Mortgage Protection

If you have a mortgage, then you may wish to consider taking out Mortgage Protection Insurance, especially in the current economic climate.

There are two basic types of mortgage protection plans: Decreasing Term Assurance and Level Term Assurance.

Decreasing Term Assurance can pay off part or all of the outstanding debt of a mortgage on critical illness and/or death. It is cheaper than Level Term Assurance as the level of cover decreases in line with the outstanding mortgage debt.

Level Term Assurance can also pay off part or all of the outstanding debt of an interest-only mortgage on critical illness and/or death. It is more expensive than Decreasing Term Assurance as the level of cover remains the same throughout the life of the policy.

If you would like further advice on mortgage protection cover please contact your PK Group Advisor.  If you have not worked with us before, please do get in touch and one of our insurance specialists will be happy to assist.