Loan Protection
What is Mortgage/Loan Protection Insurance?
Mortgage protection insurance helps protect your greatest asset, your home. In the event you are unable meet your mortgage repayments due to sickness or injury you mortgage repayments are paid. If you prematurely die your family is protected and your mortgage is paid in full.
Why you need it?
Most Australians who use a mortgage broker don’t have adequate cover in place to service their loan in the event they lose their job or suffered a serious illness, injury or even death. Every day life events can and will impact your ability to meet your loan repayments.
Loan Protection Plan benefits at a glance:
- Death and Terminal Illness Benefit (12 months life expectancy). Pays the loan amount rounded up to the next $10,000 this is subject to a minimum of $50,000 and a maximum of $750,000
- Living Benefit covers 11 serious medical conditions. Pays 30% of the Death Benefit
- Up to 3 monthly benefits for involuntary unemployment occurring within the first 12 months of the policy (a one month waiting period applies)
- 30 days free cover – valuable time for you to evaluate your protection needs
- Multiple borrowers can be covered including non-applicant spouses of borrowers
- No medicals required and cover available for all occupations
- Benefits are paid directly to you and can be used for any purpose
What we can do as your mortgage broker
As part of responsible lending legislation, we, as your mortgage broker, have a duty to ensure you have the capacity to service your loan without undue hardship. This is an important matter and must be taken seriously. It’s about protecting your way of life.
We will raise this with you because we care about what happens to you beyond just finalising your loan.