A mortgage protection policy is an insurance policy that provides financial protection for homeowners in the event of an unforeseen circumstance, such as a job loss or illness, that makes it difficult to keep up with mortgage payments. This type of cover is typically a requirement from a bank in order to draw down a mortgage. This type of policy can provide peace of mind and protect your investment in your home. With a mortgage protection policy, you can ensure that your home will be protected and your mortgage paid off in full in the event of an untimely death.
The purpose of your mortgage protection policy is to pay off your mortgage should you die or suffer a serious illness within the repayment term of your mortgage. You are free to shop around for the best rates available and are not compelled to take out a policy with the mortgage lender.
Cuffe & Company can often offer you much more competitive rates than your lending provider, and can give you valuable advice about your specific needs for your circumstances.