Mortgage Protection
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Mortgage Protection Services
Protection is a generic term.
It can be applied to a variety of things, from our properties such as houses, cars, gadgets, and also to our loved ones in terms of insurance. It is pertinent that you give a thought about how you are protecting your loved ones, and your property.
From Mortgage4U, we can help you insure your assets and live a secure life with your family.
Here are a few protective measures we help you with,
Life Insurance cover
This step will help your family in case they face the unfortunate scenario. You might have had the thought, what happens if I die and I couldn’t settle the mortgages? What if the mortgage falls on your family and they have to bear the burden?
What you can do is get a decreasing mortgage life cover, if you have a capital repayment mortgage plan. In this cover, the sum insured reduces with your mortgage balance. Alternatively, you can go for a level term life cover which pays out a lump sum as benefit at the end of the term. This lump-sum comes in handy for an interest-only mortgage.
Family Income Benefit Cover
This is a type of life insurance that pays you a regular income to cover essential expenses such as utilities, food, & clothing. It also covers non-essential expenses such as school fees, vacations, & holidays.
This insurance cover becomes beneficial, for mortgages can take up a lot from your monthly income, leaving very little for your daily expenses
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Critical Illness Insurance Cover
This is a tax-free lump sum insurance policy for diagnosis of specific critical illnesses. Cancer, stroke, and heart attack are growing among people, and it is imperative you find a policy that covers the treatment costs for these ailments.
Since your mortgage will take up most of your revenue for a few years together, these policies will come in handy in case you face severe illnesses. There are policies that provide cover for your whole family. Discuss with our experts about the advantages of these policies and get a protective cover over your family.
Income Protection Cover
Income Protection is designed to replace your income in case you aren’t able to work due to an illness or an accident. During such extreme scenarios, your employer could pay you a fraction of your salary, but the policy pays a monthly benefit up to 60% of your taxable income. This benefit can be used for your mortgage payments and expenses, until you are up and about again.
At Mortgage4U, we think of all possible difficulties our customers could face in their regular lives. As such, we recommend all sorts of preventive and curative measures to protect our clients and their families.
Call our experts about your plan on buying a property and we will guide you from now on.