Mortgage protection

Have you ever wondered why mortgage providers demand that you have home insurance, but do not insist that you protect your ability to cover monthly mortgage payments? Have you been offered life insurance by the banks, without underwriting or the need to nominate a beneficiary? Wondered why the premiums do not decrease as you pay off your mortgage? What all banks ensure, is that they are protected for the amount they lend. By demanding home insurance, if something does happen to the home, which is the asset against which you have been lent money, the home can be rebuilt with money from your home insurance policy. 

Why is mortgage protection beneficial:

• Take control by getting an individual plan that is owned by you, not the bank.

• A plan that covers your monthly mortgage payment if you get sick or disabled.

• Your loved ones are the decision makers of your asset, not the bank in case of an unexpected death.  

• You have the freedom and to choose and change your mortgage provider.

• Ensure that loved ones get taken care of first, not a financial institution if the unexpected happens.
  
  Some lenders may require you to have life insurance in place before you get approved for a mortgage. There are options, to get millions of dollars coverage in place within days. Protect yourself, in case of an unexpected critical illness, disability or untimely death.