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  • Writer's pictureCharlotte Oakley

Mortgage and Protection insurance

Updated: Dec 20, 2023

Mortgage and protection insurance, also known as mortgage protection insurance, is a type of insurance policy that is designed to protect homeowners in the event that they are unable to meet their mortgage payments due to illness, disability, or death.

If the policyholder is unable to work due to an illness or disability, the insurance policy will typically provide a monthly income to cover the mortgage payments. In the event of the policyholder's death, the policy will pay off the remaining balance of the mortgage, allowing their family to remain in their home without the burden of mortgage payments.

The amount of coverage and the premiums for mortgage and protection insurance will depend on several factors, including the age and health status of the policyholder, the amount of the mortgage, and the specific terms and conditions of the policy.

It is important to carefully review the policy and understand the exclusions and limitations before purchasing mortgage and protection insurance. Policyholders should also consider their overall financial needs and consult with a financial advisor to determine if this type of insurance is a suitable option for their individual circumstances.


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