Mortgage Life Protection
This type of insurance is also commonly
Decreasing Term Assurance
There are two major reasons for insuring your mortgage.
The first is in case you can't pay it owing to accident,
or unemployment. The second is is in case you die. This
section covers the latter type.
This is a type of life insurance that is designed to pay
off your mortgage in the event of your death.
This is to ensure your family don't lose the home (ie because
they can't afford to keep paying the mortgage now that the
main breadwinner has gone).
Your beneficiaries would usually get a lump sum to pay
off the mortgage in one go.
The relevance of the term "decreasing" is as follows; because
what you owe on your mortgage decreases with time, (ie as
you've paid more of it off), so does the amount of cover
provided and so does the premium
you have to pay every month.
Mortgage Protection Decreasing Term Assurance is considered
to be a cheaper form of life cover than straightforward
and Contents Insurance
Payment Protection Insurance
Protection Decreasing Term Assurance
Insurance Tie Ins