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Santander Mortgage Cover Insurance

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Santander Mortgage Cover Insurance

Santander mortgage cover insurance is an important policy to have when one has a huge mortgage loan. This policy aims at protecting the family from financial constraints that are common in the events of death by helping the family service the instalments. Death is unpredictable and comes when least expected hence do not leave your family in a financial mess, get the mortgage cover.

About the Santander mortgage cover insurance

Santander mortgage cover insurance is a policy cover that assures the family that they can still retain the family house after the death of policy holder even with a huge incomplete mortgage loan. Though grouped among the life insurance covers, one can choose the length of time to be covered possibly till when your mortgage will be fully settled. Unlike most of the life policy covers, the monthly covers of mortgage insurance are not subject to change as they remain the same all through the agreed term. However, the coverage goes down in line with the standard mortgage repayment. In case you pass on before completing the mortgage payment, the insurance pays off the balance of your home mortgage using a cash sum from the premiums you had paid. It is important to ensure that you make the required payments of the premiums faithfully to avoid inconveniences to your family in case of your death. In addition, the insurance provider pays a lump sum to offset the outstanding balance in case you as a policy holder are diagnosed with a terminal illness. This reduces the financial constricts due to payment of the mortgage and hospital bills. The cover takes into consideration that you might be incapacitated by the disease hence unable to service the mortgage.

Alternatives to Santander mortgage cover insurance

It is advisable to get the Santander mortgage cover insurance as it covers the mortgage balance. However, if it is not possible to get the mortgage cover you can consider getting general life insurance though the premium you pay will not go directly to pay for the mortgage balance, the family can decide to use the money to settle the loan as a debt.

Advantages of Santander mortgage cover insurance

The Santander mortgage cover insurance has far reaching advantages. The cover protects your family financially when you are alive or dead. The policy pays off the balance of the mortgage when you get an accident, terminal illness or loss your job and in event of your death. It also provides peace of mind to the family as they do not have to loss you and the house they have lived in for years.

Challenges for Santander mortgage cover insurance

When you buy the Santander mortgage cover insurance it is important to note that failure to make payments as agreed leads to your family taking up the role of paying the outstanding balance of the mortgage. This results to financial constricts and eventual loss of property used as security for the loan.

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