Mortgage Protection
How Mortgage Protection Work?
Coverage starts upon death or disability of the policyholder. Benefits go straight to the mortgage lender. Policy duration aligns with the mortgage term. Easy application process with minimal underwriting. Generally lower costs compared to traditional life insurance.
This insurance combines mortgage protection and final expense coverage, ensuring that your loved ones can pay off your mortgage and cover end-of-life costs, such as funeral expenses. This dual coverage protects your family’s financial future during a challenging time.
“Mortgage protection insurance typically offers lower, fixed premiums for the life of the policy, making it an affordable option for homeowners who want peace of mind and security for their family.”
What is Mortgage Protection Insurance?
- Mortgage protection insurance is a type of Payment Protection Insurance (PPI). It insures monthly mortgage costs if the policy holder is temporarily unable to work. You can insure against accident, sickness or unemployment, depending on your priorities. The maximum payment period is between 12 and 24 months, but it could end sooner if you return to work. Legal & General does not offer this type of insurance. Speak to an adviser if you want to find our more.
- Mortgage life insurance. This type of ‘mortgage protection’ is a life insurance policy that’s designed to cover a repayment mortgage. Unlike Mortgage protection payment insurance, it pays out upon death rather than illness or injury, and only pays out once.
Why Mortgage Protection Is Important?
Mortgage protection insurance is a specialized policy designed to cover outstanding mortgage balances and end-of-life costs, such as funeral expenses. This dual-purpose coverage ensures that your loved ones can maintain their home without the financial burden of mortgage payments and are not left with hefty funeral bills.
GET TRUSTED BY OUR CLIENT
Protects Your Home: Mortgage protection ensures that your mortgage payments are covered in the event of your passing or disability, preventing the risk of foreclosure and allowing your family to remain in their home during difficult times.
Financial Security for Loved Ones: By covering outstanding mortgage balances and end-of-life costs, this insurance provides your family with financial stability, allowing them to focus on their emotional well-being rather than worrying about immediate financial burdens.
Peace of Mind: Knowing that your mortgage will be paid off and that funeral expenses are covered offers peace of mind, allowing you to live confidently, knowing you’ve taken steps to protect your family’s future.
Our Trusted Partners
Trusted by leading names in the industry
Contact Us for a Free Consultation!
Explore the Benefits of Annuity Insurance with MBM Financial Services.
MOST QUESTION WE HAD
Frequently Asked Questions
Curious about how annuities work? Here are answers to some of the most common questions to help you understand annuities, their benefits, and how they can support your financial goals.
Premiums vary based on factors such as age, health, and the amount of coverage. However, they are generally more affordable than traditional life insurance policies.
Many mortgage protection plans offer simplified underwriting, which means you may not need a medical exam to qualify, making it easier to obtain coverage. an annuity type depends on your risk tolerance and financial goals: fixed offers stable income, variable allows growth potential with market risk, and indexed balances both with some downside protection.
Yes, mortgage protection policies can often be tailored to match the term of your mortgage and coverage amounts to fit your specific financial needs.
While both provide financial protection, mortgage protection specifically focuses on covering mortgage payments, whereas life insurance can be used for various expenses, including debts, living costs, and more.