Britannia Building Society Mortgage Cover Insurance
Britannia building society mortgage cover insurance is designed specifically for those with mortgage loans. This insurance package is aimed at alleviating the constant worry of one losing their jobs or being unable to generate income hence not able to service their loan. The policy cover provides lump sum amount that helps in eliminating the outstanding balance.
What the Britannia building society mortgage cover insurance entails
Britannia building society mortgage cover insurance protects one from effects of redundancy to their mortgage loan. In life there are incidences that are highly unpredictable such as accidents or illness that when they hit on an individual they change one’s life completely. This is the reason as to why the mortgage cover has been designed to shield the policy holder from losing a home as well due to failure to service the loan. Britannia building society provides this affordable policy cover as they understand well that mortgage is expensive to service hence need for constant income and good health. If any of the two is missing the person is likely to fail in payment of monthly servicing of the loan and this leads to loss of home. This can be traumatizing hence every one with a mortgage loan is encouraged to apply for protection policy. In case the policy holder loses the job or gets critically ill, the company pays an amount of money that helps in servicing the loan. In most cases, the insurer pays for the loan for three consecutive months which is a good time for the policy holder to organize a different way to get income.
Alternatives to Britannia building society mortgage cover insurance
Britannia building society mortgage cover insurance also offers life insurance and other income protection insurance plans that one can opt for. The income protection insurance policy provides a sum of money that is given in even of the policy holder being in position of no income. This money can be used to service the mortgage. Also life insurance has the interest generated from the paid premiums that can be used to service the loan as well.
Benefits of Britannia building society mortgage cover insurance
The major benefits of Britannia building society mortgage cover insurance is that it eliminates the constant worry in policy holder’s life that in case of accidents, illnesses or job loss they would lose their home due to outstanding mortgage balance. In addition, the policy provides a chance for one to search for alternative source of income comfortably knowing that the mortgage is being serviced by the insurance.
Weaknesses to Britannia building society mortgage cover insurance
The drawbacks of having the Britannia building society mortgage cover insurance is that it does not cover for other expenses other than the mortgage loan servicing. Therefore, it is not a full solution for life eventualities especially if the policy holder is the bread winner as it does not cater for health, education or burial expenses hence one might need additional covers.
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