Making the right mortgage protection decision

21 March 2017
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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.

  1. 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.
  2. 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!
  3. 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.
  4. You should look at taking out a level term insurance policy instead of a mortgage protection policy.
  5. Some policies also cover kids up to a certain limit whereas others do not.