Mortgage Protection Life Cover - Mortgage cover against the risk of death
Mortgage protection life cover is insurance cover for mortgages against the risk of the insured persons death.
A mortgage protection life cover policy will mean that the mortgage will be paid off entirely if the insured were to die. So loved ones and families won't have to worry about continuing to pay the mortgage repayments each month. The mortgage protection life cover policy is designed to pay out a lump sum sufficient to repay the mortgage loan if the insured dies during the period of cover.
UK Mortgage Protection Life Cover Example
Mortgage protection life cover insurance is typically a decreasing term life insurance which is designed specifically to protect a mortgage loan. Over time the policy and the level of insurance provided declines to reflect the reducing size of the mortgage loan, therefore only paying for the amount of cover that is needed. Mortgage protection life cover insurance has no cash-in value at any time, meaning that nothing will be payable if premiums are stopped or the insured survives to the end of the plan term, unless a valid claim is made.
Mortgage Protection Information
Most UK mortgage lenders will insist on some type of mortgage protection life insurance being taken out before they would be willing to lend out the mortgage loan. There are plenty of competitive rates on the market. Mortgage protection life cover can cost as little as £5 a month.