Life insurance for your mortgage: why you need it and how to set it up
· 5 min read
A mortgage is a commitment for 20 or even 30 years. If you fall seriously ill, get injured or die, the payments remain. Life insurance makes sure your family does not lose its home.
Which risks to cover
- Death: the sum insured should cover the remaining debt.
- Disability: the most common reason people lose income long-term.
- Incapacity for work: helps during long illness or after an injury.
- Critical illness: a one-off payment upon diagnosis, such as cancer or a heart attack.
Bank insurance or your own?
- The bank's payment protection insurance is simple, but usually covers only the instalment and only for the term of the mortgage.
- Your own life insurance can be tailored to you and can protect your income and family beyond the mortgage.
- Some banks offer an interest rate discount for insurance, always compare the total cost.
How Tenaryia can help
We review your current policy, calculate the right sums insured and compare insurers' offers. Consultations in Czech, Slovak, Ukrainian and Russian, free of charge.
Information is indicative and valid as of the publication date; specific conditions vary by bank or insurer.