What Is Mortgage Insurance, and Why Do You Need It?
It’s likely you’ve never heard of decreasing term life insurance, also known as mortgage insurance. The goal of this type of insurance is to make sure that if you die, your family won’t be left without a home. In the event of your death, the home is paid off and your family retains the same living standards that they did before.
Breaking down the details of mortgage insurance
With mortgage insurance, the insured individual pays their mortgage every month as usual. With each successful payment, the claim that you receive is lowered as well. A household that loses its primary breadwinner will still be able to make payments on the house with mortgage insurance.
Another consideration is whether or not the insurance offers “Level Term Assurance.” This type of plan ensures that the no change to the amount of life cover occurs, from the start of the insurance terms to the end.
Who does mortgage insurance benefit?
Of course, this kind of insurance plan primarily benefits families. If you’re single and without children or you’re renting, then it’s best to avoid this type of policy.
If you’d like to learn more about mortgage insurance, then feel free to contact one of our UAE Money Expert specialists. We understand insurance and will be more than happy to help you determine whether mortgage insurance is right for you.
To request a quotation on Mortgage Insurance or more information please complete the form below and a Qualified Regulated Expert, specialising in Insurance will contact you..