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Can I Protect My Loved Ones With Life Insurance Mortgage Cover?

March 6, 2012

One of the main reasons as to why people do not take out any Life Insurance Cover is that when a crisis happens – most people say ‘I didn’t think it would happen to me’. Making financial provisions for your loved ones will give you the peace for mind and assurance that if anything happens to you – your spouse/partner and children will still have a roof over their heads.

Having the right Mortgage Cover is crucial to your loved ones if you are suddenly faced with death or a terminal illness, because they won’t have the added stress and worry about the prospect of not being able to pay the mortgage repayments and the possibilty of having to sell the family home and move.

If you have a long-term mortgage and are worried about what will happen to your house if you pass away or are diagnosed with a debilitating or terminal illnesss – you can take out a fixed-term insurance cover to ensure that your loved ones will have financial help towards the mortgage costs.

The fixed-term mortgage cover plan is very flexible and you can choose the duration of the cover (minimum 3 years) to suit your requirements. For instance – you may want to provide cover towards your mortgage until your children reach financial dependence or until your mortgage repayments are paid off.

Aviva Life Insurance fixed-term  monthly premiums will always remain the same amount and you can pay as little as £5.00 per month, or a monthly premium based on your circumstances and financial goals.

There are 2 types of fixed-term cover to meet your needs. ‘Level Life’ and ‘Decreasing Life’

Level Life  – is tailored to help give your family the peace of mind to manage financially when they are suddenly faced with outstanding mortgage repayments. Level Life assists and provide cover towards your mortgage repayments, or if you suddenly pass away, or are faced with a terminal illness.

Decreasing Life  – has been tailored to assist and cover a repayment mortgage plan or any other existing loan – i.e. the balance owing reduces over time as you make your repayments. Whatever your requirements are having a good insurance policy will help you to obtain the best possible plan to suit your needs.

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