Mortgage Insurance On-line
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Mortgage Insurance Enquiry
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Protect yourself against the unexpected.
There are two types of mortgage insurance, Mortgage Protection Insurance and Mortgage Payment Protection Insurance. Although the mortgage lender often requires mortgage insurance before they will grant the mortgage, you are not obliged to take out mortgage insurance with your mortgage lender. It is often more efficient to search for an alternative insurer.
Mortgage Protection Insurance
Mortgage protection insurance protects your family should you pass away before you have repaid your mortgage. In such circumstance Mortgage Protection Insurance ensures that the insurance company will repay your remaining mortgage.
Mortgage protection insurance is usually a specific form of a term life insurance policy. The term of the policy will normally coincide with the term of the mortgage and the amount insured will normally coincide with the expected mortgage balance over the life of the mortgage.
If you have a repayment mortgage, the amount of mortgage insurance required will reduce over the mortgage term. If you have an interest only mortgage, you may wish to insure the full amount of your mortgage for the entire mortgage period. Alternatively you may wish to reduce the cost of your mortgage insurance by taking account of other factors such as investments or endowments that may be available to pay off all or some of your mortgage.
Mortgage Payment Protection Insurance
Mortgage payment protection insurance protects you if you become unable to make your mortgage payments as a direct result of pre-defined events such as involuntary loss of employment, sickness or disability.
Mortgage payment protection insurance can be taken out at any time; at the time of your mortgage or later as you consider it to be appropriate.
The amount you have to pay will depend mainly upon the breadth of the circumstances covered and the size of your monthly mortgage repayments.
If you search around, you may be able to find introductory discount offers or even a fee-free period. Some mortgage payment protection insurance providers will offer additional benefits such as assistance in finding work when you become unemployed.
