What is life insurance? 545
by Admin
Posted on 05-10-2022 07:03 AM
Confused as to what exactly a ”joint life insurance policy” is? let quotedevil help! a 'joint' life insurance policy will cover two people or two lives (for example, a husband and wife), usually on a 'first death' basis. The policy will only pay out once, either when the first or second person passes away depending on the type of cover you have chosen. Once the policy has paid out cover will cease.
This type of cover is most commonly used for mortgage protection, typically paying out on the death of the first person insured, allowing the remaining person to clear the mortgage.
Add to your mortgage protection you can also get covers with options to increase the term and life insurance should you move home. This is useful in the case of your health going against you as you may be unable to trade up without the cover. Ask your financial broker to look at the cost of adding serious illness cover to the mortgage protection. Making the process easy applying for cover starts with completion of a medical proposal form. The life insurance company may write to your gp for a report, and in some cases a medical examination is required. Once you are accepted by the life company, cover is permanent for the term of the policy regardless of what happens to your health.
Home mortgage protection insurance is not absolutely needed. It is an optional insurance policy that you can purchase from certain life insurance companies and banks. Since this policy is quite inflexible, it is not an ideal option because the beneficiaries do not get any money to spend on pressing financial needs. Because of this, nowadays, it is more common to get term life insurance that has a payout that goes directly to the family member rather than the lender. With a term life insurance policy, your beneficiaries have the option to: pay off the remaining balance on the house and use the rest of the cash for other things.
Read more about life long insurance from irish life. Note that clicking this link will bring you to irish life's website.
For a new quote
Of course you can! you can apply for new insurance at any point during your mortgage. Because consumers are so excited to obtain their loan when buying their new home, they sign up their mortgage protection cover with the bank at the moment of mortgage approval. However, the banks are in many cases tied with only one provider.
So the premiums obtained at the time are not very competitive. Most of the time, clients who request a quote with an impartial insurance broker save a significant amount of money by switching from their previous mortgage protection policy obtained from the bank.
Mortgage life cover is a type of term assurance specifically designed to protect your mortgage. The type of mortgage term life assurance quotes that you need depends on the type of mortgage that you have and your personal circumstances.