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Mortgage Life Insurance Plans in Essex

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Do I Need Mortgage Life Insurance?

Buying a property is extremely exciting and a huge accomplishment. From finding the property of your dreams to settling in and making memories, there’s so much to look forward to. However, it’s important for you to think ahead and ensure that you have considered all potentialities. Repaying a mortgage is a serious commitment that will need to be fulfilled even in the event of your death. Mortgage life insurance can be used to help your dependents pay off your mortgage if you die. Generally, a mortgage life insurance claim is paid out as a lump sum. This is designed to protect your loved ones if you die before paying your mortgage off. Life insurance is an essential requirement for any homeowner who has not fully repaid their mortgage.

For more information about mortgage life insurance, get in touch and speak to one of our experienced team members. We're happy to guide you through the process and help you find the most suitable insurance deal. You'll be another step closer to landing your dream home!

Life Insurance Policies

Mortgage Life Insurance Guide

The cost of mortgage life insurance will depend on a variety of factors. These factors include your age, health and medical history, your financial situation, the type of cover and your mortgage amount. If you’re purchasing a property as a couple, you could consider a joint life insurance policy. Joint life insurance policies can sometimes work out cheaper than two single policies. However, this would mean that you only get one pay-out. Also, if your relationship doesn’t work out, the policy cannot be split between you. This means that any premiums that you’ve paid are lost if you cancel. If you have dependents, you may decide that receiving two pay-outs would be more beneficial. 
When taking out mortgage life insurance, it’s essential that you ensure the policy covers the amount on your mortgage. Typically, mortgage life insurance policies are on a decreasing term. This means that the amount the policy will pay-out will go down in line with your outstanding mortgage. If you’re keen on covering more than just your mortgage, you might want to also consider another type of life insurance. Here at Planet Mortgages, we can source a range of insurance options. Get in touch with our team today and let us help you secure your dream home! 

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Mortgage Brokers in Colchester

Life Insurance Advice

Here at Planet Mortgages, we’re committed to helping you through the entire home buying journey. With so much to consider, we understand that the process can feel overwhelming. But have no fear, we’re here to help! From finding the right mortgage to helping you secure life insurance, you won’t have to face this mission alone. Get in touch today and let us help you secure your dream home.

As with all insurance policies, conditions and exclusions will apply. The cost of this insurance depends on several factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.