Answered by Tom Conner
The purpose of joint mortgage life insurance is to pay off the loan if either partner passes away. This means that the remaining partner would have the funds to pay back the mortgage, thus allowing them to stay in the family home without the worry of having to meet potentially unaffordable mortgage repayments.
It is important to note that with joint cover the plan would payout once and then terminate. In other words, the plan would payout on the death of the first partner and then the remaining partner would have no life insurance remaining (the plan only pays out on ‘first event’).
It is possible to take out separate cover for each partner. This means that the remaining partner would still have their life cover in place if their partner were to pass away, which could be used for additional family protection. It usually costs around 10 to 15 per cent extra to have two separate plans relative to one joint policy.
Frequently Asked Mortgage Protection Insurance Questions
Excellent service from start to finish. Both Jack & Jake were both helpful and polite through the process. I would recommend Drewberry to family and friends.
Victoria Slade has been consistently prompt, personable, efficient and a great communicator. It is the first time that we have had straightforward dealings with financial services since becoming qualified doctors 20 years ago. Well done!
Oliver was great at explaining things, with patience. He called back when he said he would, and spent a lot of time to make sure the policy meets my needs.