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Your Queries Related to Protection Mortgage?

Author: Vijay K Shetty

What is protection mortgage?

It is as simple as it sounds. Basically, it protects your loan or mortgage payments in times of redundancy, illness, accident etc. You will not lose out on any asset that is pledged against your mortgage.

Is this protection cover meant only for loan protection?

Not really, they will help you make any payments that are due such as loans, credit cards or mortgages etc.

Will you be covered if you are on sick leave and unable to go to work?

No policy will let you have dual income source. This policy is a protective cover only when you have no income due to redundancy. If you have paid sick leave then your employer will be paying you your salary and you can't claim for any compensation from your insurance company.

What happens when you are bed ridden for long?

In case you are bed ridden for a long time and cannot get back to work, then you will be covered till your retirement age only if you have applied for a protective cover till your retirement age say roughly around 50-60 years of age. Ask your agent about this cover and specify the age clearly.

Why is such a cover required?

If you have to avert the consequences of losing a job, just make sure you have such a protective policy in place. This helps you meet your living expenses, pay up your pending loans and thus help your dependents indirectly. You need not worry about losing your collateral.

Vijay Koragappa Shetty
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