Mortgage Life Protection Assurance - Summary of Cover
You decide on a sum insured and a term of years from the outset.
The plan has no investment content.
The sum insured reduces each month during the term.
The plan is designed to pay a sum insured that will be equal
to the outstanding capital amount under a standard repayment mortgage.
If you die during the specified term then the sum insured is
paid out.
Can be set up as a single life plan, insuring one life for a
predetermined sum insured and term.
May also be set up as a Joint life first death plan where the
sum insured is payable on the first death.
Critical Illness benefit can be added to most plans where the
benefit is paid on either death or a critical illness whichever
should occur first.
Terminal Illness benefit is normally payable on most policies
during the term of the policy, this usually excludes the last
18 months of the policy term.
As soon as the sum insured is paid out the plan ceases.
If you survive the term and the sum insured has not become payable
then the plan ends and nothing is paid out.
