Mortgage and life protection insurance which is also known as a mortgage protection plan does just what its name suggests. This type of policy will enable your loved ones to pay the mortgage should you die before it is paid off.
However it does more than just pay out should you die immediately. If you take out this type of insurance you will be covered if you happen to be diagnosed with a terminal illness from which you arent expected to live for more than 12 months.
The policy may also pay out if you have taken optional cover for critical illness and are diagnosed with a critical illness which is covered by your policy. If you have taken the option for permanent disability and the worst should happen and you become permanently disabled, then you will also be covered.
The mortgage protection plan (not to be confused with mortgage payment protection insurance) works slightly different to the level payment protection plan in that the amount which it pays out decreases the longer you have the plan. This is the type of plan which would most suit those who have taken out a repayment mortgage. It wouldnt benefit those who have an interest only...
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