Mortgage Protection Insurance Lagos Nigeria - Free Mortgage Life Insurance Tips

Provide Financial Protection For Your Family Now! Don't Lose That House!

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Mortgage protection insurance guide Lagos Nigeria - More and more Nigerians are taking Mortgage facilities to buy their dream home. And that is good because we now have more proud home owners in Lagos Nigeria and all over Nigeria.

Unfortunately, most people who subscribe to mortgages in Nigeria do not buy mortgage life insurance (or mortgage protection insurance) equivalent to the value of the mortgage they have taken.

A mortgage followed by a mortgage insurance policy?

Why take a mortgage life insurance because you took a mortgage?

If this sounds confusing to you, don't be embarrassed. It's because this is a concept that is still new to many Nigerians.

Let me shed more light on this to provide some clarity as to why a mortgage protection insurance is crucial to sustaining your financial position . . . and your family pride.

Think about this.

What happens when the bread winner takes a mortgage facility?

Simple. The bread winner becomes a landlord or home owner overnight. And the entire family moves from living in a rented apartment to living in their own home bought with the mortgage loan.

That is progress, right?

Now, think about this.

What happens when the bread winner dies before he completes the mortgage payment?

Someone else has to take up the mortgage payment, most likely the wife who is next of kin.

What happens if the wife is a full-time housewife and so cannot take over the payment?


The mortgage lenders take over the house and the family goes back to being tenants.

That is retrogression . . . backward movement! And nobody wants his family to move backwards!

That is the very reason why a mortgage protection insurance or mortgage life insurance is so important.

Therefore, the smart thing to do is to take a mortgage life insurance after you have taken a mortgage facility.

"I Am Not Interested In Insurance! God Is My Insurance!"

When insurance brokers talk to potential clients about mortgage insurance, home insurance, or mortgage life insurance, some of them simply say . . .

"Sorry, I am not interested in mortgage life insurance, mortgage insurance, or any kind of insurance for that matter. God is my insurance!"

Others will tell you . . .

"My bible has told me that I shall NOT die. So, I don't need your insurance".

Of course, God is the greatest insurance.

Believe me, I understand the sentiments of the people who make statements like the one above.

But have you noticed that both righteous people and sinners die alike?

Have you noticed that when a fatal car accident occurs people of different religions involved in the accident all die?

Have you noticed that even religious leaders who tell their members not to take insurance policies because God is their insurance also die?

The truth is this . . . death is a penalty everyone pays because God himself declared that "dust you are and to dust you will return".

In simple terms . . . everyone will die someday whether he or she is wicked or righteous.

Therefore when you take mortgage facility from a bank or other lenders, be sure to take a mortgage protection insurance or mortgage life insurance to balance your investment.


What is the benefit of mortgage insurance?

Benefits of Mortgage Life Insurance

Well, when you take a mortgage life insurance, in the event that you're unable to continue the mortgage payment because of death or permanent disability, your family can pay off the mortgage (and retain the house) with the money from the mortgage life insurance policy you took.

That is, the mortgage insurance company will pay the beneficiary (your wife, if she's the named beneficiary) the sum assured. And then your wife can pay off the mortgage with the money paid to her by the insurance company.

For example, if you took a mortgage of 30 million Naira to buy a house, it makes sense to take a life insurance policy of about the same amount to protect your family from losing the house in the event that you're no longer there to continue the mortgage payment (due to death or permanent disability).

This is the overall goal of mortgage protection insurance.

Bottom line.

When you take a mortgage protection insurance, you give your family a chance to continue to enjoy their new home whether you're there or not . . . you protect their financial future.

The Mortgage Payment Versus The Insurance Premium

The above discussion may make sense to you. But you may wonder, "isn't this going to be dual payment that may cripple you financially?"

The answer is no.

Why no?

It's because mortgage life insurance premium payments are peanuts compared to the actual mortgage payment.

Put simply, the premium payment you need to make to secure your huge investment in the property is small compared to the sum assured.

For example, suppose you took a mortgage of 30 million Naira to buy a property as mentioned above and the re-payment period is 10 years.

Suppose you now want to take a mortgage protection insurance or mortgage life insurance to protect your investment.

Suppose too that . . .

1. the sum assured is 30 million Naira

2. you are 40 years old as at the time you took the policy and

3. you wish to take the policy for the duration of the mortage. That is, 10 years.

You have two options to pay the mortgage insurance premium.

You can either pay the premium annually (every year) or pay the entire premium for the 10 years at once, at a discount.

In this particular case, if you decide to pay the premium annually, you will pay 196,700 Naira per annum for 10 years.

If you decide to pay the premium at once (called single premium payment), you will pay 933,200 Naira and have the cover for the entire 10 years.

This means you get as much as 52% discount on the premium if you pay it off at once. And for paying just 933,200 Naira, you get a cover of 30 million Naira for a duration of 10 years.

WOW! That is amazing!


There is more.

If death suddenly strike before the 10 years mortgage period is over, your wife will receive 30 million Naira from the insurance company . . . enough to pay off the mortgage and even have something left because the bread winner already paid a part of the mortgage before he died.

This is the real advantage of mortgage protection insurance.

You create instant wealth for your family and preserve the family finances and the family pride.

Want to protect your family from the unexpected problems of life?

Want them to keep the house whether you're there or not?

Simply take a mortgage protection insurance policy . . . a mortgage life insurance policy that will defend your family financially in your absence.

Just fill the form below to get started.

Request Insurance Quote

Please note that all fields followed by an asterisk must be filled in.

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