Protecting your home loan with life insurance isn’t the first thing you want to think about when you are buying a home in the Kwinana area but it and other forms of insurance are essential for protecting yourself, your family and your home in case the unthinkable happens to you in the future. Here are some forms of insurance that you should know about.
Life insurance pays your survivors a lump sum in the case of your death or pays you while you are still alive in the case of diagnosis of a fatal illness. Whenever we broker a mortgage, we recommend that the borrower purchases a life insurance policy that will at least pay off their mortgage in the case of death.
Trauma or Critical Illness Insurance
Trauma insurance offers you a lump sum benefit in the case of a covered illness, such as heart attack, cancer or stroke. The illnesses are very specific; always make sure you know exactly what you are covered for when taking out trauma insurance.
Income Protection Insurance
Income protection insurance provides weekly payments up to 75% of your current income if you are unable to work due to injury or illness. Some policies cover you for predetermined periods of time, while others will cover you all the way to age 65 if your illness or injury is permanent.
Total and Permanent Disability (TPD) Insurance
If you become disabled and can never work again, TPD insurance pays a lump sum. There are two different types of TPD insurance. One covers you if you are no longer to work in your current field while the other only covers you if you are unable to do any work at all.
Call Smartline Rockingham
At Smartline Rockingham, we can provide you with sufficient life insurance to protect your future. We are currently affiliated with Allianz Australia Insurance Ltd and Bstrategic Financial Management. Call Smartline Rockingham for your insurance and mortgage needs: (08) 9527 1800.