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Joint Mortgage Protection Insurance

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Joint Mortgage Protection Insurance

Joint mortgage life insurance can be arranged to cover home loan that made by two individuals, usually applied by married couples to make their incomes combined. Its advantage is they can be qualified for a higher loan amount that they can use in the future. It could be also applied by other partnerships, such as investors or friends who wish to purchase property together.

What is joint mortgage protection insurance?

Joint mortgage protection insurance gives protection against illness, injury, or unemployment. It can be taken out if there is already a financial risk associated with the death of one partner. Its goal is to protect an individual in a couple in times of downfall or the other partner pass away. It is designed to pay your expenses due to death or critical illness.

There are two types of mortgage protection insurance, the mortgage payment protection insurance is wherein it guarantees your mortgage payments due to accident, sickness or unemployment; and the mortgage life insurance wherein it provides a cash lump in the event of death.

Benefits of Joint Mortgage Protection

  • The main benefit is in fact a relief in misery and gives a satisfaction mentally keeping the family away from tension knowing that they are protected even if a tragic situation comes.
  • It is affordable compared to individual insurance policies and not that costly as usually thought.
  • It can also be tailored to the worth of the home or the monetary state of affair of the family.
  • It is good for retired people who can enjoy peaceful living and their retirement period having the benefits of the mortgage insurance they have.
  • No large interest and debt is charged in the event of late mortgage because of any personal problem.
  • Mortgage protection is useful not only for the individual who buys it but also for the nation as a whole because it works as an insurance policy for the economy.
  • Obtaining joint tax relief on the mortgage repayments.
  • Disadvantages of Joint Mortgage Protection

    • If one person fails to do his share it is the responsibility for the others named to make up the shortfall because everyone named on the joint ownership mortgage is liable for the repayments.
    • You will need legal documents such as wills made in order to protect your investment. This can add to the costs of property buying.
    • It is important that a record is kept of all payments because joint ownership at times can be very bureaucratic.
    • Life insurance and mortgage protection must also be taken out.
    • If one person wants to move and sell you might find yourself having to make other arrangements to pay the bills such as taking a tenant.
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