Mortgage Protection
Mortgage protection cover safeguards your home, and could save your family stress and their home in the event of your death or critical illness
Gives peace of mind that should you be diagnosed with a critical illness, you will get a lump sum payout to help with expenses.
- Clears mortgage in the event of critical illness or death
- Safeguards your familys home
How does Mortgage Protection Cover work?
- If the cover is to protect a repayment mortgage and just needs to ensure the mortgage is repaid in the event of death, the most cost effective option is to select a decreasing Mortgage Protection plan. As the mortgage balance on the repayment mortgage decreases, so too does the cover level, and is designed to simply clear the outstanding balance in the event of death
- If you have an interest only mortgage, you will need Level Term Assurance
What is covered by Mortgage Protection Cover?
- Swinford Life can advise you on how to cover your mortgage in the event of death or of serious illness
- Swinford Life can advise you on how to cover your mortgage repayments in the event of sickness, accident, or even unemployment
What’s the difference between Level and Decreasing cover?
Level cover pays out a fixed amount within the term of the policy. Decreasing cover reduces throughout the term of the policy and is generally used to protect a reducing mortgage/debt. As the pay out reduces, the premiums for this policy are cheaper than Level Cover.
What if I change my mortgage?
You are not tied in to mortgage protection and can change the cover whenever you want. Always take advice before doing this, as your health might have changed, meaning the current policy may be worth keeping.
The mortgage is just in my name can I cover my partner?
Yes. You don’t have to be named on a mortgage to have cover.
Who will the money be paid to?
As we place our clients’ polices into Free Trust Service, it will be paid out to your chosen beneficiary.