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Insurances

Insurance is an essential consideration when taking out a mortgage. It helps protect both the borrower and the lender in case of unforeseen circumstances.

What types of insurances are available for mortgages?

  1. Life Insurance: This type of insurance pays off the remaining balance on your mortgage if you were to pass away.
  2. Critical Illness Cover: This insurance provides a lump sum payment if you are diagnosed with a critical illness, such as cancer or heart disease, which can help cover mortgage payments.
  3. Income Protection Insurance: This insurance provides a monthly income if you cannot work due to an illness or injury.
  4. Homeowners Insurance: This type of insurance protects your home and belongings from damage or theft.

How much does insurances cost?

The cost of insurance for your mortgage can vary depending on the type of coverage you choose and your individual circumstances. Factors that can affect the cost include age and health status, the value of your home and mortgage, and any additional coverage or riders you add on. It is important to carefully review and compare different insurance options to find the best value for your money.

When should insurances be purchased?

Insurance for a mortgage should ideally be purchased at the same time as applying for a mortgage. This way, you can ensure that your home and finances are protected right from the start of your homeownership journey.

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