Mortgage Repayment Insurance

Right Cover Insurance Advisors

One of the biggest investments in one’s life is buying a flat or constructing an individual house. People put their accumulated savings, dig into their provident funds, borrow from friends, and go for bank loans or finance companies that provide loans.

When your house is mortgaged with the financer, the foremost thought is to repay all the loans and settle the dues. You wouldn’t like to default on any instalments as it would create a black mark against yourself for any future loan requirements. Well, it is also always important to assess for yourself managing the risk of what would happen when you are not able to repay the loan.

Accidents, illnesses and loss of jobs or businesses are always a reality and with the pandemic setting in these problems are amplified. Recovering from financial setbacks often takes more time than one thinks it would. This is why it is important to have a contingency plan as a backup measure.

When one has mortgage repayment insurance then it will take care of the monthly instalments in cases where someone isn’t getting their salary due to sickness or accident. Primary reasons to opt for mortgage repayment insurance include:

There are 5 key reasons why you should consider Mortgage Repayment Insurance

1. Stability of your family

Should you be disabled and not able to work and pay your monthly mortgage repayments. there is a possibility that you would have to force-sell your home, thereby shaking the stability of the family. they would not need to be the case if you were covered with Mortage Repayment Insurance.

2. ACC

Mortgage repayment insurance will pay the chosen mortgage repayment even when the person is on an ACC claim.

3. Providing an Element of Stability

When you cannot go to work due to being bedridden for a disease for a longer period then you would be forced to sell your hard-earned property. With mortgage repayment insurance coverage, you can avoid this situation.

4. Peace of Mind

This is very important especially when one is down and struggling to make ends meet. With the mortgage repayment insurance in your kitty, one can move ahead with confidence and spend their money on other pressing matters. This is so as they know that their home will remain secure from being taken over by those to whom it has been mortgaged.

5. Opportunity Cost

The cost of not having Mortgage Repayment Insurance is far gathering than the premiums you would pay to have Mortage Repayment Insurance coverage.