Virgin Money Mortgage Insurance. Fact! If you don't compare mortgage insurance protection quotes you will not get the best deal. Compare and save £1000's.
Virgin mortgage insurance is a part of life insurance offering from Virgin Money. Their mortgages are considered some of the most competitive in the market and they are starting to garner a similar reputation for their protection insurance products.
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Level and decreasing life coverage of Virgin Money is extended with their mortgage protection plan. The insurance plan pays a lump sum on death of the insurer before the policy gets lapsed, which includes the payment for property or vehicles under mortgage. The family members of the deceased policy holder are able to retain the possession of property. Further, the money is paid early to cover the mortgage debt when the policy holder is diagnosed with terminal illness.
About Virgin Money
Virgin Money emerged with the objective to offer the best deals to the customers, with respect to mortgage loans, savings, investment schemes, pension plans and insurance policies. It is a developing financial company in the United Kingdom. It provides the financial products offering the great value for the money invested or paid. Insurance products offered by Virgin Money include pet, travel, home, car and life.
Types of Policies
As stated above, mortgage protection is covered under level life cover and decreasing live coverage plan. When the total liability of the policy holder gets reduced, where the policy holder make appropriate payment, the value of mortgage protection also reduces proportionately.
Level Life cover: This policy covers the financial damages or fulfils the financial needs of the family with respect to mortgage payments, outstanding loan dues, home rent, cost of living and children educational expenses, i.e the school fees. Guaranteed monthly payment is extended to the policy holder which can be sufficient enough to cover the financial needs of the family of deceased policy holder.
Decreasing Life Cover: The benefits covered by the policy decreases over certain cover period, which means the amount paid on death or terminal illness of insurer tends to reduce over certain period. The total amount of mortgage coverage reduces proportionately along with the repayment of the mortgage debt. Eventually, on death or terminal illness of policy holder, the remaining amount due on mortgage payment will be paid in full by Virgin Money.
Rival Companies
The United Kingdom has no shortage of insurance service providers and there is a huge competition in the market. Some of the rival companies of Virgin Money include Post Office Insurance, Nationwide Insurance, Churchill Insurance, First Direct insurance, etc.
Review of Virgin Money Mortgage Insurance
Reviewcentre.com has 2.5 out of 5 reviews posted by the users of Virgin Money mortgage insurance. Yet, you can find the reviews posted for other insurance products of the company. Be first to place your review for this product and by posting your review you can help others to obtain the highly beneficial insurance coverage.
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