What is Mortgage Protection Insurance?
Mortgage protection insurance is essentially a name given to a life insurance policy that is specifically taken out to protect your loved ones in the event of your death during the term of your mortgage.
Mortgage protection pays out a decreasing sum of money during a chosen time frame (term). The term is the number of years that can be specified when you take out the insurance. If you die during the term then the policy will pay out the decreasing sum (which is designed to fall in line with the reducing mortgage debt) tax free as a lump sum. The term usually matches the term of the mortgage.
Do I need Mortgage Protection Insurance?
Your mortgage is a big commitment. Leaving your loved ones to face the risk of not being able to continue the mortgage payments is well worth protecting against. Therefore it is important for anyone with dependants to consider this type of insurance.
For more information on mortgage protection insurance, call Better Protect on 0203 540 1667 or request a quote using our online form. We offer friendly, expert assistance over the phone and a member of our fully trained team will call you back to discuss your needs more fully. We’ll find the most suitable policy for you and get you the best possible discounted deal.