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Types of Mortgage insurance policies
There are two types of mortgage insurance available in today's market:
- Mortgage Payment Protection insurance
Mortgage Payment Protection will pay off your mortgage repayments if you are ill or unemployed for periods over 1 month. Traditionally you can cover yourself against illness, unemployment or both benefits combined together. The combined cover is usually around 80% of the price of both benefits taken out separately.
- Mortgage Life/Protection insurance
Mortgage Protection insurance will pay off the residual mortgage value if the policyholder were to die. It is intended to remove the financial commitment of mortgage repayments if a key member of the family were to pass away. { life insurance }
Traditionally mortgage protection insurance is relatively cheap with premiums as low as £4.50 per month; the price of mortgage protection insurance is heavily dependant on the age of the policyholder when they take out the policy and the sum assured (level of cover).
Uk Mortgage Insurance from PremiumDoctor.co.uk
UK Mortgage Payment Protection Insurance
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