Click here to download a free product guide MORTGAGE LIFE INSURANCE Mortgage Life Insurance is designed to provide for your families financial protection; to ease the burden on a family when the unthinkable happens. This benefit will help the survivors with paying off the home, debt, taxes and or any outstanding bills the family has to settle. Deciding to buy a home is one of the most exciting – and most expensive – purchases you will ever make. Although it may be a huge expense, the house you buy will become “home” to your family and will be a place where you create and share a lifetime of memories. It is never too early to begin protecting something so special for the people who mean the...
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With mortgage life insurance cover, in the event of the mortgage holder passing away, the outstanding mortgage will be paid off. When you pick up the keys to your new property nobody is thinking about what would happen to their home if the worse should happen and they were to pass away before the mortgage had been repaid. Given the amount of money that is borrowed under the terms of a mortgage failure to consider what would happen in this eventuality could have implications for your family or spouse. This could ultimately result in the repossession of the property if your loved ones were not in a position to make the mortgage repayments without you. Mortgage life insurance – also known as “...
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Why do I need life insurance for my mortgage? For nearly everyone, buying a home is the single biggest financial commitment you will make. At the start of your mortgage, you will owe your mortgage lender for anything up to 100% of the purchase price for your home – most likely amounting to tens or hundreds of thousands of pounds. With capital and interest mortgages, each month you pay off a little of your mortgage until, at the end of your mortgage term, you have repaid the lender and now own the property outright. However, what happens if you die before you pay off your mortgage? If you have a joint mortgage and die without life insurance in place to cover your mortgage then, the bank will...
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And with these neat little phrase hundreds (if not thousands) of people instantly feel compelled to make an inefficient purchase (I won’t say “dumb”) every day. If you’re a shareholder of one of Canada’s major insurance companies or Big Six Banks then these words are responsible for making you a nice tidy profit on a product with a ridiculous good profit margin. Buzzwords Much? Mortgage insurance does seem like a great idea on the surface. The emotional pull of “taking care of your loved ones if tragedy strikes” is quite persuasive. Emotion shouldn’t trump logic however. Yes, it is good that you want to take care of your loved ones. It is...
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Mortgage life insurance, Term life insurance, What is it? Mortgage life insurance is an insurance policy that pays the balance of your mortgage if a person listed on the mortgage dies. Term life insurance is a policy that provides coverage for a fixed number of years (e.g. a Term 10 is a 10-year policy) or a set age (e.g. Term to 100 offers coverage until you turn 100-years old.) If the person insured dies during the term, then the beneficiary listed will receive the death benefit. When is the policy underwritten? Some mortgage life insurance policies are underwritten at the time a claim is made (this is called post-claim underwriting) leaving a chance that your claim could be denied. Term...
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Do You Need Mortgage Protection Insurance? Buying a home is a major financial commitment. Depending on the loan you choose, you might commit yourself to 30 years of payments. But what will happen to your home if you suddenly die or become too disabled to work? Mortgage protection insurance can help your family cover your mortgage under certain circumstances – you can avoid foreclosure if you can no longer work to pay your mortgage. Let’s take a closer look at what MPI is, what it covers and who might need a policy. What Is Mortgage Protection Insurance? MPI helps your family make your monthly mortgage payments when you die. Some MPI policies will also offer coverage for a...
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Did you know that if you have a product from your financial institution, there is no cancellation penalty or fee. Here are the advantages of purchasing an individual brokerage product rather than a mortgage life insurance product offered by your financial institution. An individual contract is less expensive, it protects you and allows you to choose an individual or joint life insurance protection, depending on your personal situation. Less expensive because the premium of your coverage for mortgage insurance is added as a percentage of your loan. Protects you against an increase in interest rate because the premiums are uniform for the whole term. Allows you to enjoy an appreciable premium...
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There is a misconception protection cover comes with a big price tag. However, Hatice Karadal, from Alexander Hall, explains there are variations of cover that can fit any budget and pretty much any requirement Protection insurance can provide an income should you become unable to work through accident or illness. Insuring your ability to earn is clearly a good idea, but how much will it cost? The fact is, how much you need to pay for the right type of cover will depend on many factors. In this article, we will look at the factors what can affect the costs of cover and will look at some examples with different age ranges so you can see how age impacts the cost. What impacts the costs? Your...
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For many people, buying their first home is the biggest investment they’ll ever make. A mortgage takes years to pay off, and if something happens to you and your family can’t make the mortgage payments, they could lose the house. That’s where mortgage life insurance comes in. It’s tailored to your loan, but it has its limitations and doesn’t offer any major benefits over a regular life insurance policy. What is mortgage life insurance? Mortgage life insurance, also known as mortgage protection insurance, is a type of term life insurance that pays off your mortgage if you die prematurely. Your lender is the beneficiary, which means the proceeds of your policy go...
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Laya Life: mortgage protection in a matter of minutes Securing mortgage protection can be laborious and time consuming. Laya Life can offer a simple, instant online solution Battling through the paperwork involved in buying a house can be exhausting. Thankfully insuring your mortgage doesn’t have to be. Thanks to the speedy online application process from Laya Life, ensuring your mortgage is paid off in the event of your death has never been easier. Laya Life has created an online service that can see you protect your home in a matter of minutes, with no medical, no GP visits and no family history checks. “We wanted to take the paperwork out of it,” says Cian Murphy, head of Laya Life...
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