Useful information about Mortgage insurance

Useful information about Mortgage insurance

In today’s blog, it’s all about mortgage insurance at The Cheapest Life Insurance and what you may want to be aware of when you’re shopping around.

As with any mortgage life insurance or protection there are important factors to take note of before buying. After all, it’s better to be fully equipped when you are shopping for life insurance than buy the first thing you see.

Some important information

  • It is vital that you not only answer all questions related to an application fully and as accurately as possible but that you do also do not fail to mention an issue like a medical condition when you apply. If you don’t then your insurer may not pay should there be a claim.
  • Mortgage cover is not a savings plan or indeed an investment plan and therefor has no cash value unless you make a claim that is validated.
  • Should you stop paying premiums before your policy is finished then your cover will stop and you will get nothing back.
  • Always check any mortgage protection when things change. This could be your mortgage value for example, so it’s always worth keeping an eye on things and contacting your insurer should you have any changes that may affect the policy.

How are life insurance premiums calculated?

  • Many people always wonder how premium rates are calculated on any policy. Whether it’s mortgage protection or critical illness cover, it’s useful to know what insurers take into account.
  • The most prominent factors will be your age, whether you are a smoker, what you do for a living, your health, the level of policy cover that you require.  If you are older the premium may be higher too.  Additionally, your height, weight and medical history will also be taken into consideration.
  • Costs can vary so it is always best to make sure you compare life insurance policies to get the very best deal that you can and ensure that your individual needs are taken into consideration when you apply.
  • Always ensure you read the small print and any ‘key facts’ documentation when you receive them through the post after you have applied. This will give you some time to make sure that you are covered fully,

If you are currently looking for life insurance then why not use our calculator to see how much life insurance you may need and fill out our ‘quick quote life insurance form’ to get a free, no obligation quote today.

We offer peace of mind at The Cheapest Life Insurance as well as great customer service. You will not find our qualified advisers pushy, but happy to answer your questions and find the best deal for your circumstances.

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