Compare Mortgage Protection Insurance and Mortgage Cover – what’s the difference?
Taking on a mortgage is a big commitment; with the average first-time buyer taking out a mortgage of $400k, it’s likely to be the largest amount of debt you’ll ever have.
Keeping a roof over your family’s head is your number one concern; so it’s important to consider how your mortgage payments would continue to be met should anything happen to you or your partner.
Mortgage protection insurance services can help you manage the risk around your mortgage payments. But, like a lot of insurance products, it’s not always straightforward to figure out what coverage you need for your own particular circumstances.
There are two main options that you can look at – mortgage protection insurance and mortgage cover.
Mortgage cover means that a principal amount of your mortgage will be paid off in the event of your death (up to a specified amount in your policy). The pay-out from the policy goes to the policy owner and can be used to clear the mortgage balance.
Mortgage Protection Insurance
Mortgage Protection insurance, on the other hand, covers your mortgage repayments for a specified timeframe in the event you’re unable to work due to injury or illness. This can also be combined with life insurance to cover the payments in the event of your death.
No matter what option you choose to cover your mortgage repayments, it’s key to ensure that you’re getting independent advice for your own situation.
We’ve made the whole process simple at Ease Insurance. You can use our handy online mortgage protection insurance comparison tool to get quotes from 5 of the best mortgage protection insurance companies in NZ. We will then follow it up with a call to discuss your personal requirements and ensure that the cover is sufficient for your needs.
For peace of mind when it comes to your home repayments, contact Ease Insurance today!