Mortgage Protection Insurance Explained Mortgage Protection Insurance a term used to encompass various types of cover. They were designed to protect borrowers from events that could severely impact their ability to maintain mortgage payments. However, there are different variations, but when connected to a mortgage, they are all there. To help provide peace of mind and usually fall into the following categories: Critical Illness Insurance Life Cover As a rule, if the policyholder dies within the term. Then the sum assured should be enough to pay off the outstanding mortgage balance. They are ensuring borrower’s dependents left with no debt. They might not otherwise be able to manage. Our...
Continue reading...
Got a bond? Why life cover is a must-have "I have seen the downside. I have seen the families who have not been covered or adequately protected and I have seen the tears. In the event of the death of the [bondgiver − the person paying the bond; the bank is the bondholder], life cover can make a very traumatic situation that much more bearable. Lack of it can make a distressing situation even more of a tragedy.” So says Donovan Adams, a certified financial planner with Chartered Wealth Solutions, speaking on the plight of families who have lost the family member responsible for paying the home loan. Losing a family member is tragic enough without the added complication and...
Continue reading...
What is mortgage protection insurance & do I need it? Mortgage protection insurance acts a safety net to cover your monthly mortgage repayments if you can no longer afford them due to a range of circumstances. It can prevent you from having to default on your mortgage, and so avoid repossession of your home. But is this type of protection right for you, or are there better options available? Here’s mortgage protection insurance explained in detail. What is mortgage protection insurance? Mortgage protection insurance is a type of policy that helps to pay your monthly mortgage repayments if you can’t work due to illness, a serious injury or redundancy. Sometimes it’s...
Continue reading...
The main difference between life insurance and mortgage life insurance is that they are designed with different protection purposes in mind. Some people want a policy that will help protect their family financially if they were to die during the policy term. Others may have a need for a policy that could help their family pay towards the mortgage, should the worst happen. Everyone’s circumstances are different, so you should take the time to consider the different options available. We’ve outlined the policies we offer below, along with what they are designed to help you protect. Life insurance could pay out a cash sum on your death during the length of the policy. It could be used to...
Continue reading...
Mortgage Protection Insurance - MABS Investigates In MABS we receive a lot of great questions. Questions that we know many people want to ask, but don't know who to ask or where to start. This week's question is to do with Mortgage Protection Insurance and whether you should continue to pay it if you apply for a mortgage payment break. Click the question below to go to the answer you'd like to read or continue scrolling to read them all Mortgage Protection Insurance (MPI) is an insurance policy that pays off the remaining mortgage where an insured party dies during the term of the mortgage. If there is a joint mortgage in place, both parties will need MPI. This insurance runs for the...
Continue reading...
Mortgage Protection Insurance Mortgage protection is an important part of your mortgage requirements. Your mortgage is one of the largest financial commitments you are likely to take. Budgeting for your mortgage protection is an important part of the mortgage process, as these payments are often overlooked when calculating how much you can afford to borrow. Many financial advisors talk of a fully protected mortgage. Detailed below are the main ways to protect your new mortgage. Fully Protected Mortgage A fully protected mortgage is simply protecting your mortgage commitment against every eventuality that could occur during the mortgage term. By covering all of these you are secure that your...
Continue reading...
This is a monthly benefit policy geared around ensuring your mortgage payment is covered by insurance should you be out of work due to Accident, Sickness or Unemployment. When you arrange your mortgage and collect the keys to your new home, whether you’re a seasoned veteran of property purchase or a first time buyer, mortgage payment protection insurance (MPPI) is an easy oversight. As you rush to move in, plan the redecorating or a lavish housewarming, failure to insure one of the most expensive purchases that you ever make could see your dream home turn into a nightmare. ‘Mortgage Payment Protection Insurance’ is an inclusive, flexible and easy way to ensure that your home is safe no...
Continue reading...
Have you ever thought about what would happen to your family home if you were no longer able to meet your mortgage repayments? The fact is, many homeowners are just one pay check away from losing their home. Mortgage Protection Insurance covers your mortgage repayments when you can’t: in the case of a major illness, redundancy or even death. Here’s what you need to know. What is Mortgage Protection Insurance? In order to preserve your families’ way of life should something happen to you, it’s important you are adequately covered so you can feel secure knowing that your home loan repayments will continue no matter what. A typical Mortgage Protection Insurance policy will cover your mortgage...
Continue reading...
Have you ever thought about what would happen to your family home if you were no longer able to meet your mortgage repayments? The fact is, many homeowners are just one pay check away from losing their home. Mortgage Protection Insurance covers your mortgage repayments when you can’t: in the case of a major illness, redundancy or even death. Here’s what you need to know. What is Mortgage Protection Insurance? In order to preserve your families’ way of life should something happen to you, it’s important you are adequately covered so you can feel secure knowing that your home loan repayments will continue no matter what. A typical Mortgage Protection Insurance policy will cover your mortgage...
Continue reading...
We all aspire for high standards of living for ourselves and our loved ones. However, we may not have a vast source to fund our dreams like a new home, car, and others. So the option available to us would be loans, and many of us use mortgage loans to finance our needs. However, most often, we fail to acknowledge the possibility of unexpected events that may occur in the future. Mortgage Protection Insurance is a life insurance policy designed to pay for the insured person’s mortgage in case they die before paying off the loan. How does Mortgage Protection Insurance work? For people who opt this policy, the death benefit would equal the amount of their original mortgage loan. With time, as...
Continue reading...
