Mortgage Protection | Haven Financial Solutions

Mortgage Protection can be purchased as a single or joint policy and is designed to repay your mortgage should one
(or both) people insured die during the term of the mortgage.

Mortgage protection can cover your family home or investment properties and there are three types
of cover:

1. Decreasing Term Assurance
   This is a policy designed to protect a repayment mortgage. The cover amount will decrease over the term of the mortgage at a pre-set rate (designed to match your mortgage).
   The cheapest policy will protect against death and terminal illness (meaning if you are told you have 12 months or less to live), however, you can also include critical illness cover as part of this policy as well. It is important that the cover amount and the cover term match the term of your mortgage, otherwise it is likely that your mortgage may not be repaid correctly.

2. Level Term Assurance
   This is a policy designed to protect an interest-only mortgage as the cover amount will not decrease across the policy term.
   The cheapest policy will protect against death and terminal illness (meaning if you are told you have 12 months or less to live), however, you can also include critical illness cover as part of this policy as well.

3. Increasing Term Assurance Policy
   This policy is only typically used to cover an inflation-linked loan or a loan which is associated
   to the property value (e.g. a help-to-buy loan) where the amount you owe will increase your property value increases.
   The cheapest policy will protect against death and terminal illness (meaning if you are told you have 12 months or less to live), however, you can also include critical illness cover as part of this policy as well.