What is mortgage protection?

If a borrower dies during the mortgage term, mortgage protection offers protection to the borrower’s family. Mortgage protection is intended to protect the borrower’s family who may not be able to keep up the mortgage payment after the main earner of the family passes away.

The mortgage protection is mainly designed to protect the borrower's family to pay the mortgage so that they do not lose the house. This is the cheapest way to cover your mortgage because the cover amount decreases in line with mortgage repayment and the borrower does not get anything if he/she survives until the end of the term.