- Mortgage Instalment Insurance pays your monthly mortgage repayments in the event that you become disabled due to illness or injury. Mortgage Insurance gives you four different payment period options each with different premium costs. The options are to have the insurance pay your mortgage repayments for a period of 2 years, 5 years, until the age of 65 or until the age of 70. 2 years will result in the cheapest monthly premiums, 5 years will be more expensive, and payments until the age of 65 or 70 will be the most expensive options.
- There is also an option to choose Redundancy Cover, which also covers your payments in the event that you are made redundant from your job. Redundancy cover will meet your mortgage payments for a period of six months to allow you adequate time to transition to new employment.
- Mortgage Instalment Insurance will pay 110% of your monthly mortgage repayment, calculated at the time of taking out your insurance policy. This is designed to cover any interest rate rises, as well as additional expenses such as land rates.
- If your personal circumstances or your repayment amount changes, you can contact us or your insurance provider to re-assess your cover.
- Mortgage Instalment Insurance is a more specified form of insurance that only covers mortgage repayments in the event of illness, injury or redundancy. Because of this, it is a considerably cheaper option than taking out more general lump sum insurance cover. Your home is the most important asset you have, and mortgage instalment insurance offers a simple and cost effective way to ensure your home will not slip from your hands in the event of unforeseen circumstances. We think it is well worth considering.
If you are interested in securing Mortgage Instalment Insurance or you have any further questions on if this type of cover is right for you, don't hesitate to get in contact with us anytime and secure your mortgage at the lowest possible price.
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| Your house is simply too valuable to lose. |
