What is a Mortgage Protection?This policy pays off to the bank the balance of the mortgage left in the event the assured passes on or is permanently disabled.
This gives peace of mind to the insured and lasting investment protection since your family does not have to lose the property in the unfortunate event of death or disablement.
Mortgage Protection Plan provides protection and financial security for both the bank consumer and financial institutions or lender. In the event of death or permanent disability to the mortgager rendering them unable to continue servicing the mortgage, any outstanding loan is paid out to the lender. The lender then avoids collecting debt through realisation of security. Who is it eligible for:
- Entry age: 18-65
- Minimum term: 12 months
- Maximum term: As per the bank lending rule
This is basically funeral benefits cover that pays a fixed sum after the death of the insured. Payment is done within 48 hours on receiving notification of death.
This cover helps families deal with the last respect expenses for the death of a family member.