Before you run a mortgage protection insurance comparison it’s important you understand what home mortgage protection insurance is all about.
WHAT’S MORTGAGE PROTECTION INSURANCE?
In brief, mortgage protection insurance is a life insurance policy that covers your mortgage. With the right amount of cover in place, it ensures that you and your family will always have a home regardless of what the future brings. If you or your partner become too ill or injured to work, or if you pass away, your family will still have a roof over their head.
If you or your partner pass on, the joint mortgage protection insurance would pay the mortgage protection policy benefits to the policy owner and the amount would enable the mortgage to be repaid. The lender then pays off the amount needed to settle the mortgage. if there is money left over after settlement, this will go back into your estate.
Mortgage protection insurance runs for the same length of time as your mortgage. If you take out a mortgage over 25 years, you need to take out a mortgage protection policy for 25 years.
Mortgage protection cover amounts should be reviewed regularly and reduced over time as you pay off the amount you owe on your mortgage. Once you have paid off your mortgage the mortgage protection insurance can be canceled.
MORTGAGE PROTECTION INSURANCE COMPARISON TOOL
Ease Insurance makes it easy to compare mortgage protection insurance. With a few clicks of your mouse, you can compare mortgage protection premium quotes from five industry-leading companies. We’ll follow up with a call to make sure your questions are answered and to help you choose the right cover for your circumstances.
Your mortgage lender will likely offer you mortgage protection insurance by you when you apply for a mortgage. Many people don’t realise that they are not obliged to take out a policy through their mortgage lender. Your mortgage lender will not refuse you a mortgage because you choose not to accept their recommended policy.
It can pay to shop around and do a mortgage insurance policy comparison. This is due to the restrictions often applied when taking out a mortgage protection insurance policy through your mortgage lender. If you want to switch your mortgage later on your mortgage protection insurance policy would automatically be canceled, and you would need to take out a new policy when you move your mortgage. The older you are, the more this will cost you. If your health has changed for the worse since taking out your original mortgage protection insurance policy, you’ll likely find it difficult and expensive to get new mortgage protection cover.
At Ease Insurance we recommend a mortgage insurance policy comparison across the major insurers. Mortgage protection insurance rates vary and you are likely also to save up to 25% on your Mortgage Protection Premiums for the same policy by shopping around.
We’re here to help you with this and will source and compare quotes of up to five mortgage protection insurance companies. It’s easy to acquire mortgage protection insurance and mortgage protection premium starts from only $15 a week.
You can also change insurer during the term of your mortgage if you find better value elsewhere. If you have an existing mortgage and would like to do a quick mortgage insurance policy comparison then get in touch with us at Ease Insurance. The process is quick and painless – just a few clicks and you’ll have the numbers in front of you.
REQUEST AN OBLIGATION FREE QUOTE
Click here to get QUOTES with the best mortgage protection insurance companies and we’ll call you back to explain and answer any questions you may have about mortgage protection insurance.