Mortgage Protection Insurance or Mortgage Repayment Cover pays your mortgage instalments if you become sick, injured, or disabled and as a result are unable to attend work and pay your mortgage.
Just like you protect your house from unforeseen situations with home and contents insurance it is just as important to protect your ability to pay off your mortgage and keep the house secure. After all, your home is the biggest and most important asset you own.
Why take Mortgage Protection Insurance?
Mortgage Protection insurance can help you ease the financial stress on your family by covering the following costs and expenses:
How much Mortgage Protection Insurance is sufficient?
To ensure you have sufficient insurance to cover yourself and your family in the event of a disability, sickness or injury, you must take mortgage protection at least equal to your monthly mortgage instalments on your own home.