Mortgage Protection
A Mortgage Protection Plan incorporates Life Cover designed to guarantee that your mortgage payments will be taken care of in the unfortunate event of your passing or serious illness during the plan’s duration. This provides you with the assurance that mortgage repayments would burden neither you nor your dependents.
This specific coverage is tailored to settle the outstanding mortgage balance in the event of the borrower’s death within the mortgage term. If your children, partner, or other family members rely on your income to meet mortgage obligations, this protection serves as a vital shield for your family in case of your demise or a severe health setback.
Various policies offer coverage for:
- Accidents and illnesses.
- Unemployment.
- A combination of accidents, illnesses, and unemployment.
Understanding Mortgage Protection:
A mortgage protection plan functions much like traditional life insurance but is custom-designed to match your remaining mortgage balance. Over time, as you continue making monthly payments, the amount owed on your mortgage typically decreases. A mortgage protection plan mirrors this reduction by providing declining coverage levels, often resulting in lower monthly premiums as the payout decreases.
While many individuals assume that approaching their insurer or mortgage provider is the optimal route for obtaining this type of coverage, at SFL Wealth, we go the extra mile by scouring the market to identify the best policy that aligns with your unique needs, offering the right coverage at a competitive price that suits your circumstances.
If concerns about the fate of your mortgage payments in unforeseen circumstances weigh on your mind, we encourage you to contact one of our protection specialists. This service is free, and there is no obligation. Whether you seek a comprehensive discussion of your circumstances or simply wish to explore your options, don’t hesitate to give us a call or complete the form below, and we’ll promptly reach out to you.
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Whatever types of questions you have, feel free to get in touch with us!