Esure Joint Mortgage Protection
More often than not couples and peers share the insurance cover with mortgage to reduce the financial burden and as a result there is a great scope for joint policies to cover those potential liabilities. It is usually the case where the partners make contribution towards monthly loan repayment because in developed country like UK both the partners would be working and earning. If the income from one partner were cease it will usually create large financial burden on the other.
In the above case if one partner is not able to make for his part on monthly loan repayment he might have to utilise his savings or the other partner has to bear the deficiency.
What does the policy cover?
Fortunately the insurance market in the UK is so developed and able to take this financial risk from your head. The insurance policy will cover the basic reasons for loss of earnings that can be protected like short term illness and injury, short term unemployment, long term illness or injury and death or terminal illness.
If you are suffering with the temporary illness and you are unable to make up for earning for a month or for 24 months then the insurance policy will take the coverage for it.
Mortgage Payment Protection
Mortgage Payment protection can cover both short term illness or injury and unemployment. This policy will pay out a monthly benefit to cover the full monthly home loan repayment and an extra 25% for associated home cost such as utility bills and other fix costs. The maximum that can be assured is the littlest of 65% of gross monthly earnings. The maximum period for which you can take this policy is for 12 months or up to 24 months, whichever you choose as the start of the plan.
Thus if any of your partner suffer incapacity of earning due to any of the reason or due to unemployment the joint mortgage payment can help you by paying out the monthly instalment due. It has the advantage that you can adjust it as per your requirement as it is very flexible and so you can structure the Joint MPII plan so that it pays out the proportion of total partners income.
So if both the partners have equal income then it can be structured in such a way that it can pay 50% of the total income of the partners income who is suffering from the inefficiency of earning. This way you can also reduce the premium amount also on the joint policy.
How can we save you up to 40%
If you don't find the best joint mortgage protection deal now, over the lifetime of the policy this will cost you £1000's. Unlike other comparison sites we only specialise in joint mortgage protection. Easily search over 400 policies and find your best quote. Complete our short form to get started.