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OPT Financial works on a Face-to-Face model, meaning we sit down with each individual customer and completed the process with them at a time and date (and location) to suit them.

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Mortgage protection is another type of policy that differs slightly to a life insurance policy. Mortgage protection will help your loved ones to stay in the family home once you’ve gone.

Mortgage Protection

WHAT IS MORTGAGE PROTECTION?

Much like a life insurance policy, mortgage protection insurance will pay out a lump sum if you pass away during the policy. This lump sum can be used to pay off the mortgage on your family home so your family can continue with their way of life without having to worry about mortgage payments. Unlike life insurance, most mortgage protection payouts reduces roughly inline with your mortgage payments.

Most life insurance policy payouts will help with mortgage repayments for your loved ones when you’re gone. Before deciding which policy is best for you, it’s worth thinking about why you want to be covered.

Why Mortgage Protection

Most insurance policies start from as little as £9 per month, the higher the premium, the more protected you are. It’s important to think about what you want to be covered for and how much you can afford to pay.

LOWER MONTHLY PREMIUMS

Decreasing term policies can have lower monthly payments as the payout sum will decrease the longer you have the policy. As this reduces the amount the insurer is likely to payout, generally they offer lower monthly premiums.

YOU HAVE DEPENDENTS

The lump sum payout from a mortgage protection policy can ensure that your dependents can stay in the family home after you’ve gone without having to worry about the mortgage repayments.

APPLYING FOR A MORTGAGE 

If you’re applying for a new mortgage, it’s not uncommon for the lenders to ask for you to have a life insurance policy in place to ensure the repayments are made, even after you’re gone.

AMOUNT OF COVER

Each insurance policy, level of cover and monthly amount depends on each and every individual circumstance. It’s always beneficial to look at your current outgoings and potential future outgoings as a starting point.

 

Most insurance policies start from as little as £9 per month, the higher the premium, the more protected you are. It’s important to think about what you want to be covered for and how much you can afford to pay.

 

If you’d like to discuss this with someone, we have a dedicated team of professionals who can help understand your needs and advise the best options for you to help make the right choice.

 

Get a free quote now  

We understand that people have varying circumstances and requirements. If you're interested in any of our services and would like to discuss this further with us, you can request a quote below.

We review you current financial situation, helping you understand the financial impact if you were to pass away. We have a dedicated team who search the market to find the best products for you.

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