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Investec Mortgage Protection Cover Review 2023

Investec Mortgage Protection Cover

Mortgage protection insurance is a form of insurance that is intended to cover a home loan if the loan account holder dies. Mortgage protection is only available to Investec Private banking clients who have an Investec home loan.

Existing Investec customers can save money on mortgage protection insurance since the policy is only available to them. Those covered by the Mortgage protection cover can save up to 50% on their premiums when compared to traditional insurance policies.

The Investec Mortgage Protection Cover is included in the Investec home loan package. This is to help Investec clients keep the home they took out on credit if the principal loan holder dies. If the home loan account holder dies, the Investec home loan account will be fully settled.

The Investec Mortgage Protection Cover is a unique solution designed specifically for Investec home loan customers. Before you go shopping for a house loan from Investec, or if you already have one, understand what you’re getting and what you’ll get with the Investec Mortgage Protection Cover.

We cover the Investec Mortgage Protection cover below.

Investec Mortgage Protection Cover Summary

The Investec Mortgage Protection Cover is an a kind of insurance that protects the amount borrowed on an Investec home loan. The Investec Mortgage Protection Cover is intended to protect home loan account holders from losing their financed property. The property taken on a loan will be protected if the loan account holder dies.

The Investec Mortgage Protection Cover comes in 3 options. Protection on an existing Investec Private home loan, immediate cover on a new Investec Private home loan, and protection on bond registration are all product options 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 should an insured occurrence take place. 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. 

After determining how you want the mortgage protection to protect your loan account, you must start paying premiums. The premiums for Investec Mortgage Protection Cover are automatically adjusted. Monthly premiums decrease as mortgage debt decreases. As a result, one will pay lower premiums over time.

Investec Insure will settle the Investec home loan account if the loan account holder dies. At settlement, the home loan account will be closed, and the house will be included in the deceased’s 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.

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