The mortgage on your property will be the biggest debt that you will ever take out in your lifetime, so why would you leave this unprotected and risk losing it? Recalling the time when you received the keys to your property gives you a sense of independence and achievement having saved for so long with your deposit, yet amazingly so many individuals do not see the need to protect their debt leaving themselves and their family at risk.
A Mortgage Protection policy gives you and your family the peace of mind that should any of the mortgage holders pass away during the term of the policy, the debt is fully repaid to the lender leaving the home ‘mortgage free’ and unencumbered. Mortgage Protection policies are generally cheaper as the lump sum pay-out decreases in line with your mortgage balance – presuming your mortgage is on a capital and interest basis.
There is also a critical illness option whereby the mortgage balance is repaid should any of the policy holders suffer a critical illness during the term of the policy thus leaving the property ‘mortgage free’ and unencumbered taking away the stress of a large monthly commitment.
Vital Protection could help you set up a policy which gives you the peace of mind knowing your family never have the financial burden of such a large debt. We offer reviews on existing policies and keep in contact annually to ensure the correct amount is insured should you ever decrease or increase the balance.