What is a mortgage protection insurance policy?
Mortgage Protection Insurance is a type of Life insurance policy that will run for the length of your mortgage and pay off the remaining mortgage balance if you were to die during the term.
Can I use my existing life insurance policy for mortgage protection?
If you have an existing Life Insurance policy and want to use it for mortgage protection, then you can do so if wish once the cover amount is at least equal to your outstanding mortgage and the term also doesn’t cease till the mortgage term matures.
Do I have to take out mortgage protection?
You do not have to take out mortgage protection insurance if: You are aged over 50 or. The mortgage is not on your principal private residence (your home) or. You cannot get the insurance, or can only get it at a much higher premium than normal or.
What is the difference between mortgage protection and repayment protection?
‘Mortgage protection’ insurance is designed to pay off your mortgage in full if you die before the mortgage has been fully paid. ‘Mortgage repayment protection’ insurance is designed to cover your repayments for a period in certain circumstances.