What is Mortgage Protection Insurance?
Mortgage protection insurance (MPI) is a life insurance policy designed to pay off your mortgage should you die, suffer from a disability or lose your job. It is also known as Mortgage Repayment Insurance (MRI) or Mortgage Payment Protection Insurance (MPPI).
Upon your death, your insurance company can pay the policy benefit directly to your mortgage lender, leaving your family with a home without a mortgage.
You can also receive payments to cover the mortgage payment if your policy pays should you become disabled or suffer from job loss, but this is usually only for a specified period, typically two or five years or to age 65.
Auckland Mortgage Protection Brokers
The Mortgage is the number one investment for most New Zealand families and is also considered to be the number one debt. Ensuring that the payments are met is vital to providing a secure future for your family. Mortgage repayment insurance cover can help you make the regular monthly mortgage repayments on your home. If an accident occurs, or illness strikes, then you have the peace of mind of knowing your family home is secure.
Benefits of Mortgage Protection Policies
- Your Mortgage gets paid: the financial burden on you and your family is reduced and you keep your home.
- Regular payments: your mortgage will be paid for a specified period, anything from 2 years up until you reach 65
- Covering Addition Expenses: Some companies will allow for 110% coverage so the bills can get paid too.
- The benefit of an insurance broker is that unlike banks, they put your needs before theirs.
Your local trusted Mortgage Masters broker has years of experience and is more than happy to go through the options available to you. Saving money and getting a plan to suit your lifestyle with better options is our goal.
Contact Us to receive more information or book an informal consultation with one of our brokers in Auckland