Mortgage Payment Protection Insurance
Paying off your mortgage is something which may take the whole of your life. The length of your mortgage will depend on many factors and any number of misfortunes could come along during the duration of paying it. Life throws us a curveball every now and then and mortgage insurance is designed to protect you should any of these issues effect you. Just Quote Me can help you find the right kind of mortgage insurance for your situation and there are two separate kinds usually available.
Mortgage Protection Insurance
Mortgage protection insurance covers the cost of your mortgage payments if you lose your job or become unwell. Mortgage protection insurance will pay out a set amount each month usually for around two years if you are unable to work and therefore make mortgage payments.
Mortgage protection insurance comes in three different types:
- Unemployment only – covering you only if you become unemployed and cannot pay your mortgage
- Accident and sickness only – covering you only if you cannot pay your mortgage due to sickness or an accident
- Accident, sickness and unemployment – covering all of the above
All policies are different and you can tailor yours to your needs. Discussing your requirements with our insurance experts at Just Quote Me will help to ensure you get the right cover for your circumstances.
Mortgage Life Insurance
Mortgage life insurance is specific life insurance bought with covering the outstanding mortgage debt in mind. Should the worst happen and you unfortunately pass away, mortgage life insurance will cover any outstanding payment to clear your mortgage. This removes this financial burden from your family and ensures your property is secured for them in the unfortunate event of your death. Life cover is something mortgage lenders often try to sell but you are better speaking to insurance professionals who can provide you with a range of quotes.
It is worth considering whether mortgage life insurance is a good investment for your personal situation. There are different types of policy available dependent on whether you have a family and other considerations so look closely at your options before making a final decision.
With different mortgage insurance options, you may not be sure which type is best for your needs or you may think you need both. Your individual circumstances can be discussed with our knowledgeable team here at Just Quote Me. We can help you find the right cover for your needs and ensure you have financial peace of mind in the most difficult of situations.