If it's level term then your estate/next of kin gets the difference between the sum covered and the mortgage outstanding. If it's decreasing term then it just covers the outstanding mortgage and there is no excess to distribute to the estate/next of kin.
Just wondering if the mortgage protection policy takes into account inflation?
If I spend 300k on a house with a 25 yr policy would the the payout after say 20yrs be 300k if i get a level term policy?
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