Mortgage Protection Insurance

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This is a life insurance policy normally used to protect a repayment mortgage.

The level of cover is set to match the mortgage balance, and reduces over the years as you pay your mortgage.

It is a decreasing term insurance policy which usually just redeems the outstanding Mortgage, assuming the mortgage interest rate payable does not exceed a certain rate.

As the level of cover is always decreasing the policy premiums will be lower than an equivalent Level Term Insurance, but also remain level throughout the term.

Click this link to see mortgage protection insurnace shown in picture form