What is Mortgage Repayment Cover?
Mortgage Repayment Cover is an insurance that pays you monthly amounts to cover your mortgage repayments if you become totally disabled as a result of illness or injury.
Why do you need Mortgage Repayment Cover?
Purchasing a home is a major financial commitment, so protecting your mortgage is important to help ensure that your mortgage repayments are taken care of. Mortgage Repayment Cover takes away the financial responsibility of having to pay your mortgage repayments if you become totally disabled and can no longer earn an income.
How does it work?
Mortgage Repayment Cover is determined by the amount of your mortgage commitment you have on your home.
You can choose to cover up to 115% of your mortgage repayments.
This means that your cover will not only pay your mortgage, but can help cover additional expenses such as:
- home and contentsinsurance
The sum insured agreed at the outset is the amount paid at the time of claim if you have a mortgage owing on your home.
If you have 'no' mortgage owing on your home, any benefit received (or entitled to be received) as a result of the same disability maybe deducted from the amount paid.