Definitions for "Mortgage Protection Insurance"
Related Terms:
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Mortgage cover against the risk of redundancy.
A kind of decreasing term insurance designed so the amount corresponds directly to the loan amount and length of time remaining on a mortgage. If the insured dies during the mortgage period, the insurance company pays the balance remaining on the mortgage to either the beneficiary or the mortgage company.
A life policy used in connection with a repayment mortgage which pays out the sum assured on death of the life assured during the term of the policy.
A type of Term Life policy which pays off the balance of a mortgage upon the death of the insured. Typically, the death benefit decreases according to a schedule that fits the declining payoff requirements of the mortgage.
Different to Mortgage Insurance, this is where the borrower can protect oneself from failing to make loan repayments.
Mortgage protection insurance is an insurance policy that will cover either the whole repayment of your mortgage or just a portion of it.
Mortgage Protection Insurance is designed to provide cover in the event you are unable to work due to involuntary redundancy, illness or injury due to an accident. For each claim you will usually receive the amount you have insured for up to 12 months.
protects a borrower's loan repayments if they can't pay them due to, for example, illness or redundancy.
Also know an income protection insurance, this insurance is often recommended as it covers you if you are unable to meet repayments due to serious illness or redundancy
Covers borrower's loan repayments in the event they cannot meet them due to illness or redundancy. Not the same as mortgage insurance
Insurance policy that provides the borrower payment for the mortgage loan in the event that they are unable to pay it back.
Not to be confused with lenders mortgage insurance, this covers a borrowers' loan repayments in the event that they are not able to meet them through illness or redundancy, for example.
A LIFE AND HEALTH INSURANCE POLICY COVERING THE HOMEOWNER FROM WHICH THE BENEFITS ARE INTENDED TO PAY OFF THE BALANCE DUE ON A MORTGAGE UPON THE DEATH OF THE INSURED OR TO MEET THE PAYMENTS ON A MORTGAGE AS THEY FALL DUE IN THE CASE OF DISABILITY.
This type of insurance is taken out by a borrower to cover the borrowers’ loan repayments in the event that they are not able to meet them through specific events such as serious illness or redundancy. It is also sometimes called income protection insurance.
This is insurance taken out by a borrower to ensure they have sufficient funds to meet their repayments in the event of sickness or loss of job (through redundancy). Can also be known as income insurance. If considering Mortgage Protection Insurance you should seek professional financial advice from your accountant or a financial planner.
Is a one off premium paid by the borrower to protect the lender in the event of a default. In the event of a default the insurer will make good the losses on the loan to the lender and then attempt to recoup the funds from the borrower. Mortgage protection insurance is generally only needed more than 80% of the cost of the property is borrowed. Also known as lenders mortgage insurance ( LMI ) .
this type of insurance will protect your mortgage payments if you are unable to earn due to illness, accident, disability or unemployment. To learn more about the basics of mortgage protection insurance click here.