St.Jame's Place Joint Mortgage Protection
Joint mortgage protection is a service offered by st James’s place. However, it is good to first have an understanding of what exactly joint mortgage protection is.
Basically, if a couple takes a joint home loan, the monthly instalments are usually paid through proportionate contributions of both individuals from their respective incomes. However, in the situation where either of partners are unable to generate income, a joint mortgage protection policy would help them meet or repay their loan instalments.
When taking a joint home loan the assumption is the the monthly instalments will 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 timely payment of the loan instalments.
To guard oneself from the risk of payment failure and consequent eviction or repossession of property, joint loan takers must look to put in place some joint mortgage protection insurance policy. Such insurance plans provide benefits that cover one`s mortgage payment if either partner loses their income due to illness, injury or involuntary redundancy.
The insurance for the two partners can either be split 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 instalments, though some may also provide extra benefits alongside.
The 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.
Main benefit of joint mortgage protection.
The main benefit of joint mortgage protection is that it eases the financial burden off the couple, if either of the individuals loses their source of regular income. Having such an arrangement is quite relieving especially in such hard economic times.
Main drawback of joint mortgage protection
The main drawback of joint mortgage protection scheme is that it is obviously not free of cost. The initial costs incurred are substantial if not high. What is more, the policy provides mortgage protection, not for a limitless period, but only as long as the insurance term lasts.
With the above review, it leaves with no doubt that the joint mortgage protection plan is essential in our lives. You can therefore go forward and get yourself one at st James’s.
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