Mortgage Repayment Insurance

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Redundancy Insurance

Redundancy Insurance This cover usually is available as an add-on to Income Protection insurance but may be able to be purchased separately through some insurers.  Redundancy Insurance is not often part of have Income Protection insurance, and you have to add it as an optional extra. Why should you have redundancy insurance? Firstly, not all occupations can get this type of cover, so you will need to check with your adviser, whether it is available for your occupation class or industry. Think for a moment, what your options are if you were made redundant, how would your household cope without [...]

2020-11-15T23:09:41+13:0019/12/2019|Categories: Blog|Tags: , , |

What is Income Protection Insurance?

WHAT IS INCOME PROTECTION INSURANCE? Income Protection Insurance will replace your income when you are unable to work because of sickness or accident and is normally it is paid as a monthly benefit. It’s designed to ensure that you can still afford to meet your household expenses and financial obligations while you are unable to work, and will continue to do so until your policy expires or you can return to work. HOW DOES INCOME PROTECTION INSURANCE WORK? Regardless of whether you have an accident at work or away from work, or a sickness stops you from working, money is [...]

Comprehensive mortgage insurance

Mortgage Insurance This cover can come with a number of optional add on benefits which I touched on in another article.  In this article I a want to help you understand some of the differences and in what situations you should consider adding optional benefits on your mortgage insurance. The basic cover normally consists of two core benefits, and the simple explanations are as follows; Life Cover: In the event of your death the insured amount is paid to the lender to repay the full balance of the mortgage (assuming that your cover is the same or greater than than [...]

How mortgage insurance works

Mortgage insurance comes in a number of variations and it is important to understand these variations.  You need to understand what you are covered for and what you are not covered for. You should talk to your adviser and find out what are the optional extras are which can be included but may not be in your current cover. Mortgage Repayment Insurance Normally, there is a base cover which is a life insurance benefit, so in the unfortunate event of death of the person (or persons) insured, the insurer will pay the insured amount to the lender and hopefully the insured [...]

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