Mortgage Life Insurance
Mortgage Life Insurance
We compare your mortgage life insurance quotes so you don't have to
Mortgage life insurance is basically Decreasing term life insurance. This insures you for a set period and pays out a lump sum if you die during the policy term.
The amount of cover decreases over the term of the policy and is usually designed to tie in with the outstanding amount on your repayment mortgage. As the life cover reduces, the monthly premium remains constant over the term of the policy.
A Lump sum is payable on the event of death. This lump sum decreases by a fixed amount during the period of the term, decreasing to nil by the end of the insured period.
There is no investment element with mortgage life insurance, as such if no claim has been made there is no maturity value payable at the end of the term.
Premiums will depend on the level of cover, the term of the insurance, your sex and whether you smoke or not.
The most common ways for mortgage life insurance policies to be arranged are on a single life basis or as a joint life first death arrangement.
Additional options like critical illness insurance and waiver of premium can be added to increase the level of cover, although this in turn increases the premiums. Remember, additional options like critical illness insurance would also reduce in line with the life insurance with mortgage life insurance.
If you do add on critical illness insurance, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.
How about you?
Are You Ready?
Let's Come to Insurance Office to Get Protect Your Life
.
We compare your mortgage life insurance quotes so you don't have to
Mortgage life insurance is basically Decreasing term life insurance. This insures you for a set period and pays out a lump sum if you die during the policy term.
The amount of cover decreases over the term of the policy and is usually designed to tie in with the outstanding amount on your repayment mortgage. As the life cover reduces, the monthly premium remains constant over the term of the policy.
A Lump sum is payable on the event of death. This lump sum decreases by a fixed amount during the period of the term, decreasing to nil by the end of the insured period.
There is no investment element with mortgage life insurance, as such if no claim has been made there is no maturity value payable at the end of the term.
Premiums will depend on the level of cover, the term of the insurance, your sex and whether you smoke or not.
The most common ways for mortgage life insurance policies to be arranged are on a single life basis or as a joint life first death arrangement.
Additional options like critical illness insurance and waiver of premium can be added to increase the level of cover, although this in turn increases the premiums. Remember, additional options like critical illness insurance would also reduce in line with the life insurance with mortgage life insurance.
If you do add on critical illness insurance, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.
How about you?
Are You Ready?
Let's Come to Insurance Office to Get Protect Your Life
.
