It’s a major financial commitment to own your own home, so protecting your mortgage repayments is vital to keep you and your loved ones in the home you’ve worked so hard for.
Protect Your Biggest Expense
If you couldn’t work because you were struck with illness such as cancer, or an accident left you paralysed, your bank might give you some time to get your financial affairs in order. But sooner or later, the bank will start asking for your repayments to resume or they will enforce the mortgage on your house and put it up for sale.
Owning your own home is a special commodity these days, so it's important to protect those payments that keep the roof over your head if you become sick or injured, and can’t work.
Not many people can stop working just because life has it’s ups and downs. No one likes to think of leaving partners or dependants to deal with mortgage repayments because of a debilitating illness preventing you from working. If that were to happen, your Mortgage Protection cover would step in and make your payments while you recover.
If you’re stuck down with an illness or injury and you qualify for a claim, your payments will start after a specified timeframe, or after your ‘wait’ or ‘stand-down’ period ends.
Those payments will continue until you return to work or until you reach the end of your ‘benefit period’ or when your policy expires.
The average weekly mortgage payment is $389.20, the average weekly rent payment is $290.20.