Purchasing a home is one of life’s biggest financial commitments so it is important to have the right cover in place to protect it.
Mortgage protection is designed to pay off the outstanding balance on a mortgage in the event of a person dying prematurely. Additional cover can be secured to cover serious illness. Most banks will require that mortgage protection is in place prior to granting a mortgage. This ensures that the mortgage is cleared in the event of one party to the mortgage dying during the term of the loan.