Joint mortgage protection insurance is a policy designed to cover mortgage repayments if one of the policyholders dies or is unable to make payments due to a specified critical illness or disability, depending on the terms of the policy.
In the event of a claim, the policy typically pays out a lump sum that can be used to pay off the remaining mortgage balance, ensuring that the surviving party or parties are not burdened with the mortgage repayments. This type of insurance can provide peace of mind, but it's important to read the terms and conditions carefully to understand what is covered and what is not.
When considering this type of policy, it's important to seek independent financial advice to ensure it's the right fit for your circumstances and that you fully understand the terms of the policy.