These plans are commonly used to protect a 'repayment' style mortgage i.e. where your debt to the lender reduces over the mortgage term. If you die during the mortgage term, the 'mortgage protection' policy produces a lump sum which is used to pay off the outstanding balance of your mortgage.

Over the plan term, the amount of life cover reduces to match your outstanding mortgage loan - this helps keep the cost down as you are only paying for cover you need. This is usually the cheapest way of insuring your repayment mortgage.

In most instances today, the majority of people also include critical illness cover as an option to this type of plan. Should you suffer from any specified illness, this protects you from the outstanding debt which is normally through your risk years (40-55)

For more information, please contact us on 0191 488 8445
or use this email link. office@hrcgroup.net