16
Mortgage protection and lender’s
mortgage insurance
Mortgage protection and lender’s mortgage
insurance (LMI) provide protection for two
different situations.
Lender’s mortgage insurance is usually
required where your deposit is less than 20%
of the purchase price of your property and
protects the lender in the event that you
default on your repayments.
Mortgage protection is insurance that
supports you in case you become involuntarily
unemployed or are unable to work due to
illness or disability. Your mortgage is likely to
be the biggest financial decision you will make
in your life. It makes sense to
ensure that you
can continue to meet your commitment in
the case of unforeseen events.
Life
Life insurance provides a lump sum
payment to your beneficiaries in the event
of your death. If you are the main income
earner in the family, this insurance will help
your family manage their future (eg paying
out mortgages, schooling and other family
expenses) without your ongoing earning
capacity.
Total and permanent disability (TPD)
You can choose to cover yourself for either
total and permanent disability or death
options, providing you can no longer work
or in the event that you die due to illness or
accident. When combined with life insurance,
this can provide security for you and your
family for the rest of your life.
Income protection
This insurance is designed to pay you a
predetermined percentage of your monthly
income (usually 75%) should you be unable to
work due to illness or injury.
Home and contents
Your home and contents insurance should
provide you with adequate cover should you
need to repair or replace your home (ie, house,
garage, shed) and your contents in the event
they are destroyed, damaged or stolen.
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Mortgageprotection&
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