3 reasons why you need mortgage insurance for your newly purchased house

 


The purchase of a property is probably one of the most expensive deals that you make in life. It might be the case that you have spent a substantial fraction of your savings to purchase that dream home. However, people often neglect the fact that there may come a day when you may not be able to repay your home loan due to unforeseen circumstances such as death or becoming permanently disabled. 

 

To avoid putting you and your family in a situation where you are unable to repay the home loan and risk losing the roof over your heads, you can purchase mortgage insurance which will offer you financial coverage during times like this.

 

●        What is mortgage insurance?

Mortgage insurance is a type of term insurance plan designed to protect you and your family if you are unable to make your home loan repayments. Upon making a claim, the insurer will pay off your home loan if you are unable to service your mortgage repayments for the entire tenure of your home loan.  Your insurer will only give payouts if certain specified events such as death or permanent disability occurred to you or your family members, causing you unable to repay the loan and hence at risk of having your house seized back by the bank...

READ MORE : 3 reasons why you need mortgage insurance for your newly purchased house.

Comments

Post a Comment

Popular posts from this blog

3 Milestones of Life for Which You Might Want Term Insurance

Image
  Consistent with its name, term insurance covers you for a not really set in stone residency. At the point when you purchase this type of disaster protection plan, you select the term for which you need to be covered. The term can run pretty wide – driving safety net providers in Singapore are known to offer term protection plans from 10 years to more than 80 years. Be that as it may, how can one suitably choose the residency of inclusion? Definitely there should be some measuring stick? Truly, the solution to those inquiries might vary from one individual to another. The residency appropriate for one individual may not be reasonable for another. A ton of things become possibly the most important factor while choosing the term for which you need inclusion. You should keep your remarkable monetary necessities in context and ponder the number of wards you have, in addition to other things. You may likewise need the term intend to agree with specific achievements in your day t...
Read more

Tips That May Help With Retirement

Image
  We all want the best for our parents. They have taken care of us all our lives, and now it is time to return the favour. In a few years’ time, your parents may want to retire and this will mean they have to manage their expenses without consistent income anymore. To ensure they live out the rest of their life with peace of mind, you can help plan their retirement savings and insurance coverage. So, how can you do that? To help you get started in your parents’ retirement planning , we have listed 6 tips that can set you on the right track... READ MORE :  Tips That May Help With Retirement
Read more

5 Reasons to Plan for Retirement from an Early Age

Image
  Planning out finances should not be limited to just health insurance and property investment. Proper financial planning should also include retirement planning . You will eventually need to stop working. Without a steady source of income, you will have to find a way to get financially secure. This is where retirement planning comes in handy. Retirement planning provides enough income for an individual to live their life after retiring. It will also help you with medical emergencies, meet life goals, and be financially stable. Let us take a look at a few more reasons to plan for retirement at an early age. ·          Have a stress-free retirement: Retirement is a time for you to kick back and relax. You have been working hard all your life, and now with retirement, you have the time to go on vacation or pick up the hobbies you have wanted to.  The most important thing that comes out of a retirement plan is a stress-free life. This ...
Read more