Mortgage Repayment Insurance
Are you aware of the benefits?
Whilst many of us have mortgages that will span over a period of thirty years, there are also many of us who don’t have a loan protection policy in place. Whether it’s because we’re not aware that it exists or we’ve heard about it but don’t really understand what it is and therefore don’t see the need in protecting a loan, there are many benefits in spending the money on protecting your loan.
When is it needed?
Mortgage repayment insurance (PPI) or commonly known as loan protection, is a type of insurance cover put in place to assist you and your family, in the event of unforeseen circumstances such as illness where you can’t afford to keep paying the loan.
If you or someone you know is left unemployed, income protection is another type of insurance policy, covering the loss of income and in some instances (depending on the insurance provider) also covering mortgage repayments.
Real estate is one of the most valuable assets people own and some, work most of their lives to be able to have it. Knowing their loan is protected gives mortgage holders added peace of mind if they’re unable to keep making payments.
If you’d like to find out more about mortgage repayment insurance, consult with an adviser. We can arm you with knowledge that enables you to make a more informed decision. Or take advantage of our Insurance and Finance Health Check here.