13 Sep What You Need to Know about Mortgage Protection Insurance
Most of us are paying their monthly mortgage—but what happens when an unforeseen circumstance comes such as loss of employment or death? Who will pay for the mortgage?
This is where Mortgage Protection Insurance (MPI) comes in. It protects your home investment from situations such as becoming disabled, sudden employment, or death–anything that is beyond your control. Basically, it helps you with the pay out of your mortgage repayments.
Aside from covering your monthly mortgage due to illness or death, MPI helps you protect one of your biggest investments. A mortgage ties together your financial security, your investment, and your house.
You might consider protecting your home loan if you are:
- A family with young children – in an unexpected unfortunate event, there’s a possibility that you might lose the house. MPI helps you avoid this, hence, it’s an added security to you and your family knowing they have a home to stay regardless of what can happen in the future.
- A household with single income – if one partner is dependent to the income of the other, MPI assures the continuation of your mortgage repayments if that partner lost its job.
- An investor – anything wrong can happen and securing a Mortgage Protection Insurance gives you the confidence that one of your biggest investments is protected.
As a professional mortgage broker for over 11 years, I always aim to prepare my clients for the unexpected. More than just helping them reach their financial goals, its my duty to help them keep and enjoy these.
Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.