Mortgage Repayment Cover
Mortgage Repayment Cover is an insurance policy designed to pay your regular mortgage repayments in the unfortunate event that you can no longer work due to a disability from illness or injury. You will receive a monthly sum that will allow you to continue with your regular mortgage repayments for a set period of time. Everyone who has an existing home mortgage should consider getting a mortgage repayment plan.
Why is it important?
If you can no longer pay your mortgage, there is a high possibility that your lender will repossess the property. This means that you have to bid your home goodbye – and for good.
Having mortgage repayment insurance eliminates the risk of home repossession. Until you are able to return to work, you don’t have to worry about your home loan repayment schedule. Through this insurance, you will actually have the money to pay for your monthly loan repayments.
Mortgage repayment insurance can be the safety net that will protect you in case of an emergency. This will limit you and your family’s financial burden during difficult times.
How much does it cost?
The cost of the policy depends on the inbuilt benefit various factors, such as:
- The amount covered by the policy
- Amount of time you need to wait before receiving monthly payments
- Length of coverage (the shorter the cover period, the lower the cost
- Total disability
- Partial disability
- Recurrent disability
- Severe illness
- Death
Let’s talk! If you wish to get personalised advice regarding mortgage repayment cover, please contact us.
OneLife Financial also helps Kiwis with business loans.