With home loan protection you and your family will have peace of mind in knowing that should something unfortunate happen you can continue to meet your home loan repayments and won’t have to sell the family home.
Your home loan will still need to be repaid if you become ill or die. How would you afford your lifestyle and service your debts should you lose your ability to earn an income?
Borrowers are more likely to be put under serious strain from illness, injury and unemployment, and are the key reasons for loan repayment delays, compared to rising interest rates and over commitment.1
Taking out home loan protection is simple. Your mortgage adviser can arrange it for you when advising you of your home loan choices. You don’t need to undergo a medical examination and only need to answer a few simple questions.
1 'Why borrowers default' 2008, Mortgage Business, August, p.27.