Guaranteed Mortgage Protection

(LIFE & SERIOUS ILLNESS)

Guaranteed Mortgage Protection provides a very affordable form of life assurance known as decreasing term assurance. It is designed to pay off the balance outstanding on your mortgage should you die or suffer one of a number of specified serious illnesses. This means that the Life and/or Serious Illness cover reduces over a chosen period of time by a specified interest rate, usually in line with your mortgage.

Covers & Benefits

MEMBERS Financial Services Guaranteed Mortgage Protection offers comprehensive protection and an extensive range of benefits. You can choose Life cover only or Life cover with Serious Illness cover.

Guaranteed Insurability

This is a facility to increase the Life and Serious Illness benefits on your policy for key life events; specifically, getting married; the birth of a child; or an increase in your mortgage following the purchase of a new main residence, without the need to provide medical evidence. There are limits on the increase allowed.

How Much Cover Do I Need?

This depends on your financial circumstances. The primary purpose of this cover is to help pay off your mortgage in the event of death or serious illness. Your mortgage provider will insist that you have sufficient cover for your mortgage. However, you might decide that you want more cover than the mortgage amount, so as to give your family extra security, perhaps to cover additional costs such as childcare.

Your MEMBERS Financial Services Representative can help calculate the right amount for you.

Term of Cover

You can be covered for a minimum term of five years and a maximum term of 40 years. The term is limited to reaching age 85 if you choose Life cover, or age 75 if you choose Serious Illness cover.

Adding Serious Illness Cover to Your Policy

Many mortgage protection policies will only allow you to take out Serious Illness cover for the same amount as the Life cover. With this policy, you can choose Serious Illness cover that is 25%, 50%, 75% or 100% of the Life cover.

This allows you to obtain valuable Serious Illness cover at a very reasonable price and affords you some peace of mind in the event of a serious illness.

What’s the Next Step?

If you want to find out more about MEMBERS Financial Services Guaranteed Mortgage Protection, just make an appointment to see the MEMBERS Financial Services Representative at your local credit union.