30/04/2019

Mortgage Protection Insurance is often used as a general phrase to categorise the various types of mortgage insurances available in the market, one of which being life cover.

The main types of mortgage protection consist of the following:

Mortgage Life Insurance
Pays out a lump-sum to repay the loan in full should you pass away during the policy term. If taken out as a joint plan the policy would payout should either partner pass away.
Critical Illness Cover
Often added to mortgage life insurance so that the plan can payout not only upon death but also if you were to suffer a serious illness or injury. Most plans specify around 40 conditions covered, including cancer, heart attack and stroke.
Mortgage Payment Protection
Provides a monthly benefit to cover your mortgage repayments should you have to take time out of work due to accident, sickness or unemployment. Policies can usually payout for a maximum of 12 consecutive months.

If you were to combine all three plans this is sometimes referred to as ‘comprehensive mortgage protection’ as your loan would be covered for short- and long-term accident and sickness, short-term unemployment and death.

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