Mortgage Payment Protection

Guest

What is meant by a Mortgage Payment Protection Option?

Guest

Hi Jeniffer,

I shall be glad if I can come at your help regarding your query.

Mortgage Payment Protection is designed to cover your mortgage repayments and related costs in case of any illness or injury resulting in loss of earnings. This facility is available from the beginning of the plan at an additional cost, if an agreement is made at the initial stage.

You can get a cover for a maximum deferred period of 1, 3, 6, 13 or 26 months as per the agreement made at the beginning. Its value should not be more than 150% of the total mortgage payment or 50% of your gross monthly earnings.

This option is not available if Premium Protection is selected whose features are almost same as Mortgage Payment Protection.

Both Mortgage Payment Protection and Premium Protection are important to people who want to safeguard their financial security.

Hope I could provide you with a satisfactory answer.

Regards,
Blue

Guest

Mortgage payment protection insurance is not compulsory but it can be a condition for some loans.

There are good policies which may cover any bills related to the mortgage including interest and repayments. The feature of a good policy is that it will begin to make payments after the person under this policy is out of work due to illness or injury.

Thanks,
Steve

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