How Life Home Cover works:
Life Home Cover is Life Assurance at its most basic.
The amount of cover you need and the length of time you should be protected for
will depend on the amount and term of your mortgage. As you pay off your mortgage
your cover will fall to reflect the falling amount you owe on your mortgage.
It is life (and serious illness) cover that is designed to pay off your annuity mortgage
in the event of your death (or serious illness). This is a cheap form of cover as
the sum insured reduces as you pay off your mortgage. The term of this product is
linked to the term of the mortgage.
If you are taking out an annuity mortgage, your
lender will require you to take out some form of mortgage protection. Whereas you
are only required by the lender to get life cover, this product can also cover you
in the event of a serious illness or permanent total disablement.
About life cover:
Get life insurance to ensure the future financial security of your family or your business.
How does life cover work?
Life cover pays out a predetermined lump sum of money if you die within a certain time period.
This payment can be used to:
- Protect your loved ones financially if you die.
- Ensure the financial survival of your business, in the event of the death of a key employee or director.
Joint life cover:
Joint life cover is also taken out on behalf of two people. It can be taken out on a first death or second death basis: