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If you are unable to pay your mortgage, the term mortgage life insurance will reduce and pay your loved ones a lump amount. The amount they receive is dependent on the term of your life insurance
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Couples are more likely to apply for a mortgage loan under joint names. This increases the need to have joint mortgage protection insurance.
A joint home loan is one where both the borrower and the lender pay the interest. As more women enter the workforce, this situation will likely increase.
If one partner loses their income, this could result in significant mortgage repayment risks for both of them. There are three main options for addressing this risk: joint life insurance, critical sickness cover, and payment protection.
The policy covers both critical illness and joint life. In the event of a policyholder's death or critical illness, it will pay out. There are three main types of illnesses that are covered: stroke, heart attack, cancer and heart attack. This type of coverage would allow the couple to pay off their home loan in case one of them were to become seriously ill or die. The joint mortgage policy would end after either partner dies or is seriously ill.
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Joint payment protection is the second type of policy that couples should consider. If one partner is injured, sick or unemployed, this type of policy would pay a monthly Mortgage Protection benefit up to 24 months. Although the monthly benefit can be divided according to how much income each partner brings home, most policies offer a 50/50 split.
Combining these three plans can help couples protect their mortgage loan repayments against the risk of illness, unemployment, and accident in the short-term as well as serious illness and death over the long-term.
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You can get term life insurance that reduces in value for a fixed term. If you die within that term, it will pay your dependents a lump amount. The amount your dependents receive will depend on how long the policy is in force. This decreases roughly according to the amount you owe on your mortgage. The lump sum is reduced during the term. At the end of the plan it is at zero.
The amount of your life insurance premium depends on how much you are insured, the duration of coverage, your age, and whether or not you smoke. Non-smokers are those who have not smoked for 12 months. This type of insurance is not very good for investment because there is no maturity value at the end.
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Protecting your mortgage is an essential part of your mortgage. Protecting your mortgage is an important part of your financial plan. As it is easy to overlook these monthly payments when you look at your monthly mortgage expenses, it is important to budget for mortgage coverage.
Financial advisors refer to a fully protected mortgage as protecting your mortgage from every possible outcome. Redundancy, death, critical illness and long-term sickness are all examples of areas that can be protected by your mortgage.
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