Loan Insurance or Mortgage Protection Insurance is an insurance cover specifically intended to provide a monetary benefit that assists in meeting your mortgage repayments if you are unable to work due to circumstances such as illness, injury or accident.
In the case of the unforeseen death of a borrower most policies will pay the mortgage loan out. Policies can vary between insurers and it is a good idea to understand the features and benefits under different particular policies.
So if you are taking out a new mortgage for a home or investment loan then loan insurance should be a consideration for you.
We recommend you consider your loan insurance requirements with a licensed financial planner or your insurance broker or alternatively we can arrange for a quote to be provided for your consideration.