THE money TIP

CityPress - - Business -

If you take out a new home loan, you will be of­fered mort­gage pro­tec­tion cover from your bank. This is in­sur­ance that will cover the amount ow­ing on the home loan if you die.

How­ever, mort­gage pro­tec­tion cover of­fers you de­creas­ing cover so as the home loan re­duces, so does your cover.

If you take out a life as­sur­ance pol­icy to cover your home loan when you die, the life pol­icy will still pay out the full amount when you die, re­gard­less of how much you owe on the home loan.

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