Pinoy adventure
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Mortgage protection is life assurance. The difference is that is decreases over time whereas life cover stays level or increases (if it is index linked). You only need mortgage protection for the bank, so that is what you should get (it is cheaper). If you want life cover to protect your family financially, you should take this out separately.Hi all
What are the requirements for drawdown of a mortgage from an insurance point of view ?
Is mortgage protection enough for drawdown ? Or would life insurance be better suited ? Or both ?
Would there be any recommendations for both,company wise ??
Thanks
Sorry been out of finance for a long time now and don't know who is good or not at this stage!@Monbretia any recommendations on a broker who would cover both ?
Thanks
Any policy that basically pays out an amount equal to outstanding mortgage over the term of the mortgage if you die will do the bank.
After that there are many permutations of it from the basic decreasing mortgage protection that just clears outstanding amount if you die to other types like level term which pay out the amount insured day one regardless of what's owing plus other options as well. If unsure best to talk to a broker maybe to see what best suits your needs.
Ok thanks.Sorry been out of finance for a long time now and don't know who is good or not at this stage!
Sorry, what does this mean and who is "they"?I’m assuming they all wants ones money at the end of the day.
The insurance companies offering the above policy’sSorry, what does this mean and who is "they"?
Sorry, still can't make sense of this:The insurance companies offering the above policy’s
Ok thanks.
I’m assuming they all wants ones money at the end of the day.
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