Whole life insurance (also known as ‘life assurance’) provides protection for the remainder of your life - so long as you keep up with your premium payments. This type of cover ensures your family of a lump sum payment no matter when you die. Typically, whole life insurance is one of the most expensive types of life insurance as it provides permanent cover. Although term life insurance is much cheaper, it may only pay out if you die within the policy term. Whole of life policies can not only cover a mortgage, but can also help with other financial considerations such as: Everyday living costs, household bills, childcare support, inheritance planning and funeral expenses. Ultimately the...
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How it works Mortgage life insurance is available in 2 types of term life cover: Decreasing term - The policy pay-out diminishes over time as you begin paying off your mortgage. It can also be used to help with other loans and debts you don’t want your family to be left with when you’re gone. This is usually the standard option taken out alongside a repayment type mortgage. It is also typically cheaper than level term insurance as the sum assured reduces over the life of the policy. Level term - Generally the more expensive type of cover, this is popular amongst people with an interest-only mortgage. The policy payout is fixed, meaning your family receives the same amount regardless of...
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Mortgage Life Insurance is a life insurance type that pays off your home loan in case of your death. It is basically a term life insurance policy with the policy term equaling the loan term - typically, twenty to thirty years. For example, if you obtain a 30 year home mortgage, you would get a 30 year term life insurance policy. This way the mortgage would be paid off in case of your death, and your family would not be left in a financial predicament. Choose a life insurance policy amount (death benefit): Getting mortgage protection coverage is always a wise choice when you first buy a home - especially if you have a family. Affordable Rates Mortgage protection life insurance policies are...
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Purchasing a home is an exciting time in a person's life. However, once you buy your home, you may start to receive adverts prompting you to insure your mortgage. Before you opt into any kind of Life insurance policy, there are some things worth considering. Let’s take a look! What Is a mortgage life insurance policy? Alternatives to mortgage protection insurance What is a mortgage life insurance policy? So, you’ve just bought a house? Then it's most likely that you had to take out a mortgage to pay for it. These are issued by loan providers like banks and building societies, then you make monthly payments over time to pay them back. Why buy mortgage life insurance? When buying a house,...
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Should you get a mortgage life insurance policy? When you take out a mortgage, you’re taking on a debt. Your mortgage needs to be paid every month or you risk losing your home. If you have dependents who rely on you and your income, it’s a good idea to get a life insurance policy. How important mortgage insurance is depends on your situation. If you’re single, with no dependents, and you live alone: It’s not needed. If you die, the bank takes over your home. If you have dependents who require your income: You should probably get mortgage insurance. The mortgage payment is a major expense for almost all families. You’ll want to have at least 10 times your income in life insurance coverage...
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Do I need mortgage life insurance? Taking out a mortgage is one of the biggest financial decisions you can make, and it ties you in to a potentially decades-long commitment. Your life is likely to change substantially in the time it takes to pay off your mortgage. You might have kids, who then might have children of their own and you could change jobs and move house. You may also develop an illness that puts your ability to pay your mortgage at risk. Mortgage life insurance covers your payments if you or your spouse should die. Here is everything you need to know about this kind of insurance. What is mortgage life insurance? The death of a major earner can have huge financial implications...
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Mortgage protection insurance is a type of life insurance. It’s sold to homeowners by banks and insurance companies who have an affiliation with mortgage lenders. Its name well describes its purpose —to protect the loved ones you leave behind by taking out a life insurance policy specifically intended to cover your mortgage payments. You’ll find that these policies work much the same way as any other type of life insurance. You select a mortgage protection insurance policy and pay monthly premiums over the term (or life) of the policy. If you pass away during the term of your policy, the policy pays out. If you outlive the term of the policy, it ends. Let’s take a look at some of the major...
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Some homeowners get confused as to what mortgage life insurance is. They make the mistake of thinking that this type of insurance is the same as their home insurance. Or that it is part of property insurance. They are different. What is a Mortgage Life Insurance Policy? Mortgage life insurance is the common term that is used by the lending institutions. It is what those making the mortgage loan sometimes call it. However, it is the same as creditor insurance. Plus, it is a form of financial protection. The mortgage insurance will pay out the balance of the mortgage. If the mortgage holder passes home is then free and clear of this debt. The benefactor of the home will not have to...
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Investec Life Insurance Investec Life offers life insurance tailored to the individual needs of Investec clients to protect what is most valuable to them, presenting flexible insurance solutions that are unique and individual. Investec is a wealth-building partner where consumers can bank, invest, and protect their finances. Private Banking clients can now enjoy efficient protection all in one place. Investec Mortgage Protection Cover Investec Severe Illness Cover Investec Income Protection Plan Investec Disability Cover Investec Mortgage Protection Cover Investec Mortgage Protection Cover will settle any outstanding Investec private home loans when the insured dies Only ever pay for the...
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Home » Blog » How to Compare Mortgage Protection Policies in Ireland 2020 And I’m not just saying that as a broad statement. We’re hardwired to conserve our energy when making life choices. And yes, you’re included in that ‘Mr I get up every morning at 5 am to do CrossFit for an hour before work’. It’s science, with the results published in a real-life science-y report called: “Perceptual decisions are biased by the cost to act.” In actual English, the study found that the amount of effort required to do something influences what we think we see. Or, if we believe there’s too much work involved, we’ll go for the easiest route and tell ourselves that it’s the right one. That’s why, when you...
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