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Joint Mortgage Protection Glossary

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Joint Mortgage Protection Glossary

Joint

Refers to cover taken out by two individuals or organisations to insurance one underlying asset that is shared. Usually a couple sharing their protection for a shared mortgage.

Mortgage

Home loan secured against a property, often in the name of more than one person.

Protection

Another way of saying insurance or financial insurance.

Term

Length of a policy.

Insurance Premiums

Amount paid monthly to pay for the assurance.

Term Cover

A way of describing term life insurance.

Level Term Life Insurance

Insurance that pays out a lump sum amount that does not change over the term of the cover.

Decreasing Term Life Insurance

Insurance that pays out a lump sum amount that does change over the term of the cover, it decreases usually in line with a mortgage.

Mortgage Insurance

Life insurance that is designed to pay off outstanding mortgage payments.

Negative Equity

When an outstanding mortgage balance is greater than the value of the property.

Critical Illness Cover

An option when taking out joint mortgage protection.

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