Mortgage and Rent Repayment Insurance (Protecting your home and family)

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Mortgage and Rent Repayment Insurance (Protecting your home and family)

Your biggest asset is not your house you live in.... Your biggest asset is your ability to earn. If you lose this ability, then (if you have a mortgage or rent to pay), then you can very easily lose the roof you and your family live under, then probably losing your second biggest asset, your family's home.

There are many mortgage and rental protection contracts available at varying costs. They do not all work the same. Check them out first (a this will matter to you at claim time):

Do the payments go to you or the bank?

Are you covered for 100%?

Are payments made in advance?

Do they have redundancy or bankruptcy benefits attached?

Can you get covered for more under the same policy?

Does the payment clash with other sickness of accident benefits?

Who owns the policy?

Are you getting value for money?

Is the policy indemnified?

Or is it agreed?

A mindfield of questions, all found in the fine print.

Don't be shy, you need to ask your advisor. Don't settle for anything but the best. Don't worry the fact a quality product might cost more (that is not always the case), worry whether it will work the exact way you want. All highlighted problems are well solveable.

Rental payment insurance cover is not as common, however there are some providers who do cover this with some very neet features. You can set it up so you get paid the funds, it can be set to 110% of the rent paid or 40% of you income, your choice.

What other cover can help protect my mortgage and lifestyle?

Trauma Cover

Trauma Cover provides you with a one-off lump sum payment to reduce the strain, both financially and emotionally, of dealing with one of the defined conditions. You can use the money for whatever you wish, such as medical treatment, rehabilitation expenses, transport costs or paying off the mortgage.

Permanent Disability Cover

Permanent Disability Cover provides a lump sum payment in the event that the life insured becomes permanently disabled, providing financial stability when it's most needed.

Glen Hatcher

New Vision Financial Services Limited

www.insureyounz.co.nz

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