Are you looking for the protection of your family but you are uncertain of what you need? Life assurance is a form of insurance providing the payment of the specified sum to the beneficiary on the death of the policyholder. Mortgage life assurance is also called mortgage protection.
The assurance scheme will pay you when you are unable to work due to illness. So you can make sure that your spouse and your dependents need not to worry about the monthly repayments of the mortgage. It ensures that your property will remain with you regardless of your unexpected death.
There are two main types of mortgage life assurance
One is decreasing term that will pay out only the money that is left to be paid. The other one is a level term that pays out the lump sum of the money. Deciding to buy the mortgage depends on the need whether you want the mortgage to pay off when you are not in a situation to continue your work. If you feel that your partner can cope up with the full mortgage then no need to get your mortgage. But if you want someone to take ownership of the full property then life assurance is worth considering.
Life policies are legal contracts in which the terms of the contract describe the limitations of the insured event. Before choosing the type of insurance policy you need to have a complete analysis of the policy type. There are four main types of life insurance. Life insurance trauma insurance, income protection, insurance total, and Permanent Disablement (TPD) insurance.