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Mortgage Protection Insurance

What Is Mortgage Insurance?
Mortgage Insurance is a form of insurance specifically designed to protect the repayment of your mortgage. If the policy holder were to die while the mortgage life insurance was in force, the policy would pay out a capital sum that will be just sufficient to repay the outstanding mortgage.

Mortgage life insurance is supposed to protect the borrower’s ability to repay the mortgage for the lifetime of the mortgage. This is in contrast to Private mortgage insurance, which is meant to protect the lender against the risk of default on the part of the borrower.

Why do I need Mortgage Insurance?
So you take out a mortgage, and it’s an exciting time, new house or bigger house, but what about the fact you must make payments to your mortgage regardless of if you are sick, disabled or even worse case scenario dead. By putting in place some mortgage protection you can have the knowledge that you will be protected against any financial implications of death accident or disability. Leaving your family with a major asset without having to stress how to generate funds to keep the bank from repossessing your home. Sadly in 2011 2,265 properties were sold as mortgagee sales. That’s 6 per day.

What are the benefits?
Keeping your house would be the first one. Knowing that you have the back up plan of mortgage protection to replace any payments if you are unable to pay your mortgage due to accident, death or disability.

When would I need it?
If you own a home or a rental property then having mortgage protection would be a great fit for you. Even if you are thinking about buying your first or a new home.

How can I get it?
To get Mortgage Insurance or to review your current cover, just contact Assetwise and we will help you by providing the best cover that best fits your current situation.