Dual Life mortgage protection provides cover separately for the two lives assured on the policy. As the two lives are covered independently, a claim for one of the lives assured has no impact on the level of cover relating to the remaining life assured. So on the claim of one life assured the company will pay out the life cover proceeds which will be used to pay the outstanding balance remaining on the mortgage and the cover will remain in place for the other life assured, the monthly premiums will also reduce to reflect that only one life assured is now remaining on the policy. This cover is offered at the same premium as a joint life policy where a claim for one life assured will reduce the overall level of cover for both and end the policy. Therefore, Dual life mortgage protection is a more beneficial option when taking out mortgage protection!
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