Who Needs Mortgage Protection
If you are applying for a mortgage or have an existing mortgage, you need mortgage protection.
The mortgage protection plan is normally required by a lender whenever a loan application is being approved and before the loan is granted.
Mortgage Protection Plans are decreasing term life insurance plans that are assigned to the lender to repay the mortgage in the event of the premature death of the mortgage owner/s.
The sum assured decreases as the loan for the mortgage is repaid.
Serious Illness Protection can also be included
If you already have a mortgage, you should have a mortgage protection plan and it is never any harm to check that you are getting the best rates.
If you are applying for a mortgage, then it is never too early to apply and have it ready to be in force on the day you need to draw down the loan.
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