and what your Mortgage Protection premium should be.

The Mortgage Protection policy offered by Lifebrokers provides just enough cover to repay the reducing liability of a repayment mortgage over your full mortgage term, in the event of your death. This Mortgage protection policy takes account of that fact that, with repayment mortgages you repay mainly interest in the early years and the outstanding capital will only reduce slowly at first. Since this policy provides reducing cover it is much cheaper than Mortgage Protection policies providing level cover.

You can take out Mortgage Protection on a single life, joint life first death or life of another basis.

Mortgage Protection - what it could do for you

The main benefit of Mortgage Protection is that it is specifically designed to pay off your mortgage and is carefully calculated to provide exactly the right amount of cover, making it not very cost-efficient, but tailored to your individual circumstances. Another advantage of Mortgage Protection is that it enables your dependants to allocate funds elsewhere, to meet other expenses rather than having to concentrate on the mortgage, to give them a greater degree of financial freedom and flexibility.

For further information on Mortgage Protection

Talk to Life Brokers about Mortgage Protection
Mortgage Protection questions and answers
Mortgage Protection Home Page