Mortgages, although a fact of everyday life for the vast majority of people, do constitute a major debt.
Those who have a mortgage may not always have the resources to cover their loan repayments in the event of an interruption to their income for any reason.
Why Mortgage Repayment Insurance?
Purchasing a home is both a major monetary and emotional investment.
Mortgage Repayment Insurance Cover can help you protect the regular monthly mortgage repayments on your home, or investment properties, so that should you suffer an accident or sickness, or you are hospitalised, your mortgage is covered.
Your home is far more than bricks and mortar. That’s why it’s so important to make sure you can pay your mortgage.
Five reasons to have Mortgage Repayment Insurance Cover
Having mortgage repayment insurance makes sense:
1. Secure your lifestyle – should you not be able to work, you have an on-going source of funds to pay your mortgage.
2. Safeguard your existing savings and investments – if you can’t work and don’t have funds to pay your mortgage, then you may stand to lose not only your home, but also any investments you have.
3. Government benefits – with the government sickness benefit payable at gross $229 per week (Single over 25yrs old), sickness or injury would mean a substantial reduction in your standard of living.
4. Choice – you decide how to manage your assets and if you need to sell your home, you do it on your terms.
5. Protecting the value of lost income – it’s worth thinking about what you might earn over your lifetime, then consider if something happened and you were unable to work, what you may risk losing.
Buying a Home
We all like the peace of mind and security that we are living in our very own home. However, along with that comes responsibility. Instead of just having rent, you will now have maintenance, rates, and house insurance to budget for.
Mortgages, although a fact of everyday life for the vast majority of people, do constitute a major debt. Those who have a mortgage may not always have the resources to cover their loan repayments in the event of an interruption to their income for any reason.