Protection
Protect what matters most to you. We'll help you find a policy that suits your needs.
While life insurance is not legally required to obtain a mortgage, we highly recommend that you think about securing it. A mortgage is often the largest financial obligation you will undertake, making it prudent to protect this investment, particularly if you have dependents, such as a family, who depend on your income to cover mortgage payments.
The only insurance that is legally mandated to secure a mortgage is buildings insurance. This type of insurance protects the physical structure of your home against risks such as fire, theft, and natural disasters, ensuring that your investment is safeguarded.
In summary, while life insurance can provide important financial protection for your loved ones, buildings insurance is the only necessary coverage to fulfill mortgage requirements.
What types of Insurance are there?
Life insurance provides peace of mind by ensuring that your family will be financially supported in the event of your passing. You have the option to connect a life insurance policy to your mortgage, which can pay out a lump sum upon your death. This payout can be used to pay off the remaining mortgage balance or help ease other financial burdens.
Income protection provides financial assistance if you are unable to work because of illness or injury. It replaces a portion of your income and delivers regular, tax-free payments until you are able to resume work.
Critical illness cover is intended to provide financial support if you are unable to work due to a diagnosis of a serious illness. To receive the tax-free lump sum benefit, your specific illness must be included in your policy. This payout can be used to pay off your mortgage or cover other expenses.
Buildings and contents insurance protects against the costs of repairing damage caused by unforeseen events like fire and flooding. This coverage safeguards both your assets and those of your lender. While buildings insurance is the minimum requirement to qualify for a mortgage, we also recommend purchasing contents insurance for added protection.
Mortgage payment protection, also known as accident, sickness, and unemployment (ASU) cover, typically provides coverage for your mortgage payments for up to two years if you are unable to work due to illness or injury.
Important information
For insurance business we offer products from a choice of insurers.
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