Becoming a homeowner requires you to jump through hoops and hurdles prior to final ownership. There are applications, forms, deeds, permits, loans, access way, lawyers, architects, contractors, and bankers.
There is also insurance.
Allow us to shed some light on one of the relatively unknown insurance products in homeownership – the Mortgage Protection Plan!
The Mortgage Protection Plan is one of the Credit Protection insurance products offered by Sacos prior to the construction or purchase of the house.
Who it serves? Potential homeowners seeking to secure a bank loan to build or purchase a house.
How does it work? The insurance coverage is applied against the value of the loan. It serves as a security for the loan and in the event of the death of the policyholder, covers the remaining value of the loan to be paid.
Who does it benefit? Although the direct beneficiary of the insurance is the bank, or financing institution, it is the family of the deceased that ultimately benefits. As the loan is paid off in full by Sacos, the family does not have to bear the financial burden of either financing the remaining debt or losing the house to the bank.
How to purchase it? Your bank or financial institution will most often oblige you to take the insurance as a condition for the loan. But even if that was not a requirement, you should still contact Sacos on 429 5000 or send an email to firstname.lastname@example.org to purchase the Mortgage Protection Plan.
What is the payment plan? The premium is paid one-off at the beginning of the policy and covers the entire duration of the loan term.
The Mortgage Protection Plan also secures loans for the purchase of other assets, such as cars and boats.
Visit our website for more information on insurance designed for homeowners.