How Do You Protect Your Investments This New Year?
Fearing of repossessions in case you were to default your mortgage or housing loan
? Simple, you need not worry in case you are not able to pay back your equated monthly installments on time. There are myriad of reasons for not paying your mortgage amount such as loss of job, sickness, accident or redundancy, you may be bed ridden and the sole bread winner of the family.
There is no need to panic when you are sick and you have loan instalments to repay. There need not be any fear of collateral confiscation too. You have every reason to protect your collateral that is your house. It is the most valued possession and your life time investment. Do not let others ruin your most valuable possession, you can safe guard them now!
Loan protection cover helps you to be on time with your mortgage payments. You may choose to cover up to 25% more than your loan repayments. This will help you cover your food bills, utility bills, insurance bills and credit card repayments in case you were to be redundant. Take a wise move this New Year and get your secured loans covered under a comprehensive insurance cover.
Do not fall prey to any mortgage miselling. No lender can compel you to take a protective cover along with a home loan. Neither can he mislead you by saying an insurance cover is part of the loan you take. It is at your disposal to get an insurance cover. You can either opt for it or not, based on your requirements. But it is advisable to take an insurance cover, if you have a huge amount of loan to pay and you are not sure if you can make your payments on time, for another 10 years.
If you want to change the price of the insurance, you are free to do so. Reviewable premium plans are available with some insurance companies. You can cross verify with your respective insurance companies if they have this option as these are not widely sold.
The first method is to assume a fixed mortgage interest rate, typically 10%, and reduce the amount of life insurance and critical illness cover in line with this assumption. This means that irrespective of the mortgage amount outstanding, the life insurance and/or critical illness insurance payable at claim will be that which would have been payable assuming the mortgage had been run at an interest rate of 10%.
Comparing different mortgage insurance plans also helps to attain better rates!
How Do You Protect Your Investments This New Year?
By: Vijay Koragappa Shetty
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