For most people, taking on a home loan will be their single largest financial commitment. For this reason it is worthwhile considering the cold hard facts - between the ages of 25 and 65, one in three people will suffer from serious illness and one in six males and one in ten females will die.  It may be that unless you have sufficient life insurance protection or you are independently wealthy, your ongoing good health will therefore be necessary for you to continue to meet your mortgage repayments.

Mortgage Life Plus is a product that has been specifically designed to provide convenient access to valuable life insurance protection at the time you apply for a loan or a loan increase through your mortgage consultant. 

Life Plus pays a lump sum of money that can be used to clear or reduce your mortgage or for any other purpose. Mortgage Life Plus is issued by PrefSure Life who is a specialist risk-only life insurer that has won a range of industry awards including the "Risk Company of the Year" at the Adviser Choice Risk Awards in 2003 and 2004. 

One of the special features of the product is that the first 3 months cover are provided free of charge to borrowers and this means that if you decide that you do not want the insurance you may cancel it at anytime during the first 3 months and you will not have to pay any premiums. One of the added advantages of this 3 month free period is that it gives you time to consider both the insurance and your needs before having to pay any premium.

Your Loyalty Finance consultant will be able to provide you with information about the product together with a Product Disclosure Statement at the time you apply for your loan. The Product Disclosure Statement contains the detailed information on Mortgage Life Plus and this should always be considered in deciding whether you wish to apply for the product.