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Investec Mortgage Protection Cover Review 2022

Mortgage protection insurance is a type of insurance that is designed to cover a home loan in the event that a home loan account holder dies. Mortgage protection is only provided to Investec Private banking clients who have a home loan with Investec.

Existing Investec clients can save money on their mortgage protection cover because the insurance policy is only accessible. When compared to typical insurance covers, those who are covered by the Mortgage protection cover can save up to 50% on their premiums.

The Investec Mortgage Protection Cover is included in the Investec home loan package. This is to assist Investec clients in retaining the home taken out on credit if the principal loan holder passes away. The Investec home loan account will be fully settled should the home loan account holder die.

The Investec Mortgage Protection Cover is a one-of-a-kind solution tailored to Investec home loan customers. Know what you’re receiving and what you’ll get with the Investec Mortgage Protection Cover before you go shopping for a house loan from Investec, or if you already have one.

Investec Mortgage Protection Cover Summary

The Investec Mortgage Protection Cover is a type of insurance that protects the amount borrowed on an Investec home loan. The Investec Mortgage Protection Cover is designed to protect home loan account holders against losing their financed property. If the loan account holder dies, the property taken on a loan will be protected.

There are three versions of the Investec Mortgage Protection Cover. Protection on an existing Investec Private home loan, immediate cover on a new Investec Private home loan, and cover on the registration of a bond are all versions of the insurance product. The products are designed to cover the amount borrowed.

The cover on an existing Investec Private home loan is for existing home loans taken through Investec. This loan has immediate coverage, and one will be safeguarded. If the loan account holder passes away, Investec Insure will pay the loan account and close the account. This transfers ownership of the property to the beneficiaries of the loan account holder’s estate.

Cover on the new Investec Private home loan is for cover where registration of a bond is still in progress. Even if the bond hasn’t been registered, Investec Mortgage Protection will give coverage right away. While his or her home is being transferred into his or her name, the loan holder will have full coverage.

Coverage on bond registration is the third insurance option available. This means that the Investec Mortgage Protection Cover won’t kick in until the house is transferred into the loan holder’s name.

The Investec Mortgage Protection Cover premiums adjust automatically. This means that as the loan balance lowers, the premiums drop. The cheaper the premiums get as there are more payments deposited into the house loan account.

How the Investec Mortgage Protection Cover Work

The Investec Private home loan includes the Investec Mortgage Protection Cover. As a result, there is no need to apply for insurance. The loan has a unique underwriting process, and the protection plan premiums are low. The loan is only available to exist Investec Private Bank Account holders, so to get started, get a private bank account and then an Investec home loan.

The Investec home loan account holder will have to choose between three cover choices that are whether they want instant insurance on a new Investec home loan, immediate cover on an existing Investec Private home loan, or cover after the bond is registered. The way in which the loan account holder will want to get insured will determine at what stage will the insurance cover the home loan amount. 

You must begin paying premiums after deciding how you want the mortgage protection to safeguard your loan account. The Investec Mortgage Protection Cover premiums adjust automatically. Monthly premiums decrease as the home loan debt reduces. As a result, as time passes, one will pay lower premiums.

If the loan account holder dies, the Investec home loan account will be settled by Investec Insure. The home loan account will be closed at settlement, and the house will become part of the deceased estate.

Advantages of the Investec Mortgage Protection Cover 

  • Because the insurance is bundled with the Investec house loan, there is no need to apply for it.
  • The Investec Mortgage Protection Cover premiums drop as the amount owed on the house loan reduces.
  • If the policyholder dies, the house loan account is settled.
  • By selecting one of the cover options provided, you can decide when the coverage begins.
  • When compared to similar policies on the market, the insurance product’s premiums are low.

Disadvantages of the Investec Mortgage Protection Cover 

  • Investec home loan account holders do not have the option of selecting a different building insurance provider.

Conclusion

The Investec Mortgage Mortgage Protection Cover is a great way to protect your house. Policyholders benefit from lower premiums when the loan balance decreases. The loan performs an excellent job of protecting the home against seizure if the policyholder passes away.

Investec Mortgage Protection Cover Review 2022

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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