This type of insurance covers your mortgage in case of unexpected events. If you experience a serious disability, become terminally ill, or worse, the remaining part of your mortgage will be paid by the insurance company. This way, your family stays protected and can keep their home.
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Help protect your family
Mortgage repayments are a large monthly cost for most people. And without insurance, you run the risk of losing your home if you were unable to make the repayments.
Do you need mortgage protection insurance?
If you have a family with children, especially as the sole breadwinner, mortgage protection insurance ensures that if something happens to you due to your serious illness, injury, or worse, the insurance company will repay the remaining mortgage. This protects your family from losing their home in such difficult times.
When you don't need mortgage protection insurance
You may not need mortgage protection if you are single, live alone, and have no dependents. In such cases, your property could be sold to repay the mortgage in the event of your passing.
How much does mortgage protection insurance cost?
Mortgage protection is designed specifically for mortgage holders. As you pay off more of your mortgage, the amount of coverage needed decreases.
The premiums you pay will depend on several factors, such as:
- Your age
- Your income
- Your health
- Your job type or employment contract
- Your monthly mortgage payment
- Lifestyle habits, such as smoking
- The remaining balance on your mortgage.
Testimonials
Erika D.
I'm 34 and I've been paying off my mortgage for about a year now. I never wanted to go into debt, but if I wanted to own my own place, there was no other option. So, here I am with a CZK 3 million mortgage! That debt felt like a heavy monkey on my back, and let me tell you, it wasn’t a good feeling. So, I went ahead and got mortgage protection for CZK 728 a month. If I ever get seriously disabled and can’t work, at least I won’t have to worry about paying the mortgage, and I’ll still get to keep my apartment. That’s a huge relief. Plus, I also got coverage for CZK 1.5 million if I do end up disabled, just to keep me afloat for a while. But that’s another story. Let’s just say, the monkey on my back feels a bit lighter now 😊.
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