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Joint Mortgage Protection Advice

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Joint Mortgage Protection Advice

When a couple takes a joint loan against the purchase of property, they are liable to repay the borrowings by contributing part of their income each. However, under certain circumstances, it may not be possible for the couple to raise the required monthly installment. Joint Mortgage Protection ensures that one is financially secure during such trying times.

What is Joint Mortgage Protection?

In the scenario where a couple has taken a joint home loan, monthly installments will be procured through proportioned contribution of both individuals from their respective incomes. Joint Mortgage Protection shields such couples from the risk of accident, sickness and forced redundancy, i.e. unemployment. Under such an insurance plan, in case a person is unable to obtain an income, the insurance provides a monthly benefit till one resumes work or completes the full term of the plan. Such insurance is usually structured on the model of either a 12 or 24 months term.

The main purpose of Joint Mortgage Protection is to ensure regular repayment of home loan installments, even when the monthly income of either partner is stalled abruptly. Therefore, such plans would usually cover 100% of the monthly repayments and a certain portion of the other home expenditures such as council tax and utility bills. The mortgage insurance here can be split between the two individuals who sought the home loan in proportion to their respective contributions to the household income. However, most plans split a joint mortgage insurance between the partners in equal proportion: 50%-50%.

Alternatives to Joint Mortgage Protection

While Joint Mortgage Protection is beneficial, there are other alternative insurance plans one can choose from, to satisfy similar purposes. A good choice would be the Income Protection plan which pays a certain percentage of one’s salary amount in time of an illness or accident, though not unemployment. One could also opt for Critical Illness Insurance or Life Insurance over Joint Mortgage Protection.

Main Benefits of Joint Mortgage Protection

However, there are certain advantages of getting Joint Mortgage Protection over its other alternatives. The main benefit is that it covers one’s mortgage and other household needs even in times of temporary unemployment. Thus, in almost any case of stalled salary, Joint Mortgage Protection will cater for the basic necessities in one’s home.

Main Draw-Backs of Joint Mortgage Protection

The only possible draw-back of a Joint Mortgage Protection is that while it has certain favourable aspects in covering one’s costs in trying times, there are other insurance plans that provide better benefits, with more value for money.

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