In this great country of ours we have ACC which means you can take up skydiving as a job and still have some cover. However at times an illness can prevent us from working. This is where private mortgage protection insurance can step up for some commitments.
Some of the key benefits includes
- Can be claimed while on ACC
- Quite comprehensive cover
- Can get agreed level of cover
Mortgage protection cover has some key benefits as it provides quite open ended cover to protect your ability to hold on to the home should the worst happen. Certainty is something that comes with knowing how much you will be able to claim. An agreed level of cover can be obtained with Mortgage Protection Insurance.
Mortgage protection cover differs to trauma(critical illness) cover. Trauma cover tends to have a list of conditions which are covered, where as mortgage repayment cover is more comprehensive. A mortgage repayment cover can cover any illness or injury where you are unable to work for more than ten hours per week.
Where do I sign up?
Not so fast tiger, there is a bit of a process involved. As the cover is very usable the insurance company will tend to ask some questions. Generally around your health. If there are some pre exsisting conditions you have, it is important to provide full disclosure so that you know exactly what you will be covered for. This also can mean a much smoother claims process should the not so nice things happen.
Also it is always prudent to discuss options with an insurance adviser such as Sandy before putting a solution in place.