Mortgage Protection
What is Mortgage Protection?
Mortgage Protection is an insurance product tailored to help meet your mortgage needs.
It provides the peace of mind that your family should not generally have to sell the family home, should any of these
events occur and you are adequately covered:
1. Death or Total Permanent Disability
- preventing you from ever generating an income again.
2. Temporary Disablement
- preventing you from generating an income through sickness or injury.
3. Involuntary Redundancy
- preventing you earning income should you lose your job.
However, if you are looking for insurance cover that provides for additional needs, such as on going income and medical expenses, you may want to consider life insurance and or income protection
I think I have Insurance with my Mortgage Already?
Mortgage “Protection” is not to be confused with mortgage “insurance” often offered by mortgage lenders/banks.
Mortgage “Insurance” is usually taken out with mortgages where the deposit you have paid on your home is less than 20% of the mortgage amount. Mortgage providers insure themselves so that they will still get paid even if you default on your repayments.
Mortgage “Protection” is cover that supports you the borrower not the lenders/banks. It generally pays out if you should be permanently disabled, die or are unable to work due to ill health or lose your job through involuntary redundancy. Mortgage Protection aims to cover your obligations to the lenders/banks, up to a maximum of $750,000.
