This can be a significant issue, the bank is entitled to any payout if you have a serious illness on your mortgage protection plan.
It is important to note why! When you take out a new mortgage you give legal ownership of your mortgage protection plan to the bank, so in effect, the bank becomes the new plan owner and you the borrower are the life insured. So any payout from the plan goes to the bank.
Remember, you do have the option to have your serious illness cover on a separate plan that will stay in your ownership and give you full control over what happens to any lump sum paid if you ever make a claim.
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Repays mortgage if the insured dies or suffers a terminal illness.Learn More Get Quote
Ensures the financial stability of the family if the insured dies.Learn More Get Quote
The insurance plan gives coverage against specific diseases.Learn More Get Quote
Ensures a regular income for the insured who is unable to work.Learn More Get Quote