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Mortgage Insurance

When you take out a mortgage on a property or a car, you were offered it because the bank thought you will be able to pay back the money plus any incurred interests.

But have you ever wondered what it would be like if you suddenly lost your job, or maybe your income experienced a dramatic drop due to injuries and other personal matters?

How will you be able to pay back the bank?

Very likely the bank will call in a liquidator to take away your assets and even home. After finding the house and land of your dreams, it would be devastating to lose it all the bank.

By getting Mortgage Insurance, you will be automatically covered for missed payments for up to 30 days due to injuries, unemployment and others of such nature. It can either be public or private. Getting Mortgage Insurance is not compulsory by law but is often recommended in order to lower the risks of not being able to pay back the loan.

It can cover mortgage payments between one to five years, and sometimes more. The insurance will only commence if you are unable to pay back your owed money. It should be noted that you will, however, not be able to be covered for long term injuries or sickness that will permanently stop you from working. At such cases, maybe it would be reasonable then to withdraw your mortgage and change your lifestyle.

The cost of a Mortgage Insurance policy is usually based on a percentage of your loan, but this may differ between companies. You will be able to find out more by looking under the Personal Insurance or the Income Protection section of an insurance company.

Before applying to an insurer, make sure you have read thoroughly through the Terms and Conditions, and Product of Disclosure. Because finance is a complex issue, many companies will have different rules regarding what type of a coverage comprehensive insurance will offer.




Insurance Companies

Insurance Companies For Mortgage

Here is a list of all (but not limited to) the insurance companies that offer Mortgage insurance plans, packages, premiums and/or services.

APIA Mortgage Insurance
APIA, like most other insurance companies, has a very difficult fine print, Terms and Conditions, and policy to understand. For example, it is written that damages from water are covered, including sinks ...

NAB Mortgage Insurance
NAB is a reliable and trustworthy insurance company that has a good reputation in Australia. Many discounts and bonuses can be offered to customers in ways such as buying policies ...




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Miguel-T
Posted 2138 days ago
I forgot to get mortgage insurance when I got my mortgage and now I am suffering.
Bill
Posted 2162 days ago
I'm just thinking that a mortgage insurance would be something simlar to a loss of income insurance. If you have taken out a mortgage or loan, and somehow you lost your job, or perhaps you are took sick to work, the insurance company will then be able to pay you a lump of sum to go towards your mortgage.

I think having such insurance is critical to all home owners these days due to the unstable economy. I have lost my job two times in the past year. Right now, I am just making through my debts.
Kalin
Posted 2189 days ago
Just do me a favor and keep writing such trenchant anaysles, OK?
Madonna
Posted 2191 days ago
Getting mortage insurance is a very real and important thing! I agree with this article to the point that I am also in the middle of looking for a good insurance company to purchase a mortage insurance policy.