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Mortgage Endowment
If you have a repayment mortgage, then you might already have a decreasing benefit policy in the form of a mortgage protection policy. This type of term insurance is designed to pay off your mortgage upon your death before the mortgage comes to an end. Whenever you have an endowment mortgage, life insurance always comes included in the package.
If you have any dependents, then this type of insurance is most ideal. However, if you do not have any dependants and there is no one you desire to leave your home to in your will, then you does not want this sort of cover because your mortgage should be paid off upon your death by using the proceeds from the sale of your house.
Mortgage protection policies are not the same as mortgage payment protection policies which are essentially, insurance against not be able to pay your mortgage because you’ve stopped earning money as a result of a personal accident, redundancy or illness.
Also critical illness cover with direct line life insurance and assistance protects you and your loved ones from financial worry in the case of a serious illness.
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