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FINANCE SERVICES MENU
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An insurance policy
taken out specifically to cover a mortgage. Because a mortgage on
their home is, for many people, their biggest single financial commitment,
it is sensible to provide cover that will pay it off in the event
of death. This is of course particularly important for someone with
financial dependents - nobody wants to have to worry about potentially
losing or having to sell their home at a time of bereavement because
they can't maintain mortgage payments!
In the past, most mortgage protection policies just provided cover
against premature death. Now, many policies also include an element
providing protection against loss of earnings through redundancy or
long term illness. For people with a capital and interest repayment
mortgage, mortgage protection policies are often taken out on a "decreasing
term" basis where the amount paid out on death gradually reduces over
the term, as the mortgage is slowly paid off.
For people with an interest only mortgage, the life cover is usually
provided on a "level term" basis, where the amount paid out remains,
as with the mortgage balance, the same throughout the term, can also
be extended to include critical illness cover.
| All of our quotations for insurance
are provided by an approved independent intermediary business
partner. Our approved independent intermediary business partners
provide free independent advice and quotes to ensure you receive
the very best price and service for your business insurance.
All of our quotations are supplied free from any obligation. |
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