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Mortgage Insurance This cover can come with a number of optional add on benefits which I touched on in another article.  In this article I a want to help you understand some of the differences and in what situations you should consider adding optional benefits on your mortgage insurance. The basic cover normally consists of two core benefits, and the simple explanations are as follows; Life Cover: In the event of your death the insured amount is paid to the lender to repay the full balance of the mortgage (assuming that your cover is the same or greater than than [...]

Mortgage insurance comes in a number of variations and it is important to understand these variations.  You need to understand what you are covered for and what you are not covered for. You should talk to your adviser and find out what are the optional extras are which can be included but may not be in your current cover. Mortgage Repayment Insurance Normally, there is a base cover which is a life insurance benefit, so in the unfortunate event of death of the person (or persons) insured, the insurer will pay the insured amount to the lender and hopefully the insured [...]