Purchasing a home could be the biggest financial commitment you make! However, the last thing you want is to see your home slip away if you are unable to continue repaying your mortgage in the event of your death, an illness or accident.

If your mortgage isn't covered by insurance, or if you're planning on taking out a mortgage in the near future, think about the following questions;

• If you died, would you leave behind enough resources to pay off your mortgage and safeguard your dependants' future?
• Would you have enough money in reserve to meet your mortgage repayments if a serious illness or disability stopped you from working, either temporarily or permanently?

If you answered no to either of these questions, have you thought about how your family would repay the mortgage if you die, or if your health lets you down? When you take a mortgage it is important you consider a "worst case scenario"; because if your family cannot manage the debt, your home could go back to the bank. Mortgage insurance will make sure the home stays in the family's hands.

How does it work?

There are three types of cover to choose from and you can mix these covers to best suit your needs and finances. However you must have Life Cover insurance to be able to access the other insurance types.

• Life Cover - if you die before your home loan is paid off, the mortgage insurance will pay a lump sum to cover your outstanding loan balance.
• Income Protection Benefit - this pays your regular mortgage repayments if you are not able to work due to sickness or an injury.
• Trauma Cover - this pays a lump sum benefit should you suffered a trauma condition; for example, heart attack, cancer or stroke.

We are here to help

If you would like to talk to an Adviser about your Mortgage Protection requirements or would like a review of what you already have in place, please e-mail info@psahealthandrisk.org.nz or call our Helpline on:

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