Joint Mortgage Protection Glossary
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.
Home loan secured against a property, often in the name of more than one person.
Another way of saying insurance or financial insurance.
Length of a policy.
Amount paid monthly to pay for the assurance.
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.
Life insurance that is designed to pay off outstanding mortgage payments.
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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