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How would you continue to meet your Mortgage payments if you became disabled, and were unable to work for an extended period of time?
For most people their biggest purchase is a home and usually the home and its contents are insured.
Often what is not insured is the ability to pay the Mortgage (and Insurances) on the home.
Mortgage Protection Insurance pays a monthly amount, equal to the level of the mortgage payments, in the event that the insured person is unable to work through either sickness or accident.
There are various types of Mortgage Protection products but, in general, they have similar key features, such as:
- Wait periods of 4,6,13 and sometimes 26 weeks
- Payments made in advance at the end of the Wait Period
- No ACC offsets, unlike Income Protection
- Partial payments if the insured is only partly disabled and working part-time
- Payment through to age 65, even if the Mortgage is repaid before that date
Different Companies have different features and benefits, so it’s best to discuss this cover with your Adviser, to ensure that you have the best product to meet your specific needs.