Who would pay my mortgage if I died?

Mortgage Protection helps make sure your mortgage is paid off if you pass away during the term of a Life Insurance policy. It’s there to give your loved ones peace of mind (and one less thing to worry about) so they can stay in the home you planned for them.

How Mortgage Protection Works

If you pass away during the term of the plan, the policy pays out the remaining balance of your mortgage, as long as your repayments are up to date and the interest rate stays within the assumed range. The payout usually goes directly to your lender.

Your Mortgage Protection cover reduces over time, just like your mortgage balance. That means the plan always aims to cover what’s left on your home loan.

Who Owns the Life Insurance Policy?

In most cases, your bank will request that you have a mortgage protection policy in place before the mortgage is put in place.

Cover Options

• Single Cover means we will make the payment if you die during the term of the plan.

• Joint Cover means that we will make the payment if you or your partner dies during the term of the plan, but we will only make the payment once.

Why Mortgage Protection is Often Required

Most lenders won’t approve a mortgage unless Mortgage Protection is in place. It protects their investment—and gives you peace of mind too. It also helps your family stay in the home without having to take on mortgage repayments during an already difficult time.

Need More Help?

Mortgage Protection is a smart way to take care of your loved ones. If something happens to you, it helps make sure they’re not left with the burden of a mortgage. Looking for more information? Contact us or review our policy documents for in-depth guidance.