Today it’s impossible to buy a house without taking expensive loans. In these times of uncertainty people must definitely consider an insurance policy which could cover their expensive home loans in event of job loss, death, critical illness or disability.
Insurance covering your mortgage is a pure risk product and since it’s not an investment alternative don’t expect any kind of returns on it. In case of death or disability of the breadwinner the outstanding amount is returned to the lender.
You should definitely consider this kind of insurance as the premiums are affordable and the premium amount is based on your age, amount of loan, loan tenure and interest rate. In some kind of policies the insurance cover also covers the house and its content.
Above all do read all the terms and conditions before signing on the dotted line.
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