Joint Mortgage Protection
If a couple takes a joint home loan, the monthly installments are usually paid through proportionate contributions of both individual from their respective incomes. However, in the situation where either of the partners are unable to generate income, a Joint Mortgage Protection Policy would help them meet repay their loan installments.
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What is Joint Mortgage Protection?
When taking a joint home loan, the assumption is that the monthly installments would be procured through the income of both partners. Therefore, for whatever reason, if one of the two loses their income, there is a serious threat to the timely payment of the loan installments. To guard oneself from the risk of payment failure and consequent eviction or repossession of property, joint loan-takers must look to avail some Joint Mortgage Protection insurance policy. Such insurance plans provide benefits that cover one’s mortgage payment if either of the partners loses their income due to illness, injury or involuntary redundancy – unemployment.
The insurance for the couple can either be split between the two partners in proportion to their contribution to the household income, or on an equal basis of 50% each. Such an Insurance policy provides 100% cover in paying their monthly mortgage installments, though some may also provide extra benefits alongside. These benefits usually include part-payment of other household expenses such as council tax or utility bills. However, the policy provides benefits for only as long as the policy term – usually 12 or 24 months – lasts, or the income generation of the couple is resumed as before.
Alternatives to Joint Mortgage Protection
There are several alternatives to ensure mortgage protection other than schemes meant for this specific purpose. A couple may joint, or otherwise, subscribe to an Income Insurance policy. The latter will provide a specified tax-free amount of money on a monthly basis in the incidence of loss of income due to illness or accident, which can be used to repay loan installments.
Main Benefit of Joint Mortgage Protection
The main benefit of Joint Mortgage Protection is that it eases of the financial burden off the couple, if either individual loses their source of regular income. Having an assured source to finance basis requisites like monthly loan repayments is a big relief in such trying times.
Main Draw-back of Joint Mortgage Protection
The main draw-back of a Joint Mortgage Protection scheme is that it is obviously not free of cost; the initial costs incurred are substantial if not high. Moreover, the policy provides mortgage protection, not for a limitless period, but only as long as the insurance term lasts.
Joint Mortgage Protection Reviews
We are happy to offer a wide range of joint mortgage protection quotes from all insurance companies in the UK. Not all companies are created equal and some will be a better fit for your requirements than others. If you have a review please contact us and if you allow us we can place it on our website. You can also leave reviews on services such as reviewcentre.co.uk and read reviews from most joint mortgage protection providers.
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