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Why have Insurance? And what kinds of insurance should you have anyway?

Again, because it is too important not to. You have just made the investment of your lifetime, you have moved into your dream home, your family has its nest. What next? Now, you need to ensure that your family keeps its home no-matter what.

Types of insurance are listed below, but your broker will cover each of these topics with you - absolutely no pressure selling, but giving you the information you need to make the right choice.

Protecting the capital of the mortgage – insurance that pays it all off

Life insurance

Decreasing: this means that the amount you’ve insured goes down at roughly the same rate that the mortgage loan goes down as you pay it off.  The theory is that there will be enough paid out to pay off the mortgage and no more.

Level: the amount you’ve insured at the start of the policy remains the same for the entire time you hold the policy so essential if you’re paying interest only on the mortgage or, if you like the idea of your family having some money left over after the mortgage is paid off, even where you’re paying off the mortgage as you go.

Terminal Illness Cover: often included for free as part of a life insurance policy, this will pay out if you are diagnosed with a terminal illness that you are unlikely to survive for longer than 12 or 18 months.

Critical Illness:: usually added to a life policy and will pay out on the diagnosis of a serious or “critical” illness.  This means that while you or your partner battles with a serious disease, your mortgage will be paid off and one less thing to worry about.  Again, you can arrange for this on a decreasing or level basis.

Protecting your income – making sure something is coming in every month

There are various policies you can take out that will pay you a monthly benefit.  The most common is the “accident sickness and unemployment” cover that will pay your mortgage and, if you so wish, most of your bills too for a whole year to help you get back on your feet.  There are also health insurance policies available to help you throughout your working life should you be ill and need that income.

At MortgageMiracles our job is to put you in touch with highly trained, professional Mortgage Brokers, professionals who work in this market place day-in, day-out, understand both your needs and the solutions. You have nothing to lose, a huge amount to gain.

Just complete the form and we will do the rest.