Life Insurance
Mortgage

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Mortgage Life Insurance: protection for your home loan

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This cover is linked to your mortgage and is designed to repay the outstanding balance to the lender if the insured person dies or becomes disabled. It therefore helps protect your family and your assets.

At SomaFuture Insurance Brokerage, we assess your circumstances, needs and budget. We then compare quotes from leading insurers to find a suitable policy with comprehensive cover at a competitive price.

 

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Mortgage Life Insurance Cover

Core Cover

Death: If the insured person dies, the insurer repays the outstanding mortgage balance to the lender, helping to protect the family financially.

Optional Cover

Absolute and Permanent Disability: This cover may apply when, following an accident or illness, the insured person becomes severely dependent on others.

Total and Permanent Disability: If an accident or illness leaves the insured person unable to continue their occupation or undertake another suitable form of employment, the insurer repays the outstanding mortgage balance. The required level of permanent disability may be 55%, 60% or 65%, depending on the cover selected.

Additional Cover Available

– Critical illness
– Death following a road traffic accident
– Waiver of premiums
– Other options available. Contact us for details.

The cover selected should reflect your needs and the risks you wish to insure against. Always check the cover, exclusions and sums insured stated in the policy.

More protection. Less risk.

Request a quote for your Mortgage Life Insurance

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We’ll provide a free, no-obligation review of your insurance.

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    Date of birth of Insured Person 2

    FAQs

    Is Mortgage Life Insurance compulsory?

    It is not required by law. However, banks usually require it as a condition of granting a mortgage, to provide protection in the event of death or disability.

    Do I have to take out this insurance through the bank?

    No. You can take out a policy with the insurer offering the best terms. You can also compare quotes before making a decision.

    Why is Mortgage Life Insurance important?

    Life Insurance Mortgage protects your family if the insured person dies or becomes disabled, helping to prevent unexpected financial difficulties.

    Can I switch my policy to another insurer?

    Yes. Mortgage holders can transfer their insurance to another provider in accordance with Article 97 of the relevant 2008 Decree-Law.

    How much does Mortgage Life Insurance cost?

    The cost of Mortgage Life Insurance depends on several factors, including the insured person’s age, the outstanding mortgage balance, the mortgage term, their occupation and their health.