Life is full of surprises. Being open to unexpected turns in the road is important. Mortgage protection is generally the lowest cost security in financial planning.
In most cases, mortgage protection is a legal requirement. Even if there are exceptions to this legal requirement, the lender will typically insist on the cover. Your Financial Broker can get you the best quality cover at the most competitive cost.
Remember, you are not obliged to deal with the bank who gives you the loan. In fact it is illegal for a bank to offer you a mortgage on condition you complete insurance with them.
At its most basic, mortgage protection is life insurance that parallels the outstanding mortgage. The cover diminishes alongside the loan (taking assumptions about maximum interest rates on the mortgage over the term).