|
This plan can be used for interest–only and also for
repayment mortgages.
With this type of policy it will protect the amount borrowed
and unlike the mortgage protection will not reduce at any
time. The cover stays level.
With an interest–only mortgage the cover will protect
the amount borrowed, but you would need some form of investment
or consistent reducing of your mortgage to clear the debt,
however should death occur this plan will pay it off.
If you use this with a repayment mortgage what this does
is it creates after the first year, a surplus, the more your
mortgage reduces the more can be allocated to your next of
kin. E.g. A mortgage for £200000, with level term cover
for the same amount, after 10 years mortgage payment the mortgage
outstanding may now be hypothetically say £160000, should
death occur at this point, £200000 is paid out, mortgage
of £160000 is paid off with an excess of £40000
for the beneficiary.
In most cases the Life Assurance Plan only costs a few pounds
more than the Mortgage Protection.
Please Contact Us, or fill in the online form by clicking
here for a quotation.
Your quotation should be ready in 3 days.
|
