Home Loan Protection Insurance Plan: Mandatory or Not?

| July 17, 2018

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Mortgage Insurance or Home Loan Insurance or Home Loan Protection plan is an insurance plan in which the insurer pledges to repay the balance home loan amount of the insured, should the insured passes away before completing their home loan repayment or loses regular income due to full or partial disability. In such a case, the insurer will step in and pay the outstanding loan amount to the lender on the behalf of the insured. To put it simply, Home Loan Insurance is the cover for the home loan. If the home loan borrower is unable to repay the loan due to disability (both partial and full) or death, the mortgage insurance saves the family of the borrower from the burden of debt. Once the policy is issued and becomes effective, the borrower does not need to worry about the home loan burden on his family even if he passes away untimely.

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esure

Founded in 2000, esure Group plc is an efficient, customer focused personal lines insurer. We are one of the UK’s leading providers of Motor and Home insurance products through the esure and Sheilas’ Wheels brands. Our insurance brands provide cover for around 2.6 million customers and over 1.9 million car customers, making us a major player in the UK market.

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Spotlight

esure

Founded in 2000, esure Group plc is an efficient, customer focused personal lines insurer. We are one of the UK’s leading providers of Motor and Home insurance products through the esure and Sheilas’ Wheels brands. Our insurance brands provide cover for around 2.6 million customers and over 1.9 million car customers, making us a major player in the UK market.

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