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Mortgage protection and lender’s
mortgage insurance
Mortgage protection and lender’s mortgage
insurance (LMI) provide protection for two
different situations.
Mortgage protection is insurance that
supports you in case you become involuntarily
unemployed or are unable to work due to
illness or disability. It makes sense to
ensure that you can continue to meet
your commitment in the case of
unforeseen events.
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.
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 (for example paying
out mortgages, schooling and other family
expenses) without your ongoing earning
capacity.
Landlord
Landlord insurance is a policy to cover an
investment property owner from financial
losses. Common features of a landlord
insurance policy include malicious or
intentional damage to the property by the
tenant or their guests, theft by the tenant or
their guests, loss of rent if the tenant defaults
on their payments, liability including a claim
against you by the tenant and legal expenses
incurred in taking action against a tenant.
Total and permanent disability (TPD)
You can choose to cover yourself for either
total or 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.
Building
Building insurance should provide you with
adequate cover in the event you need to
repair or replace your investment property (ie
home, garage or shed).
Income protection
Income protection insurance pays you a
predetermined percentage of your monthly
income should you be unable to work due to
illness or injury.
Land tax
Land tax is an annual tax levied on owners
of land. In general, your principal place of
residence (your home) or land used for
primary production (a farm) is exempt from
land tax. Investment property, on the other
hand, may be subject to land tax and the rate
of tax varies from state to state.
Ask us for
our article
on mortgage
protection
and lender’s
mortgage
insurance.
INSURANCES
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