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Mortgage Insurance
Do you have a mortgage on your primary home, or an investment? Maybe both? Yep – that’s pretty common. But how about insurance on your mortgage? If you were not required by your bank to secure an insurance policy on your loan, you may be missing an important piece of the puzzle when it comes to keeping your property investments safe and secure.
You might hold a mortgage for up to twenty years or more. A lot of things can change during that period, and it’s really important that you are able to protect yourself for any eventualities that could arise during the course of your life – and the life of your mortgage. The funny thing is, a lot of people don’t know what loan protection is. Well, we’d like to explain what it is, how it works, and why you should consider it.
Loan protection is a type of insurance policy that can cover you when you’re unable to make your mortgage payments. This might be due to illness, or other circumstances, depending on the terms of the policy. Another option available to you is Income Protection. This type of policy covers a percentage of your annual income in the case of unemployment, ensuring you are still able to receive a paycheque – and make your loan repayments.
There are many different insurance providers who offer both loan protection and income protection; it’s absolutely crucial that you understand the terms of your policy to the highest possible degree, so if you feel unsure when shopping around for a policy, consider engaging a specialist who can help you select the best policy for your needs. No one wants to see you discover some unknown terms and conditions when making a claim under stressful circumstances.
Your home is your retreat, and your property investments are your security – keep those assets covered and protected, and regain some peace of mind when circumstances get tricky. If you think that loan protection or income protection might benefit you, it’s worth looking into.
How can YML help?
Talk to our Team today to see how YML Group can assist you with your mortgage and insurance needs. Contact us on (02) 8383 4400 or by visiting the Contact Us Page