Joint Mortgage Insurance
If any person craves for the protection from financial risks caused by payment of his loans evoked by sickness and unemployment, then he can opt for Joint Mortgage Insurance. You can split up your insured sum in a specific proportion with a reliable partner which would lead in effective loan protection.
What is Joint Mortgage Insurance
The Joint Mortgage Insurance plan basically splits the benefits of loan recovery in between two persons who have signed an agreement upon this plan. If a person is not in a healthy condition and remains sick most of the time, then he can opt for this insurance plan so that his partner can pay off the mortgage and enjoy the benefits if he dies or in any case is unable to pay off. It takes care of protecting the financial risk in any of your interest only loan or repayment loan if the partner passes away. More often, even a couple can crave for this plan in order to buy a new home or property.
The loan payment would be deducted from the income of both the partners and it would be affordable to buy their own home of dreams. In any case if one of the partners loses his job or passes away, then it would be the sole responsibility of the other partner to arrange for mortgage payment. So the core function of a Joint Mortgage insurance plan is dealing with the financial risk related with the disability of mortgage payment or demise of one partner due to any cause.
Alternatives to Joint Mortgage Insurance
The consummate alternative to Joint Mortgage Insurance is Joint Mortgage Payment Protection Insurance where you can choose out the time period from among 12 or 24 months in which you can repay your mortgage in case of any partner’s illness, injury or death. The financial risk would be handled by the insurance market then.
Main Benefits of Joint Mortgage Insurance
The best benefit is that you need to pay fixed monthly premiums as long as you alive to pay for the plan. Your loved one would be benefitted with a cash lump sum appeasing them with financial protection if in any case you pass away. If you suffer from a terminal illness, then you can pay a cash lump sum in advance.
Main Drawbacks of Joint Mortgage Insurance
The major drawback is the payment of the mortgage by a single individual after the death of one partner. If a person has taken loan in joint mortgage with another partner, then it is another partner in solitary who is responsible to pay the mortgage in the desired time along with enjoying the benefits in particular.
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