Mortgage Repayment insurance does exactly that—essential money to ensure you can meet your mortgage payments if you lose your income.
While banks sometimes allow loan repayment holidays if things turn to custard, this is not a given.
How devastated would you be if, due to loss of income through illness or injury you could not continue to afford to live in your home? The consequences don’t bear thinking about. Could you imagine having to sell your home and move yourself and your family out when you have the least physical strength and capability to do so? What if you had pets and had to get a rental? Could they come too? Packing all your stuff, putting it in storage or selling it in a garage sale if you had to downsize fast could be realities if you lose your income yet don’t have the means to pay your loan.
Fortunately there is a simple solution and there is even an affordable option for people renting (called Household Expense Cover).
With Mortgage Repayment insurance in place, the stress of being able to meet your loan payments is taken care of so you can relax knowing you’ll be able to protect your family home and biggest asset.
For more information or a free no obligation review of your insurance needs then please contact us.