Mortgage Repayment Cover
With a mortgage often funding your largest material asset, what would happen if you were unable to pay it?
Similar to income protection, it pays a monthly amount should you be unable to work due to illness or injury, but can also incorporate cover for redundancy or bankruptcy. The amount is normally calculated on 100-115% of your mortgage repayments, or in some cases 40-45% of your gross income. It can be fully tailored to suit your specific needs & budget with numerous options, from how long you wait until you are paid, to how long it will pay you for.
These options include:
- Wait period options – 1 month, 2 months, 3 months, 6 months, 1 year, 2 years
- Payment period options – 2 years, 5 years, to age 65, to age 70
- Redundancy or bankruptcy cover option – 1 month wait period, 6 month payment period