Mortgage Protector Insurance

Hi all

I have just started a mortgage with ING and in their documentation they mention Mortgage Protector Insurance.

I am not sure if this product is named differently in other loan products but it is basically to provide assistance to you should you be unable to pay your mortgage due to accident or illness.

Does anyone use similar products with their loans? Can you give me any feedback.

Thanks

 

Sounds like your standard loan cover. As you said it covers you should you be unable to make repayments for certain reasons. I would do some calculations to work how much you're paying for how much cover your getting. Compare to say income protection, tpd etc. Obviously seeing an expert in this area to see how much cover you need would be advisable.

 

Hi Judge

Just like life and income protection insurance (and these can be rolled altogether with some policies) this insurance is another form of safeguarding against you not being able to pay the mortgage. Check the policies carefully and probably best to go via a broker so you're aware of the ins and outs of various policies. If you have income protection insurance already, you probably won't need mortgage insurance as well.

 

That makes a lot of sense. Thanks Jacque and Davo.