If you’re struggling to keep up with your mortgage repayments, you might consider Aviva mortgage insurance. This financial protection is a great way to provide peace of mind in the event of any unforeseen circumstances. If you or your partner dies, the insurance will pay out up to EUR150,000 or a set amount, whichever is lower. You can also choose a joint and dual policy for the same price. Here are some of the benefits of mortgage protection from Aviva.
Aviva Mortgage Insurance
Aviva is a major insurer in Ireland and also offers a range of savings and investment products. Its global presence spans 16 countries in Europe, Asia, and Canada, making it a highly respected insurer. Its solvency ratio on 31 December 2019 is 150% – which means it has 1.5 times the capital required by Solvency II rules. Aviva waives mortgage protection under S126 of the Consumer Credit Act 1995.
Those with an existing policy with Aviva can increase their cover amount up to EUR40,000 if necessary. This is possible without medical evidence First Time Buyer Swindon, but the policyholder must provide written confirmation of borrowing money.
Aviva mortgage insurance covers children as long as both parents have a policy with the insurer. This type of insurance has many advantages. The cover amount increases if one parent dies, so if a parent dies, the children are automatically covered, too.
Considering the cost of CI, a separate policy is cheaper overall. Moreover, it provides more flexibility and has a lower premium. CI is not essential, but a CI accelerated rider of 30% to 50% is sufficient. Premium term and CI are not that important, because if you manage your finances properly, you can pay off the loan in 20 years, sell the property for a profit and enjoy the last 8 years of the policy free of charge.