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What is Mortgage Life Insurance?
Mortgage Life Insurance will pay out a cash sum if you die, or are diagnosed with a specified critical illness (at an additional cost) during the plan term, which could help to pay off the outstanding balance of your mortgage.
Over time, the level of life insurance provided by the plan falls to reflect your reducing mortgage loan, so you are only paying for the cover you need.
Why do I need to protect my mortgage?
For most of us, the largest financial arrangement we ever make is the mortgage we use to buy our house. However, arranging the mortgage is only part of the house-buying process, you will want to ensure that should the worst happen, there are funds available to help clear the loan and safeguard your family's home.
How much does mortgage life insurance cost?
We offer some of the most competitive rates in the market. Mortgage Life Insurance can cost as little as few dollars a month, get an online quote now and see for yourself just how much our great value life cover could cost you.
What else do I need to know about mortgage life insurance?
The plan has no cash-in value at any time. This means that nothing will be payable if you stop paying premiums or if you survive to the end of the plan term, unless a valid claim is made.
The plan will pay out if you are diagnosed with a terminal illness before the last 18 months of the plan and where life expectancy is less than 12 months. On payment of this benefit, the plan will end and no further benefit will be payable.
Other options are available, which can be added to your plan at an additional cost. Find out more information about the options available.
How flexible is it?
Your mortgage loan is likely to run for a number of years, typically 20 or 25 years for a first-time buyer. Your personal circumstances may change considerably during this period. With our Mortgage Life Insurance plan you can amend, add or remove benefits.
Next steps?
You can get an online quote now to see how much Mortgage Life Insurance could cost you. Once you have had a quote online you can also apply online and receive free Accidental Death Benefit cover while your application is being processed
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