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Mortgage Cover Life Insurance

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Mortgage Cover Life Insurance

One of the cheap life insurance policies is the Mortgage cover life insurance policy. This policy of cover is mainly designed in order to pay off all your premiums if due to any circumstance you demise takes place during your policy’s term.

The policy is a decrement in terms of assurance. That means the amount of cover provided by the policy reduces steadily as the term of the policy reaches on the verge of its ending. No value to the contract is present at the end the cover provided by the policy is in its cheapest form as compared to other levels of Critical Illness Insurance or terms assurance.

Why mortgage cover life insurance

Mortgage cover life insurance turns out to be a life saver not only for the policy holder but also for the policy holder’s family. The policy shields you and your family members or loved ones from losing your home due to any case your uncertain demise during the term of the policy.

Mortgage cover life insurance policy not only saves the home for the policyholder and its family members during uncertain demise of the policy holder but also if he/she is diagnosed with terminal illness.

Benefits

The policy, Mortgage Cover Life Insurance, is quite simple. It is a type of policy which protects the policyholder’s mortgage in case of his/her demise. The policy unlike the other ones is something which nobody is interested in claiming. In this event it is expected that the policy will be solely responsible for the entire payment of its holder loan.

The main benefit provided by these types of policy is that it is cost effective and protects policy holder’s family and home during the period of loan repayment.

This type of insurance policy is only for loans where the principal remains same throughout the period and the payments and mortgages envelopes the due interest. The policy is commonly referred to as Reverse Mortgage products and Interest only loans.

Drawbacks

The main drawback of the policy is that here the bank is the beneficiary. No matter due to this policy your life is drowned in lurched, but your family members will not be able to realize any of the proceedings of the life insurance policy. But here the bank is the real winner, they get their part and for them you are required to pay the monthly premiums.

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