NEW: Read "Choosing the right life cover for you." Also find out why Mortgage Insurance matters.

MUST READ: Before you get mortgage cover from your bank or mortage lender, read this.

Mortgage Insurance Cover: Why it's vital

Looking for the most affordable mortgage insurance online? Look no further than My Bond Cover for instant online mortgage protection quotes and premium savings of up to 50% or more. Mortgage insurance cover – either in the form of accidental death insurance, dread disease insurance or a more encompassing life cover product – is vital for a number of reasons. Find out more about why you need it, or request a free mortgage protection quote.

What exactly is mortgage insurance?

Mortgage insurance is a form of life insurance that pays out a lump sum in cash that can be used to settle their outstanding mortgage debt in the even of the policyholder's death or permanent disablement. Where there is more than one signatory on the mortgage, the death or disablement benefits are typically shared in line with the amount of outstanding debt each party is individually responsible for.

Why the need for mortgage insurance?

If a mortgage cover policy is not in place at the time of your death, your estate will be responsible for settling your outstanding mortgage and other debts. This may leave your family or dependents no choice but to sell the property to settle the bond.

Depending on market conditions and their financial situation, they may then also be forced to sell the property for substantially less than it is worth. In the worst case scenario, if a suitable buyer is not found, the bank or lending institution may be forced to repossess the property, leaving your family without a home.

If a paid-up mortgage insurance policy that provides the appropriate amount of cover is in place, on the other hand, your family would inherit a paid-up piece of property; the benefit can be ceded to the lending institution to cover the outstanding mortgage amount.

The need to make monthly mortgage repayments won't stop if you were to be diagnosed with a terminal illness become permanently disabled. Having a mortgage insurance policy in place means that you can continue honouring your financial commitments or settle your outstanding debt, depending on the nature of the life insurance cover you have in place. The same applies if you were to die unexpectedly, be it in an accident or from natural causes.

A mortgage insurance product that pays out cash upon your death or permanent disablement will help ensure that your family or dependents to stay in their home and make ends meet when you are no longer there to support them.

Why choose mortgage insurance cover from Instant Life?

More and more South Africans are choosing Instant Life for their life insurance needs. Here are just a few of the reasons why:

Peace of mind: Gain peace of mind within minutes. Get a quote within 1 minute and get mortgage insurance cover in place within 5 minutes.

Affordability: Save up to 50% or more on your monthly mortgage protection premiums.By cutting out the middle-man, reducing paperwork and streamlining organisational efficiencies, Instant Life reduces the costs of life policy administration to offer you unrivalled affordability.

Simplicity: Instant Life's insurance products are simple, straightforward and easy to apply for.

Fully online: Everything happens online, from quote request and sign-up to policy adjustments and claims, putting you on the driving seat 24/7.

No penalties: Adjust or cancel your mortgage insurance policy at any time without incurring any penalties.

Cash-Backs: Earn a 20% Cash Back Bonus for every 10 years you don't claim against your mortgage insurance policy.

Not sold on Instant Life yet? Why not put them to the test?

Request a free online quote now.