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Lucida Redundancy Mortgage Protection

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Lucida Redundancy Mortgage Protection

The greatest fear of every person is to loss the place that they have called home with the family. This becomes a reality when redundancy occurs making it impossible to pay the debts including the mortgage having a huge outstanding balance leading to loss of home. To prevent this loss it is advisable to buy the Lucida redundancy mortgage protection policy from a reliable insurance provider.

Lucida redundancy mortgage protection

Lucida redundancy mortgage protection policy is a necessity for those planning to get mortgage. This policy cover gives you peace of mind while alive and the same to your loved ones in case you pass on. This is because the cover steps in to service the outstanding balance of your mortgage when you no longer have income due to illness and loss of job or business. Also, the policy cover pays off the huge balance in case you die within the term hence shielding your family from financial crises or loss of the house they have loved as a home. There are different providers who have varying packages at different rates. Being part of income loss policy, it differs significantly from the life insurance. Thus, it is advisable to get the redundancy mortgage cover and sign for a life insurance for the loan especially in the later stage. This helps in ensuring that your mortgage will be serviced even when you do not have income to settle the balance.

Options for Lucida redundancy mortgage protection

In case the Lucida redundancy mortgage protection policy is out of reach due to varying reasons, it is possible to get the life insurance cover instead that helps in paying off the debt in event of your passing on. Income protection policy can also be considered as it would grant income if you lose your job or have no income.

Advantages of Lucida redundancy mortgage protection

The Lucida redundancy mortgage protection cover pays off the outstanding balance of the loan once you do not have income to service the loan. In addition, in the situation you do not have life insurance and you passes on this insurance policy protect your family from losing their home as it pays the remaining mortgage debt on their behalf.

Drawbacks of Lucida redundancy mortgage protection

The redundancy mortgage protection insurance policy belongs to the category of income loss policy. Therefore, it does not act as a saving tool neither does it cater for other bills in case you no longer have income or even in event of your death. This makes it slightly expensive as it has to be blend with other policies in order to fully cover your family.

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