Mortgage Protection

Buying your home is one of the biggest and most important financial decisions you'll ever make. Not only is it a place for you and your family to live in and enjoy, but it also has a big role to play in your financial well-being.

When you take out a mortgage, your lender will require you to take out a life assurance policy to pay off the loan in the event of your death. This is a legal requirement; the main reason being that without a life assurance plan to cover the mortgage, your home may have to be sold after your death, to pay the outstanding balance on your homeloan.

Mortgage Protection from Friends First offers the following key benefits:

• Designed to run for the same term as your mortgage.
• Designed to match the outstanding balance of your mortgage.
• Monthly premium you pay will stay the same for the duration of the policy.
• Premium depends on the level of cover required, your age, gender and health.
• Mortgage Protection can be taken out on a single, joint, or unique to Friends First, a dual life basis.

With a Friends First Mortgage Protection policy, you can also take out Critical Illness cover as an extra benefit, on an accelerated basis. This means that we will pay out a lump sum in the event that you are diagnosed with one of the list of specified illnesses (click here for a list of these illnesses).Your life cover amount is then reduced by the amount of Critical illness cover that is paid out.

*This product is only guaranteed to match the outstanding balance of your mortgage if you select the guaranteed cover option at outset. 

For more information, please contact your Financial Adviser or contact Friends First Direct on 1890 201 430. Alternatively, you can contact us online.

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