Paying Your Mortgage
If you have a mortgage, or are thinking about borrowing money to buy property, you should consider how you will make repayments if you are unable to work due to sickness or injury, either temporary or permanent.
It is not something many people like to consider, but for every home lost due to a fire, three families lose their homes due to the death of an income earner and 38 families have to move on due to a disability that impacts significantly on their ability to earn and pay their mortgage.
Mortgage Protection Insurance provides for a monthly payment equal to the maximum of the monthly mortgage payment should the individual be unable to work due to sickness or injury.
It is essential for every home owner with a partner or a family dependent on them paying the mortgage to protect their mortgage payments to reduce the disruption, stress and financial pressure that is experienced when a sickness or injury occurs.
It’s important to note that Mortgage Protection Insurance does not cover any other costs over and above your mortgage repayments, so if you think your family may struggle to cover your overall financial commitments, talk to a risk adviser about the other options available to you.