What is Mortgage Protection Insurance?
Mortgage Protection Insurance or Mortgage Repayment Cover ensures your mortgage will continue to be paid and your home remains secure should you lose your income due to an accident, illness or other form of disability. You can choose to pay off your home loan, reduce the amount owing or make repayments whilst you are unable to secure an income.
This product is useful to anyone with a home loan, both home owners and property investors. Mortgage Protection Insurance has options which let you pay only as much as you require. Benefits include:
· The level of cover can be adjusted to reflect the amount owing. As your mortgage decreases your premiums can reduce too.
· Your cover can also be adjusted to keep up with interest rate changes and to pay off the principal amount faster.
· In the event of death, the balance outstanding on your loan can be paid off from the amount insured.