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Green Life Insurance Joint Mortgage Protection

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Green Life Insurance Joint Mortgage Protection

What is the very first thing that you must ask yourself after deciding whether or not to take out a mortgage or an insurance policy?

Simple, whether or not it should be on a singular basis or a joint basis.

To put it simply, will you be the only person affected by them or would you rather have your very special someone alongside you in this venture?

It might seem over encumbering at first, however it is actually a lot better to have a joint rather than a personal mortgage or an insurance policy, because of the fact that everything is shared and in case of something you could bail each other out of trouble, making it the perfect way of avoiding nasty things if they ever were to happen in the first place.

Green Life Insurance, however, decided to come up with something even better and introduced their joint mortgage protection insurance as part of their options and packages.

What is joint mortgage protection?

Let’s say that you have taken out a mortgage on your house, and for some reason, you are unable to pay it. You may of have been fired, or you have suffered a debilitating accident leaving you unable to work.

This means that from that point on, it’s just a matter of time until you wake up living on the streets.

This is where the standard mortgage protection plan comes in, which basically protects you in case you are unable to pay off your mortgage and when that happens, they will pay the remaining amount for you.

The catch here is that you will have to make sure that you are up to date with your premiums and payments and that you are not caught off guard by this.

Here is where Green Life’s plan comes in, and believe it or not, making this a joint option makes it even better because your spouse or whoever you have picked to appear on that joint mortgage protection contract, will cover you and make sure that both of you are up to date with the payment and the premiums.

The drawbacks

There are some details that are a bit hazy, and one of the main ones is the fact that even though one of you loses his job and the mortgage has to be paid, the contract between you and Green Life can still continue, if you are both in agreement with it. This meaning that the other person can continue to take out mortgages and be covered, while you are unable to because you are unable to work.

Another thing that comes to mind is the event of death.

Green Life made this also a life insurance, meaning that the two of you can not only have your backs covered in case of a mortgage backfire, but also in case of death, meaning that not only will your mortgage be paid, but you will also receive the full sum of the life insurance when the other person dies.

The disadvantage here is that the payments might be a little bigger than before, but then again nothing beats protection.

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