Making the right mortgage protection decision
Making the right mortgage protection decision is quite often a decision between varying sets of prices and product providers.
But you should be aware of a range of factors that will help you make the right decision.
- Remember that if you die, your mortgage will be paid off. This is important especially if you have a partner and family so please keep your payments up to date.
- If you are young and serious illness cover is affordable, you should take out this cover. So if you have a serious illness your mortgage will be paid off. As you get older the chances of you taking out serious illness cover diminish as the chances of you getting a serious illness increase!
- You can take out a flexible policy so that if at some time during the mortgage you are unable to pay mortgage payments, you can switch your policy to a level policy so that the cover will be enough to clear the balance if you run into arrears.
- You should look at taking out a level term insurance policy instead of a mortgage protection policy.
- Some policies also cover kids up to a certain limit whereas others do not.