A mortgage protection policy protects your home and financial security in times of financial difficulty. It helps maintain your credit rating, and can also cover other mortgage-related expenses. With customisable options and additional benefits such as job search support, mortgage protection insurance is a cost-effective way to prevent defaulting on your home loan.
Typically, the benefits from a mortgage protection Insurance policy are not taxed as income, ensuring you receive the full amount to support your mortgage repayments. Consult with a tax professional for detailed advice.
Some policies offer coverage for involuntary redundancy, providing peace of mind during uncertain economic times. Always check your policy terms for specific details.
It can depend on the specific policy and insurer. Some insurers might exclude certain conditions, require a waiting period, or adjust premiums based on these conditions. Always remember to tell us your full medical history when applying. At NZ Insurances, we are on your side, aiming to secure you the best possible coverage. Your full disclosure helps us represent your interests effectively and ensures we can navigate the complexities of insurance on your behalf to get the best results.
Mortgage protection insurance is not mandatory when purchasing a home, but it can provide essential financial security. It ensures your mortgage repayments continue if you're unable to work due to illness, injury, or redundancy.
It typically covers your mortgage repayments for a specified period or until you're able to return to work. The coverage does not usually extend to the entire mortgage amount, but it provides crucial support during challenging times.