A Mortgage Protection Plan is designed to helps pay off your mortgage in the event of you or your partners untimely death or become seriously ill within the time of the mortgage the  loan is fully repaid. It ensures that your family will not have to worry about future mortgage payments during a difficult time.

There are 2 options 

1.   Life cover only

2.   Life Serious illness cover. 

Your policy is usually assigned to your bank or mortgage lender. This means that if a claim is made, the money from the policy goes directly to the bank to pay off any remaining mortgage balance.

If there’s any money left over after the mortgage is cleared, it is paid to your family.

Most banks and lenders require borrowers to have Mortgage Protection before approving a mortgage. This guarantees that the loan will be repaid in the event of death.

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