Why Buy Scottish Widows Mortgage Protection Life Insurance? If you have a partner, loved ones or dependents who rely on your income, and the house you live in is covered by a mortgage, then making plans as to how it will be paid in the event of your death is crucial. The solution to this problem is Scottish Widows mortgage protection insurance. Scottish Widows Mortgage protection insurance, also known as mortgage life insurance and decreasing term life insurance, is designed to repay the outstanding balance of a standard repayment mortgage if you were to die during the period of cover. This means your family won't have to worry about continuing to pay the mortgage following your death. What...
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Advice: HIV-Friendly Mortgage Protection/Life Insurance Nick McGowan of online life insurance broker, lion.ie, gives his top tips for getting mortgage protection and insurance if you’re a person living with HIV Earlier this year, news broke that a patient in London was cured of HIV, following a bone marrow transplant. It comes more than a decade after Timothy Brown, the ‘Berlin patient’, made history as the first person to be ‘cured’ of the disease. Both cases have been widely celebrated, as they represent great hope for the 37 million people living with HIV around the world. For decades, the virus was a ruthless killer, savaging entire communities. Thankfully, we’ve...
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Mortgage Cover or Mortgage Protection Cover? By Michelle on July 14, 2016 Your home is probably one of the biggest financial investments that you will make. So how do you make sure that your family can stay in it if anything should happen to you? New Zealanders have over $200 billion in mortgages - according to the Reserve Bank of New Zealand in 2015. And for many kiwis, having mortgage makes them think about who is going to keep the payments going if anything happens to them, or their partner. In New Zealand, there are two main options to protect our families and ourselves: Mortgage cover works by paying off the outstanding principal balance of your mortgage should you die, up to a...
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What is Mortgage Life Insurance Protection? Purchasing a home for the first time is a monumental milestone for most people and mortgage life insurance protection can provide piece of mind so loved ones can stay in the home in the event of a premature death. When you peel back the onion most “mortgage protection” is a level term life insurance product for the borrower’s loan amount. The home is one of the largest purchases people make which means the mortgage is typically people’s largest financial obligation. Mentally it is an exciting and stretching time for people with new emotions emerging, especially with the bombardment of mortgage protection letters in the mailbox which can make...
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Mortgage protection life insurance is term life insurance sold to homeowners as a way to pay off a mortgage in the event of death. It differs from credit life insurance, which is sold at the time that the mortgage is taken out through the lender as a way to protect the lender’s interest in the event that death occurs. Credit life is a decreasing term life insurance plan that is written with a face amount equal to the amount of the loan. As the loan is paid off over time, the face amount reduces to match the amount of unpaid liability. When the mortgage loan is paid off, the face amount of the decreasing term policy is $0. What is Mortgage Protection Life? Mortgage protection life...
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Mortgage Protection Insurance Mortgage protection insurance is term life insurance that can help your loved ones to pay off your mortgage balance in the event of your Chronic, Critical, Terminal illness or a Death. With this type of coverage, you can choose your spouse or another beneficiary to receive the policy’s benefit, which will, leave your loved ones without the need to continue making payments on the loan. For many people, this can relieve a tremendous financial obligation if a primary income earner passes away and it can allow survivors to go on without having to drastically uproot their lives at an already difficult time for them. For many people, the death of a primary income...
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What is Mortgage Protection? Mortgage Protection Insurance can be a slightly confusing term because it can refer to both Life Insurance and Payment Protection Insurance in relation to a mortgage. In simple terms, the Life Insurance product protects in the event of the death of the policyholder, whilst the Payment Protection Insurance protects the monthly mortgage payments in the event that the policyholder is unable to work due to Accident, Sickness or Unemployment for up to 12 months. Mortgage Protection Life Insurance A Mortgage Protection Life Insurance policy provides a lump sum of money for family members to settle the outstanding mortgage balance in the event of the policyholder's...
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Mortgage protection insurance Mortgage protection insurance: Safeguard your mortgages from low times In the modern times, a number of individuals are purchasing homes, vehicles and many other possessions with the help of the mortgages. Mortgages are the debt which is taken with the help of the existing and owned property. They are also known as claims against the property. It is in collateral with this property that the respective company provides the loans to the candidates. In the recent years, mortgage protection insurance has taken a prominent place in the loan sector. Mortgage Protection Insurance This insures the mortgage which the takes from the bank and in case the individual...
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Mortgage protection life insurance is basically what it sounds like: life insurance that’s designed to protect your family from burdensome mortgage payments if the primary breadwinner isn’t around to provide an income any longer. Mortgage insurance is broadly similar to other types of term life insurance in how it works. You buy a policy, pay regular premiums, and, at the end of the policy term, it ends. If you die during the term of the policy, a death benefit is paid out to your beneficiaries However, mortgage protection insurance has a few key differences. First, the mortgage company or lender is usually the beneficiary in a mortgage protection insurance policy. That means the death...
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Purchasing a home is an exciting event, and protecting your purchase with life insurance for mortgage protection is an important part of the process. Many different types of life insurance exist for mortgage protection, so it is imperative you are aware of the advantages and disadvantages of each. If you have purchased a home, the last thing you would want to happen is for your family to lose the home in the event of your death. This is a very real situation, and actually happens quite often. Through some simple life insurance planning you can make sure this doesn’t happen. Why Purchase Life Insurance For Mortgage Protection Your home is most likely your largest purchase, and your...
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