About Mortgage Protection | Life Insurance
Mortgage protection is a type of life insurance that pays out if the policy holder dies before redeeming their mortgage. This ensures that their loved ones do not need to worry about paying for the mortgage. In other word, “they insure what may happen to assure what will happen”. Death is inevitable for everyone, where and when no one knows. But the good news is if it happens during the mortgage term, the mortgage will be paid off with the mortgage protection.
It is beggar’s belief that many people in the UK insure cars, pets, jewelleries, certain personal effects and building contents rather than protect themselves from devastating life events. Some even make excuses that the insurance companies don’t like to pay hence they don’t consider taking life insurance which is farther from the truth.
“New figures released by the Association of British Insurers (ABI) and Group Risk Development (GRiD) show that the insurance industry paid out more than £5.7 billion in protection claims in 2019 – a year on year increase of over £470 million in 2018 – with the percentage of claims paid rising to 98.3%. This is the highest percentage of claims paid on record”.
Think about this; if you die unexpectedly, what will happen to your loved ones? Do not disregard the importance of insuring yourself. You insure yourself to protect your loved ones because you love them.