Last Updated on by Tree of Wealth
Tokio Marine Mortgage Protection is a Mortgage Reducing Term Insurance without any cash value, purposed for mortgage coverage protection in the event of Death & Total Permanent Disability (TPD) and is catered to those who wants their insurance coverage to be a little more flexible as their commitments and liabilities get smaller each year.
Although mortgage protection is mentioned, other commitments like car loads or even children’s education fees can be taken into consideration for it. During this interim if you would like your coverage to reduce accordingly with the widest range of interest rate available, Tokio Marine’s Mortgage Protection Term plan may suit you.
You can also choose to include Critical Illness coverage too.
Product Features and Benefits at a Glance
- Has a sum assured that will decrease based on the calculated interest rate every year, over the whole policy term
- Has Interest Rate Options ranging 0 to 9.75% with intervals of 0.25%
- Pays a reduced lump sum in the event of Death/TPD and choose to include Critical Illness coverage
- Has the option to cover from 10 years to 30 years
- Premium term is 3 years shorter than whole policy term (pay for 15 years for 18 years term)
- Joint-Life application is available
- TPD coverage until age 65 Next Birthday
Tokio Marine Mortgage Protection Term Plan is suitable if you would like:
- Standard mortgage reducing term plan with a reputable insurer.
- Flexible interest rates options.
- Protection Coverage for Death, Total Permanent Disability and Critical Illness (Optional)
- Coverage plan for Mortgage Loan and decreasing loan concerns
- Protection for Joint-Lives with loved ones/spouse
It would however be less suitable if:
- You are looking for limited pay premium term and coverage for life.
- You would like cash value in a protection plan.
- You want to include Critical Illnesses of all stages coverage from Early to Advance Stage.
- A Wealth Growth Endowment plan
- Single premium, One-Time Premium Term
- Cash Payouts regularly
Conclusion For Tokio Marine Mortgage Protection Plan
As with all term life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many term insurance plans in the market with many strong Insurers. Which one suits you the most?
To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.
No obligations, no hidden fees. All advice are of no charges.